SBI Life Pension Plans

SBI Life Pension Plans are designed to provide a reliable and secure source of income during retirement. With flexible options and a range of annuity plans, these investment plans offer financial stability and peace of mind for your post-retirement years.

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What is the SBI Pension Plan?

SBI Life Pension Plans are insurance products that help you save for retirement. Through this best investment plan, you contribute regularly as a Systematic Investment Plan (SIP*) or as a lump sum. Once you reach retirement age, you receive periodic payments to support your living expenses.

The SBI Pension Plans offer flexibility in choosing how much you contribute and can be tailored to meet your future financial needs. These plans also come with insurance benefits, offering protection to your loved ones. 

Overall, SBI Life Pension Plans are designed to give you a steady and reliable income during your retirement years, helping you enjoy financial security when you need it most.

* You can calculate the returns from your systematic investments in an SBI pension scheme using an SIP calculator.

Types of SBI Pension Plans in India

SBI Life Insurance pension plans provide a range of investment options when you plan for your retirement or for retirees. The following table gives a summary of the main types of SBI pension plans in India:

SBI Investment Plan Name Entry Age Maximum Vesting Age Policy Tem (PT) Premium Payment Term (PPT) Premium Payment (annually)
SBI Life – Retire Smart Plus Plan 20 – 60 years 30 – 70 years Single/ Regular: 10 – 35 years;
Limited: 10 – 35 years
Single pay; Regular pay: Same as PT;
Limited: 5 – 8 years and 10/ 15 years
Regular: Rs. 30,000;
Limited: Rs. 40,000;
Single: Rs. 1,00,000
SBI Life - Retire Smart Plan 30 – 60 years 70 years Single/ Regular: 10 – 35 years;
Limited: 10 – 35 years
Single: One-time pay;
Regular: Same as PT;
Limited: 5/ 8/ 10/ 15 years
Regular: Rs. 24,000;
Limited: Rs. 40,000;
Single: Rs. 1,00,000
SBI Life - Smart Annuity Plus Plan Deferred Annuity: 45 – 75 years; Other Plans: 30 – 95 years Deferment Period: 1 – 10 years -- Single Pay Rs. 12,000
SBI Life - Saral Retirement Saver Plan Regular: 18 – 60 years; Single: 18 – 65 years 40 – 70 years Regular; Single Pay -- Rs. 6,500
SBI Life – Saral Pension Plan 40 – 80 years -- -- Single Pay As per chosen mode and amount of annuity payouts

Features of Best SBI Pension Plans in India

SBI Life Insurance Company offers the following best pension plans in India in 2024:

  1. SBI Life Retire Smart Plus

    SBI Life Retire Smart Plus is an individual, unit-linked, non-participating SBI pension plan that helps you secure your future after retirement. This investment option is a good SBI pension plan for 5 years, which is designed to help you build a retirement corpus through systematic investment and market growth. It 

    Features of SBI Life - Retire Smart Plus Plan:

    • 7 Fund Options for Your Risk Appetite: Choose from seven diverse funds to match your investment style, whether conservative or aggressive.

    • Build a Retirement Corpus: Grow your retirement savings with maturity benefits, ensuring a substantial nest egg for your golden years.

    • Loyalty and Terminal Additions: Boost your fund's value with:

      • Loyalty Additions: Annual bonuses from the end of the 15th policy year.

      • Terminal Addition: A 1.5% bonus on your fund value at maturity.

    • Flexible Premium Payments: Pick the payment frequency that suits you best:

      • Single premium payment

      • Regular premium payments as a Systematic Investment Plan (SIP)

      • Limited-period premium payments as SIP

    • Unlimited Free Fund Switches: Switch funds as often as you like, free of charge. From the second policy year, you can also redirect your premiums to different funds at no extra cost.

  2. SBI Life Retire Smart

    SBI Life - Retire Smart is a unit-linked, non-participating, pension plan designed to help you build your retirement savings. This SBI pension scheme offers a guaranteed return of 101% of your total premiums at maturity, providing security even if the market fluctuates.

    Features of SBI Life - Retire Smart Plan:

    • Guaranteed Fund Boost: Get guaranteed additions of up to 210% of your annual premium.

    • Regular Additions for Long-Term Policies: Policies lasting 15 years or more start receiving annual guaranteed additions from the end of the 15th year.

