SBI Life - Lifelong Pension Plus

[sherlyk]

SBI Life - Lifelong Pension Plus is a unique individual non participating traditional pension plan, which gives you total safety and security while offering you complete transparency and flexibility. This Plan is a perfect way for you to accumulate your savings and purchase an annuity with it, a time of your choice, to give you regular income. You would agree that all this will surely give you a secure future, and a joyous retirement.

Key Features:

• You have complete freedom to avail of a Pure Pension option or get the added advantage of insurance protection.

• Choice of Add on Covers ,thus meeting your additional requirements at a nominal cost
• Term cover
• Total Permanent Disability(TPD) cover due to
• Accident OR
• Accident and Sickness

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Complete Transparency: You will know how your premiums are growing each step of the way. At the end of each financial year, the fund will be credited with investment income based on the investment return earned.

•
Guaranteed Additions of 10% of Annual Premium on 15th policy anniversary & 10% of Annual Premium on every 5th policy anniversary thereafter in case of Regular Premium policy whereas for Single Premium policy, 1% of Single Premium on 15th policy anniversary & 1% of Single Premium on every 5th policy anniversary thereafter.

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Added to this is the matchless advantage of our expertise in investment management that shields you from the vagaries of the markets and gives you stable investment returns that grow your retirement kitty

• Choose Single or Regular payment, as per your need.

•
Augment your retirement kitty at any time during the policy term by making Additional Contributions.

• Option to Prepone or Postpone the Vesting Age


Benefits:

• Maturity Benefit: The fund value payable on maturity/vesting can be utilized as follows:
•
Purchase Annuity Plan for the entire amount.
•
Commute up to one third of Fund Value as lump sum and the balance can be used for the purchase of annuity.

•
Death Benefit: In the unfortunate event of death, the accumulated fund value will be paid to the nominee or legal heir. Term cover sum assured if opted for is also payable and the policy terminates thereafter.

Add-on Cover Benefits:

Term Cover:
In the event of death when this benefit is in force (before the life assured completes 65 years of age or during the benefit term if there is no unpaid premium), the nominee would be paid an amount equal to benefit Sum Assured.


Total Permanent Disability Cover (Accident):
If the policyholder has taken this cover and during the tenure of Policy in the event the insured becomes incapacitated and as a result not able to earn an income from any work, occupation or profession for the rest of his/her life, then the sum assured will be paid,


Total Permanent Disability Cover (Accident & Sickness):
This cover option benefit is payable when. If the policyholder has taken this cover, then in case of a state of total, permanent and irreversible disability exists as a result of an accident or disease and the life insured is rendered permanently incapable of earning an income from any occupation whatsoever, the sum assured will be paid.

Please Note: Either of the Total Permanent Disability (TPD) covers can only be availed if Term Cover has been opted.



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