Review: SBI Unit Plus II Pension Plan

Review: SBI Unit Plus II Pension Plan

SBI Life offers 4 basic pension plans for its customers. And SBI Unit Plus II is one of these 4 pension plans.

Unit Plus II Pension Plan" is an innovative scheme launched by SBI Life Insurance, the only new age insurance company to get the coveted "AAA"rating from CRISIL and ranked No.1 in terms of business growth during 2006-07 and also rated as the most transparent insurance brand in the country.

The product launched on 15th Feb. 2007 has become flavour of the season among HNIs and NRIs, by virtue of its superlative performance (growth of over 100% in just 9 months from launch date, a splendid market beating performance) & hybrid product features (combines best features of Mutual Fund+Tax Plan+Pension Plan+ (optional)Insurance Plan.

A product ideal for HNIs and NRIs, who are on the look out for an investment avenue which gives them attractive returns with the flexibility of a Mutual Fund and also those who don't have a structured pension plan offered by their employer.

For those who can afford a lump sum investment, SBI Life has "Single Premium -Pure Pension Plan" , which assure you the highest possible yield.

Key Features:

- Choice to invest & control four different funds as per your risk appetite.

- Flexibility to choose between two options

• Pure Pension
• Pension cum Life Cover

- No medical required for Pure Pension, automatic acceptance facility.

- Flexibility to increase regular contribution.

- Top up payments: any amount, anytime.

- Customize your plan by adding riders.

- 15 days free look period.

Product type:

This is a non participating Unit Linked Pension product.

An innovative scheme, where life cover is purely optional (entire funds go to investment kitty).

Investment threshold : Single Premium Option - Rs.25000/- onwards
(Regular Premium Mode : Rs.2000/- pm onwards)

NO PAN CARD REQUIRED. - Hassle free investment option with simple
formalities.

Flexible & customer friendly product- can be withdrawn from 4th policy years onwards at NAV without any surrender charges Or corpus can be used to earn a steady pension .

Minimum investment age 18 to 65 years and Minimum term 5 years (with
option to withdraw after 3 years at NAV without any charges).

Retirement Age: 50 years to 70 years

Attractive tax deduction upto Rs.1 lac under Sec.80 (C). Also 1/3rd of retirement corpus commuted and withdrawn will be absolutely tax free Guarantee additions at the end of 10th /15th/20th year+ gains from stock market appreciation

Two unique risk hedging tools (1) basket of 4 funds to choose from i.e. equity/bond/ balanced/ growth, depending upon your risks appetite (2) switching option to move your funds from equity to safer avenues like bond funds, to reduce your risk during market volatility.

6 innovative variants to receive pension.