Age Criteria for entry: The minimum entry age is 18 years. The maximum age for entry for single premium is 65 years while for regular premium is 60 years.

Age criteria for vesting: For vesting the minimum age should be 40 years and the maximum age should be 70 years.

Policy term: The minimum tenure for single premium is for 5 years and for regular premium is 10 years. The maximum tenure is 40 years.

Sum assured: The minimum sum assured should be Rs. 1 lakh and there is no maximum limit in this policy.

Premium frequency: Premium can be paid as single, monthly, half-yearly as well as yearly according to the policy holder's choice.

Premium Amount: The minimum premium amount is Rs. 7,500 per year and there is no maximum limit.

Bonus: In this plan, there is guaranteed simple revisionary bonuses for first 5 years. For the first three years the bonus attracts compound interest rate of 2.50 percent while for the next three year the interest rate is 2.75 percent on the sum assured.

Life Cover: It gives the option of additional life cover through SBI Life - Preferred Time Rider.

Vesting Benefit: When the policy holder attains the vesting age, he gets the vesting benefit. It includes the sum assured in addition to vested simple revisionary bonus and terminal bonus, if any. The sum assured gives an interest rate of at least 0.25 percent compounding annually on the total premium.

Death Benefit: In the event of unfortunate death of the policy holder, the nominee will get either the total premiums paid accumulated at compound interest rate of 0.25 percent per annum + revisionary bonus + terminal bonus, if any or 105% of total premiums paid.

Tax benefit: the premiums paid are eligible for tax deduction under section 80C of Income Tax Act. The lump sum death benefit is not taxable under 10(10D).

Conclusion: If you are looking for a secured pension scheme then you can choose Saral Pension from SBI Life. The claim settlement ratio of SBI Life Insurance is high and the policy being non-linked saves you the risks of market volatility.

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