SBI Life Insurance Policy For Senior Citizens

SBI life insurance plans for senior citizens are specifically designed for people who wish to buy life insurance policies at an elderly age. Above the age of 60, you might be done with most of your responsibilities like children’s education and their marriage. It is still necessary to purchase a life insurance plan to live a comfortable life ahead and to financially protect your spouse in case something happens to you.

Senior citizen plans by SBI Life Insurance Company come with various benefits such as monthly income after your retirement, investment options with various funds so that you can get returns on these investments, flexible premium payment terms and maturity benefits. These plans also provide a death benefit to the nominee of your policy in case of your demise.

Let's look at the life insurance policies offered by SBI Life Insurance Company for senior citizens.

Types of Senior Citizen Life Insurance Plans by SBI Life Insurance Company

1. SBI Life - Smart Elite Plan

   SBI Smart Elite, a non-participating Unit Linked plan (ULIP), offers the dual benefit of protection and investment benefits. The plan offers 8 types of fund options you can choose to invest by selecting one fund option.

   Key Features

   • Premium payment can be paid in various intervals: limited pay, single pay, or regular pay.
   • It offers market-linked returns, which is effectively beneficial in the long term.
   • The plan offers two protection options available: Gold Option & Platinum Option.
   • The plan offers a wide range of funds and flexibility to manage them at your convenience.
   • The plan comes with an Inbuilt Accidental rider to increase protection.

2. SBI Life Retire Smart Plan

   SBI Life Retire Smart, a non-participating unit-linked pension plan (ULIP). With this plan, you can build a corpus for your retirement with systematic investments during your earning years. The plan is especially designed to take care of your post-retirement needs.

   Key Features

   • The plan offers 8 types of fund options you can choose to invest as per your risk appetite.
   • Premium payment can be paid in limited pay, single pay, or regular pay.
   • It allows you to create wealth for retirement through maturity benefits.
   • Get Terminal Additions of 1.5% of Fund Value at maturity/vesting or on earlier death.
   • You can make partial withdrawals before maturity in case of financial emergency, after completion of a 5-year lock-in period.

3. SBI Life Retire Smart Plus Plan

   SBI Life Retire Smart is a non-participating Unit Linked pure pension plan (ULIP). Under this plan, you get back 101% of all premiums paid once you outlive the policy tenure and also secure your funds from market instability.

   Key Features

   • The plan offers guaranteed additions of up to 210% of annual premiums.
   • Get terminal additions of 1.5% of the fund value at the maturity (after completion of the policy tenure)/ vesting (the date from which the annuity holder starts receiving the policy benefits).
   • Advantage Plan guarantees a minimum of 101% of total premiums paid at maturity/vesting.
   • Premium payment can be paid in limited pay, single pay, or regular pay.
   • Flexibility to delay your vesting age using the Deferment Option.

4. SBI Life Annuity Plus Plan

   SBI Life Annuity Plus is a non-linked or non-participating plan with annuity options. Apart from the life cover, the annuity option offers you a steady income source after retirement. It offers a wide range of annuity options, along with in-built flexibilities, for a single premium payment.

   Key Features

   • The plan offers two options: Single Life or Joint Life option.
   • It guarantees a steady source of income after retirement.
   • Flexibility to claim an immediate or postpone annuity.
   • Get the option to claim annuity benefits at a Compound Increasing Rate.
   • Premium payment can be paid in limited pay, single pay, or regular pay.
   • Flexibility to choose annuity payout intervals: Monthly, Quarterly, Half-Yearly, or Yearly.

Conclusion

Did you get caught up in life and miss out on buying life insurance for yourself? There's nothing to worry about; we've got your back with some of the best SBI life insurance plans for senior citizens. Especially designed to serve your unique financial needs in the later years of your life. Make sure to analyze your budget, financial requirements and liabilities before buying a senior citizen life insurance plan for yourself.