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Products

Gift a Pension offers the government pension product, NPS Lite/ Swavalamban, and an SBI Life insurance product, SBI Life Grameen Super Suraksha.

NPS Lite

  • National Pension Scheme of the Government of India
  • Secure long-term savings scheme
  • Swavalamban benefit: Subscribers receive a co-contribution of Rs 1000 per year from the Central Government . (subject to fulfilling certain criteria)*
  • Limited liquidity option before 20 years of investment or age 60 years (whichever comes first), hence encouraging long-term savings for a secure and dignified old age.

SBI Life - Grameen Super Suraksha

  • Life insurance cover of Rs. 30,000/- for enrolled individuals; This means that in the event of death of an individual when the policy is active for him/ her, then the nominee of the individual would get Rs.30,000/- (policy is active if the person pays their annual premium regularly)
  • 5 year pure term cover; No benefits are payable on survival of the individual who has enrolled for the scheme
  • Open to Indian citizens between 18 to 50 years of age
  • Annual premium is payable, and the premium amount depends on age of the individual
    Age band
    (in years)
    Annual Premium
    (in INR)
    18-30 135
    31-40 180
    41-45 240
    46-50 345
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  • Life insurance cover of Rs. 30,000/- for enrolled individuals; This means that in the event of death of an individual when the policy is active for him/ her, then the nominee of the individual would get Rs.30,000/- (policy is active if the person pays their annual premium regularly)
  • 5 year pure term cover; No benefits are payable on survival of the individual who has enrolled for the scheme
  • Open to Indian citizens between 18 to 50 years of age
  • Annual premium is payable, and the premium amount depends on age of the individual
    Age band
    (in years)
    Annual Premium
    (in INR)
    18-30 135
    31-40 180
    41-45 240
    46-50 345
    *Service tax and Education cess will be charged extra as per applicable rates. Service tax rate is subject to change from time to time.
  • Grace period of 30 days from the due date of premium is available
  • Policy cover for an individual starts the month following the day we receive the signed documents from them; For example, if you enroll someone for the scheme online on 10th October and send us the signed forms by 25th October, their policy cover shall start from November 1 of that year and be live until September 30 of the next year.
  • Revival Facility - For regular premium payment mode, an individual has the option to revive their life cover within a period of 2 years from the date of first unpaid premium by paying all due premiums along with interest. The interest to be charged on revival on outstanding premiums will be (2.5% + benchmark yield of Repo Rate as on 1st April of each of the Financial Year compounded on a half yearly basis).

Exclusions -

  • If the individual commits suicide, whether sane or insane, within one year from the date their policy cover starts, no death benefit shall be payable. In such an event, 80% of the premiums paid (excluding service tax) till the date of death under the policy for this member shall be refunded
  • In case of death due to any reason except accident within 45 days from the Date of Commencement of Cover/Revival, no death benefit will be payable. In such event, 80% of premiums paid till date of death under the policy for this member shall be refunded
IIMPS delivers the UTIRBPF, a GOI notified pension scheme to low income households in form of micro-SIPs. The RBPF enjoys special KYC exemptions by SEBI for "Micro Pension®" clients. It provides clients with a secure, long-term savings facility with a liquidity option. UTI-RBPF has delivered a CAGR of >11% since launch in 1994.
Brief Highlights:
  • A Government of India notified pension scheme
  • Special KYC exemptions by SEBI for "Micro Pension®" customers
  • Secure long-term savings facility
  • Has a liquidity option
Particulars Features
Name of Scheme Retirement Benefit Pension Fund
The objective of the scheme is to provide pension to investors particularly self-employed persons after they attain the age of 58 years, in the form of periodical cash flow up to the extent of repurchase value of their holding through a systematic withdrawal plan
Asset Management Company UTI Asset Management Company
Asset Allocation Debt Vs. Equity
Debt/Government securities – Min. 60%
Equity/Equity related instruments – Max. 40%
Market Capitalization
Large Cap – 54%
Medium Cap – 23%
Small Cap – 23%
Minimum Investments RS 1200 per year
Eligibility Open to resident as well as non-resident Indian individuals in the age group of 18 to 60 years
Entry/Exit Loads
Entry Load – Nil
Exit table if withdrawn before 58 years of age –
Less than 1 year - 5%
1-3 year - 3%
>3 years - 1%
 
Redemption At age of 58 years customer has an option to withdraw in full or a part of the accumulated savings as a lump sum while the remaining savings is converted into a monthly pension that is credited in customer’s bank account. Premature withdrawals will attract charges in form of exit load as mentioned above
Historical Returns Since Inception (1994) – 10.9%
IIMPS is working with LIC and some State Government in delivering National PensionScheme of the Government of India (NPS-Lite) to eligible beneficiaries. Savings in NPS-Lite are locked in for 20 years or till age 60. But subscribers receive a co-contribution of Rs.1000 per year from government subject to fulfilling a certain criteria*. NPS-Lite has delivered a return of ~11% since launch in 2010.
Brief Highlights:
  • National Pension Scheme of the Government of India
  • Secure long-term savings scheme
  • Swavalamban benefit: Subscribers receive a co-contribution of Rs 1000 per year from the Central Government . (subject to fulfilling certain criteria)*
  • No liquidity option before 20 years of investment or age 60 years (whichever comes first), hence encouraging long-term savings for a secure and dignified old age.
Particulars Features
Name of Scheme NPS Lite – Swavalamban
National Pension System (NPS) is an initiative of Pension Fund Regulatory and Development Authority (PFRDA), the apex body established by Government of India to regulate and develop the pension sector in India. "NPS-Lite Model" is designed to ensure ultra-low administrative and transactional costs, so as to make investments of smaller size possible.
Asset Management Companies
LIC Pension Fund
SBI Pension Funds Limited
UTI Retirement Solutions Limited
Asset Allocation Debt Vs. Equity
Debt/Government securities – 85%
Equity/Equity related instruments – 15%
Minimum Investments RS 1000 per year
Eligibility

A citizen of India, who is either economically disadvantaged or covered under the provision of section 6 Part B of the “Regulations for Aggregators under NPS Lite- 2010” subject to the following conditions:

Should be member of an Entity eligible for being enlisted as “Aggregator” in terms of conditions laid earlier in this document.
Should be between 18 – 60 years of age as on the date of submission of his/her application by Aggregator.
Should comply with the KYC process carried out by Aggregator
Swavalamban Benefits

Those desirous of availing Swavalamban scheme of the government must invest at least Rs. 1,000 during the year so that they can get government contribution of Rs. 1,000 in the account each year. This additional benefit is available to NPS Lite subscribers opting for Swavalamban Scheme Benefit. The Scheme is valid till FY 2016-17 and may or may not be extended thereafter. Conditions to be fulfilled for 'Swavalamban' benefit-

One has to invest an amount of Rs. 1000/- to Rs. 12000/- in any financial year.
He/she should not be a part of any Provident Fund.
Redemption If an investor wants to withdraw before 60 years of age, he/she would be required to invest at least 80% of the pension wealth to purchase a life annuity from any IRDA–regulated life insurance company. Rest 20% of the pension wealth may be withdrawn as lump sum. On attaining the age of 60 years, he/she would be required to invest minimum 40% of your accumulated savings (pension wealth) to purchase a life annuity from any IRDA-regulated life insurance company. Investor may choose to purchase an annuity for an amount greater than 40%. The remaining pension wealth can either be withdrawn in a lump sum on attaining the age of 60 or in a phased manner, between age 60 and 70, at the option of the investor. In case of death of a investor the entire accumulated wealth can be made payable to the nominee.
Historical Returns Since Inception (2010) – 11%