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11 Easy Steps to Get SBI Retirement Plan

11 Easy Steps to Get SBI Retirement Plan

Are you a working professional worried about saving up for retirement? SBI Retirement Plan might be exactly what you are looking for. It is a scheme by the State Bank of India that helps you save up according to your needs and risk preferences.

So if you are serious about saving for the days after you have stopped working, this guide will help you the best.

Let’s start with the basics. 

What is SBI Retirement Plan?

The SBI Retirement Plan is a special program designed by the State Bank of India Life Insurance Company to help people secure a steady income after they retire from work. It’s a safety net that ensures you have enough money to cover your expenses even when you’re no longer earning a salary. This plan offers different options to suit individual needs, aiming to provide financial security for retirees and their families.

Now that you know about SBI retirement plan, let’s take a look at its types. 

Types of SBI Retirement Plans

SBI offers several types of Pension/Retirement Plans to cater to different needs and preferences. Let’s take a look at each one:

SBI Life- Retire Smart:

  • This plan is all about safety and security, ensuring a multitude of retirement benefits.
  • It helps in systematically building a retirement fund while providing optimum security.
  • The plan guarantees a minimum of 101% of the premiums paid at maturity/vesting.
  • Offers flexibility in premium payments – one-time, regularly, or for a short period.

SBI Life- Annuity Plus:

  • An individual, non-linked, non-participating, general annuity policy offering various annuity options.
  • Provides flexibility in choosing annuity payout frequency and beneficiaries.
  • Offers higher annuity rates for large premiums and the option to advance annuity payouts.

SBI Life- Saral Retirement Saver:

  • A non-linked, savings pension product providing protection against market volatility.
  • Offers tax benefits under relevant income tax regulations.
  • Features a grace period for premium payments, surrender value, and death benefit provisions.

SBI Saral Pension:

  • An individual, non-linked, non-participating instant annuity plan with a single premium.
  • Provides regular income and return on investment, ensuring financial security in retirement.
  • Offers options for single life or joint life annuity, loans in emergencies, and surrender facility for critical illnesses.

These pension plans by SBI aim to provide individuals with financial security and stability during their retirement years, allowing them to enjoy a comfortable and stress-free retired life.

What Are the Benefits of SBI Retirement Plan?

There is not one but many benefits of SBI Retirement Plan. Take a look at each one of these benefits below: 

Guaranteed Income 

No matter what your financial situation is, the SBI pension plan ensures you receive a fixed and steady income after retirement. Plus, you can enjoy tax benefits on the premium you pay under Section 80C of the Income Tax Act, 1961.

Multiple Payment Options

You can choose how you want to pay for your plan. Whether it’s a single premium, regular payments, or payments for a limited time, the SBI pension plan gives you flexibility without putting too much strain on your finances.

Death Benefit

If something unfortunate happens to you, the pension plans from SBI provide a significant death benefit to support your family financially. In the event of your demise, your nominee will receive the sum assured or death benefit, offering maximum financial protection.

Addition of Riders

You can enhance your pension plan by adding extra protection through riders. These additional features can provide you and your family with added security against unexpected events.

Maturity Age Flexibility

With the SBI pension plan, you have the flexibility to delay your retirement age using the deferment option. This gives you more control over when you start receiving your benefits, allowing you to better tailor your plan to your needs.

From addition of riders to maturity age flexibility, there are several benefits of SBI retirement plan. Now take a look at how you can get SBI Retirement Plan. 

How to Get SBI Retirement Plan?
Getting SBI Pension/Retirement Plans is very easy. Here’s how:

1. Visit the SBI Website:
Go to the official website of SBI.

2. Navigate to Retirement Plans:
Click on “Products” on the website’s status bar. Then select “Retirement Plans” under the “Please select your requirement” section.

3. Choose Your Plan:

Pick the plan you want, like “SBI Life- Retire Smart”, and click “Buy Now”.

4. Provide Personal Information:

Enter your annual income, date of birth, first name, last name, mobile number, email ID, and accept SBI’s Privacy Policy.

5. Select Plan Details:

Choose the Policy Term, Premium Payment Term, Premium amount, and Frequency.

6. View Benefits:

You’ll see the Maturity Amount and Death Benefit displayed.

7. Select Annuity Option:

Choose your Annuity Option and click “Proceed”.

8. Verify and Confirm:

Confirm that you’ve understood the Benefit Illustration and proceed.

9. Verify C-KYC:

Enter your C-KYC number with your PAN and Date of Birth, then click “fetch my C-KYC number”.

10. Make Payment:

Follow the steps to make the payment online using your card.

11. Receive Policy Documents:

Once payment is successful, the company will send the policy documents to your registered email and address.

Following these steps will help you easily purchase SBI Pension/Retirement Plans, ensuring financial security for your future.

With this, now you are fully equipped to know when and why you need SBI Retirement Plan. The benefits of this plan are plenty and if you are serious about making your financial planning journey smooth, you should definitely go for it. If you want helpful guides like these, keep checking out NewsCanvass. 

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