SBI Life Annuity Plus pension scheme which is a ‘Qualifying Recognised Overseas Pension Scheme(QROPS) has
been modified in terms adding few attracting features . The large number of clients who worked in UK & accumulated Pension Corpus with NHS & with other UK Pensioners transferred their UK pensions to new modified SBI Life Annuity Plus pension scheme. The modifications are
as under:
• Annuity option- “Joint-life and 100% of annuity to spouse on death of the annuitant with
return of purchase price on death of last survivor” shall also be available in addition to
the existing 10 Annuity options -Single Life.
• Slabs of incentive for higher purchase price have been modified.
• Service tax to be collected from the policyholder along with the purchase price.
• Service tax to be collected from the policyholder along with the purchase price.
Type of annuities available:
Various annuity options available under the Plan are as
under:
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/
her life time on death of annuitant with return of purchase price on the death of last
survivor.
viii) Life time Income with Annual with Annual increase of 5%
ix) Life time income with Balance capital Refund
x) Lifetime income with capital refund in parts
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant
for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/
her life time on death of annuitant with return of purchase price on the death of last
survivor.
viii) Life time Income with Annual with Annual increase of 5%
ix) Life time income with Balance capital Refund
x) Lifetime income with capital refund in parts
Eligibility Conditions and
Features:
(a) Minimum Age at entry: 40 years last Birthday
(b) Maximum Age at entry: 80 years last Birthday
(c) Maximum Purchase Price/ Transferable UK pension Fund: No Limit
Surrender value:
No surrender value shall be available under this plan.
Loan:
No loan shall be given by the Corporation to the policyholders under this plan.
Assignment / Nominations:
No assignment is allowed under this policy.
Notice of change of nomination should be submitted for registration to the office of the
corporation, where this policy is serviced if the type of annuity opted is either for a
guaranteed period and for life thereafter or with return of purchase price. In registering a
nomination the Corporation does not accept any responsibility or express any opinion as
to its validity or legal effect.
Normal requirements for
claim:
On death of the annuitant:
The normal documents which the claimant shall submit while lodging the claim in case of
death of the Annuitant shall be the claim form, as prescribed by the Corporation,
accompanied with original policy document, proof of title, proof of death, whichever is
applicable, to the satisfaction of the Corporation.It will apply in case the option exercised is for.
FOR MORE DETAILS & STARTING UP OF THE TRANSFER PROCESS CONTACT:
Anusuya .R
Financial Advisor
SBI Life Insurance Company Ltd, # 23, Yamuna Complex,
1st Floor, 7th Cross, Malleswaram, Bangalore: 560003.
M +91 9980927393
Email: qropstoindia@gmail.com
