The SBI Life-Immediate Annuity is the new introduction of SBI Life Insurance. This product renders annuity payments soon from the payment of purchase price. The policy is designed keeping in mind the needs of the existing policy holders of Lifelong Pensions, Horizon II Pension, Unit Plus II Pension etc at the time vesting of the policy.
The customer just needs to make a choice of the annuity option and pay a purchase price to start the annuity for the required amount. The policy calculates the amount of annuity payments depending on the purchase amount and life expectancy.
The key features of SBI Life-Immediate Annuity are as follows:
- Under this policy the customer can opt for 6 available annuity options. The option stays throughout the tenure.
- This policy also gives the options to make a choice of the periodicity of the annuity. The choice can be made depending on the needs. The options available are annual, half yearly, quarterly and monthly.
- The rates of annuity are guaranteed for life. Annuity rates determined during the entry time are certain for the rest of life for the given pay for price.
- The age limit for the entry of this policy is 50 to 70 years.
- The minimum rate of annuity for the policy is Rs 250 per month.
The annuity options available under SBI Life-Immediate Annuity are as follows:
- The life annuity at constant rate is available.
- Annuity definite for 5/ 10 / 15 years as the case may be and for the life thereafter.
- Annuity to be paid, at stable easy rate throughout the life of the policy holder with ability of being paid on death of the policy holder, 100% refund of purchase price.
- Annuity increasing at the rate of 1% or 2% or 3% per annum as the case may be and payable during the life of the Annuitant.
- On the death of the annuitant the family or the survivor will receive either 100% or 50% of the annuity amount paid.