SBI Pension Plan for Non Resident Indians
SBI life smart pension - for Non Resident Indians who are looking for their investment to be divided into parts that assure them guaranteed returns and a part that is invested in units can go for this plan.
Smart pension – This plan accepts a onetime premium payment and the premiums should be a minimum of Rs 50,000 to be eligible for this plan.
- The annuity option is almost the same in both, the NRI can choose to withdraw one third of the accumulated sum on maturity of the plan. If he does withdraw this sum then the rest of the sum is paid off as annuities. If not then the entire accrued sum along with benefits is paid off as annuities to NRI.
- The policy provides a life cover to the NRI proposer. If death of the NRI policyholder takes place during the premium payment term of the policy, the nominee of the policy or the heir of the policy holder is paid the fund value.
- Lifelong pension plus plan gives the option of choosing additional insurance coverage against accident and also a term cover where the NRI can get complete sum assured from these plans on the course of event taking place (accident, death).
- Smart pension plan has an option of purchasing multiple policies with payment of one time premium at different stages of life. With this option an NRI can stay in track with the growing rate of inflation.
- Lifelong pension plus plan accrues up to 10% of the premium paid and this sum is accrued to the guaranteed fund after fixed intervals of time (15 years and 5 years). If it is single premium plan then the percentage of sum accrued is 1% of the premium.
- Smart pension plan accrues a certain percentage of the single premium per year.