SBI Pension Plan for Non Resident Indians
A quote by Mr. Rodriguez states that ‘When a man retires, his wife gets twice the husband but only half the income’. This quote only goes on to prove that retirement is the period of life when a person gets to explore a lot more about himself and his loved ones. While the first part is in light vein, the second part of the quote brings you back to reality.
Non Resident Indians who travel around the world and work round the clock would always desire to have a peaceful retired life. The insurance companies in India are constantly working to lighten the burden on NRIs, planning their retirement options. State Bank of India has few pension plans suitable to the needs of Non Resident Indians.
SBI life Lifelong pension plus – for Non Resident Indians who are looking for a non - participating plan and security of their investments can go for this product.
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.
General conditions of the pension plans:-
Lifelong pension plus - The age criterion for this plan is that the NRI should be a person who is in the age group of 18 years to 65 years during the purchase of policy. The age of the NRI at maturity can be a between 40 and 70 years.
Smart pension – The age criterion for this plan is that the NRI should be more than 30 years and less than 65 years of age during purchase. The age of the NRI at maturity of plan is to be between 45 years and 75 years of age.
Lifelong pension plus - The premium payment to this plan is flexible. An NRI can choose to pay premiums once a month, a quarter year, a half year, a year or even just once for his life time as a single premium. However there is a minimum limit on how much the NRI can pay if the premium is annual or a single premium.
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.
Special features of the policies:-
- 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.
Returns on each plan:-
- 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.
**Features and availability of the plan is subject to policies of the service provider and can be changed without prior notice. Please check with your financial advisor before investing in this instrument.
Contributed By: Aruna Sharma
Mrs. Sharma holds a Masters in Financial Management from University of Mumbai. She has graduated from the University of Mumbai.
I am planning to retire from my job, next year. I want to have min.50000 as montly pension. Fro getting the same how much money have to invest as one time payment and how?
I am 63 years old Indian employed in Saudi Arabia. I am returning end of this year. How much will be one time investment to get monthly pension of INR 10,000/- and when will the pension start.
I am working in Qatar. My age is 37 and i wish to get pension of Rs.100000 monthly at the age of 60 years. I wants to invest maximum 5 times (with in 5 Year). So kindly request you to tell me which plan is suitable for me.
Awaiting for your consideration.
i am working in dubai. i want open SBI Pension plan.if i will paid one time 50000 then after 60 years how i will get pension. kindly tell me. and how i will open this plane. my nre account is in SBI have.
I a 54 year old NRI. Would like to retire in another 4 years. I would like to get 10 to 15 thousand pension a month. What is premium i have to pay per annum. Could you please
provide me the details
my age is 54 am working in saudi, which scheme wil be sutiable for me
age at present 62 years
pension to start at the age of 63 years
pls calculate how much to be paid as single premium
I am 51 years old. I would like to know how amount amount should I need to invest in a single premium so as after the age of 60 I may get a monthly pension of Rs.20000/-
Good day to you, my name is Subhahani, I am 46 years old and I would like get 50,000/- each month after my retirement at attaining my age 60. Would you please send me details how much I have to invest.
Now my age is 45 and i am expecting min of Rs.25000 per month at the age starting from 60 and above.
A NRI at a age 40 to invest fixed deposit of 5lakh & 9% percent interest will do better returns than yours.
Please advise how do i go about it? Which is the best policy meant for women who are self employed.
Looking forward to your reply.
I need monthly income of IRS 50,000 per month, what will be the investment I have to deposit in the month with easiest instalments, please advice
my age is 33 years. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age etc.....
My name is Sameer Shaikh and my age is 33years old. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age etc.....
please send me more details of such schemes. i would like to start by april 2013
Please give me payment plan of NRI Smart pension plan for 10 years for single premium of rupees 2 Lakhs.