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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
Year 15 20% of the avg AP (RP)/2%of SP
Year 20 30% of the avg AP (RP)/5%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