Unit Linked Pension Plans Final

7/31/2019 Unit Linked Pension Plans Final

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Unit Linked Pension Plan

Your driver to peaceful retirement days ahead


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Unit Linked Pension Plans

UNIT PLUS II PENSION


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UNIT PLUS II PENSION: Key Features

Entry Age Min: 18 yrs

Max: 65 yrs in Option 1 (as on last birthday)

: 60 yrs in Option 2 (as on last birthday)

Term 5 to 52 years

Vesting Age 50 to 70 years (as on last birthday)

Premium Mode Monthly / Quarterly / Half Yearly & Yearly

Single Premium available

Premium Amt Regular Premium Single Premium

Min: Rs. 24,000 p.a. (x 100)

Max: No Limit

Rs. 25,000 (X1,000)

Max: No Limit


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UNIT PLUS II PENSION: Key Features

2 Options 1. Pure pension

2. With Life cover

Sum Assured

(In case of Option 2)

18 35 : 5 or 10 times the 1st annualised

premium (RP)

125% of SP (SP)

(max SA capped at Rs. 10 Lacs )36 45 : 5 or 10 times the 1st annualised

premium (RP)

125% of SP (SP)

(max SA capped at Rs. 5 Lacs )

46 60: Rs 1.2 lacs (RP)

125% of SP (Max Rs. 1.2 Lacs)Top Ups

Anytime, if no arrears are due in regular

premium

(No impact on life cover in case of option 2)

Min: Rs. 5,000

Max: No Limit


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Fund options

For Both Regular & Single Premium Investments,4 Fund options available

2 Pure

Funds

2 Diversifiedfund

Equity

Pension Fund

Bond Pension

Fund

Balanced Pension

Fund

Growth Pension

Fund

Choice of Asset Allocation in 4 different funds

gives greater control to the customerto manage his investment


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Diversified Funds

Growth Pension fund

To provide long term capital appreciation throughinvestment primarily in equity and equity relatedinstruments.

Balanced Pension Fund

To provide accumulation of income through investment invarious fixed income securities and maintain a suitable

balance between return, safety and liquidity

Assets of Growth Pension fund Minimum Maximum Risk Profile

Equity & equity related

instruments40% 100% Medium

To

HighDebt and money market

instrumentsNil 60%

Assets of Balanced Pension fund Minimum Maximum Risk Profile

Equity & equity related

instruments40% 60%

MediumDebt and money market

instruments 40% 60%


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Flexibility: Change in vesting age

1. The policy holder must have attained the age of 50 yrs

2. It must be within permissible limits i.e. 50-70 yrs

3. This option can be used only twice during the policy term

Change in Vesting age,

(both preponement and postponement)

is allowed from the 5th policy year onwards,

subject to the following:


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Policy Benefits

Death during the term:

Pure Pension Plan : Fund Value

Pension cum Life Cover Plan : Max (Fund value or SA)

Survival at vesting age :

On vesting, up to one third of the Fund Value

in a lump sum tax-free as per the current tax law.

Balance amount has to be used to purchaseannuity from SBI Life or any other annuity provider.


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Guaranteed Additions

Additional Guaranteed Investments credited to your Policy

provided there is no unpaid premium.

Its given by way ofadditional allocation of units

Available only with a term ofat least 20 years

At the endof year

Guaranteed Additionby way of free allocation of Units.

Year 10 10% of the avg AP (RP)/1%of SP




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Additional Cover 2 Riders

Available for both Single and Regular premium Plans

Riders have to be opted at entry time only.

Riders are available only for Pension Cum Life Cover option.

Accidental Death &Total Permanent Disability Rider

Critical IllnessRider

Rider premium is deducted by cancellation of Units on the 1st business day

of each policy month, irrespective of the frequency mode selected.
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UNIT PLUS II PENSION: Highlights

Guaranteed addition by the way of free allocation of

units to increase your retirement kitty.

No limit on top up premium.

Flexibility to increase regular premiums.

Flexibility to prepone / postpone vesting age


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Tax Benefits in a Pension Plan

At entry, tax deduction u/s 80 CCC within theoverall limit up to Rs 1 lakh u/s 80 C is available

The difference is that u/s 80 CCC (for PensionPlans) the rule of 20% i.e. the annual premium mustnot exceed 20% of the sum assured, is notapplicable, whereas in the life insurance policies,

while Rs 1 lakh is deductible u/s 80 C, the rule of20% is applicable

At vesting age, up to 33% of the FV can bewithdrawn, tax free. The rest has to be used topurchase annuities

The annuities received is taxable as income in thetax bracket as applicable

Surrender value is taxable


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Annuity options available at the vesting age (50 to 70)

Lifetime annuity

Guaranteedpension

for the entire Life

IncreasingLifetime annuity

(say @1 / 2 / 3%

p.a.)

Protection against

inflation

Joint Lifetimeannuity

(husband / wife)Life time annuityfor Survivor50% or 100%of last annuity

Annuity for Lifewith

guaranteed

period of

5 /10/15

years

Purchase of Annuity4 Main Options

Option 1 available with refund of balance purchase priceor refund of full purchase price


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CONTACT

Mr. Shahnawaz Ansari

Business Development Manager

SBI Life Insurance Co. Ltd

+91 9752502502

Mr. S.K NayakBranch Manager

State Bank of India

Vidhyanagar Branch

+91 9425883725


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Thanks & Regards

Documents

Unit Linked Pension Plans Final