What Are the Benefits of SBI Pension Plans?
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SBI Life Insurance Company Ltd. is one of the most preferred life insurance providers in India. It offers a customized range of life insurance and pension plans all at well-competitive prices. SBI Life offers various pension plans to meet your post-retirement needs. You can choose a best-fitting SBI pension scheme to save enough for your golden years.
Main USP’s of SBI Life Pensions Plans are:
- Savings for post-retirement life
- Avail Vesting benefit
- 1/3rd of benefit as tax-free amount
- Option to avail bonuses
- Commutation benefit
- Flexible deferment period
- Life coverage
Key Benefits of SBI Pension Plans
- In the event of death of the life assured during the policy term, the death benefit (as applicable) will be payable to the nominee.
- At maturity, you will receive an amount equal to the fund value accumulated plus bonus and additions.
- You will receive the annuity benefits, which will help you to receive regular income after retirement. Annuity benefits depend on the option chosen in the policy.
- The policyholder can extend the accumulation period within the same policy, provided the conditions specified.
- Bonuses are payable under ‘participating pension plan’.
- SBI pension plans also offer surrender value, after deducting some applicable surrender charges, if any.
- The premium amount paid towards a pension plan is eligible for tax deduction under Section 80 CCC. The one-third of the total accumulated amount at maturity is considered as tax free.
Coverage under SBI Pension Plans
SBI Life pension plans offer the death cover on the life assured, which is payable to the nominee in the event of demise of the life assured during the policy term. The vesting benefit is payable to the policyholder. The one-third of the entire corpus at the maturity can be received as tax-free lump sum amount and the remaining two-third amount is used to pay as monthly income after the retirement.
Conclusion
SBI Life Insurance Company is one of the most trusted insurance companies offering the best range of pension plans to meet your needs after retirement. You only need to choose a right pension plan with the customized coverage that will help you to accumulate a big corpus that can be utilized to receive regular pension after retirement.
Also read- What Is A General Provident Fund And How Does It Work