    • Terminal Bonus at Maturity or Death: Receive terminal additions of 1.5% of your fund value upon maturity or earlier death.

    • Guaranteed Minimum Returns: The "Advantage Plan" assures at least 101% of total premiums paid at maturity or vesting.

    • Life Coverage Protection: In case of death, beneficiaries receive at least 105% of total premiums paid.

    • Flexible Payment Options: Choose from single, regular, or limited-period premium payments.

    • Deferred Vesting Option: Use the Deferment Option to delay your policy's vesting age if needed.

  3. SBI Life Smart Annuity Plus

    SBI Life – Smart Annuity Plus is an individual annuity plan that is not linked to the stock market or dividends. You can choose between immediate or deferred payouts, with flexible investment options to help you keep your lifestyle just the way you like it. This makes it a good SBI pension plan for 5 years and 10 years.

    Features of SBI Life - Smart Annuity Plus Plan:

    • Flexible Annuity Choices: Pick from a wide range of annuity options tailored to your needs.

    • Guaranteed Lifetime Income: This SBI pension yojana allows you to enjoy a steady income stream for life with guaranteed regular payments.

    • Immediate or Deferred Annuity: Choose to start receiving annuity payments immediately or at a future date. 

    • Compound Increasing Payouts: Benefit from annuity options that increase at a compound rate over time.

    • Higher Rates for Larger Premiums: Get higher annuity rates when you invest more through larger premium payments.

    • Customizable Payout Frequency: Select your payment schedule from monthly, quarterly, semi-annual, or annual frequency.

    • Return of Purchase Price: Certain annuity options return the purchase price or its balance, ensuring financial security for you or your beneficiaries.

  4. SBI Life Saral Retirement Saver

    The Saral Retirement Saver from SBI Life is a personal, non-linked, participating pension plan. This investment option is designed for those seeking a safe SBI pension fund without market risks, ensuring a secure and happy retirement.

    Features of SBI Life - Saral Retirement Saver Plan:

    • Guaranteed Bonus: Earn a guaranteed simple reversionary bonus for the first five years. It is 2.50% for the first three years and 2.75% for the next two years, calculated on the Basic Sum Assured. 

    • Vesting (Maturity) Benefit: The SBI pension payout is greater of the Basic Sum Assured or total premiums paid with a 0.25% compounded annual interest rate. 

    • Reversionary Bonus: Additional benefits include any vested simple reversionary bonuses and a possible terminal bonus.

    • Payout in Case of Death: The death benefit under this SBI retirement policy is the higher of:

      • Total premiums paid with a compounded annual interest rate of 0.25%, plus vested simple reversionary bonuses and any terminal bonus.

      • 105% of total premiums paid up to the date of death.

    • Additional Life Cover: You can choose additional life cover with the SBI Life - Preferred Term Rider for extra security.

  5. SBI Life Saral Pension

    SBI Life – Saral Pension is a one-time-payment annuity plan that gives you a steady income after you retire. This SBI retirement plan is not tied to market fluctuations, and it does not share profits. Plus, when you choose this investment plan, you will get back your initial investment. This SBI pension plan for 5 years and 10 years allows you to enjoy a worry-free retirement.

    Features of SBI Life Saral Pension Plan:

    • Retirement Security with Annuity Plan: Get a steady income throughout retirement with a Standard Immediate Annuity Plan. THis is the best SBI Pension Plan for a 60 years old person.

    • Choose Your Annuity Option: Pick between Single Life or Joint Life Annuity based on your needs.

    • SBI Pension Loan Facility: Borrow against your SBI annuity plan in case of financial emergencies.

    • Critical Illness Surrender: If diagnosed with a specified critical illness, you can surrender your SBI pension plan policy for a lump sum.

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Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

SBI Pension Plan Calculator

The SBI Pension Plan Calculator is an online tool provided to help you estimate your pension benefits. You can insert details like age, retirement age, current savings, expected returns, and desired monthly pension. This pension plan calculator then provides an estimate of the corpus needed and the monthly investment required to achieve the target pension, aiding in effective retirement planning.

How to Buy SBI Retirement Plans Through Policybazaar?

Step 1: To get started, fill out the form on this page or visit the comparison page of top insurer plans on the Policybazaar website.

Step 2: Explore the various pension plans offered by SBI Life. Use the provided comparison tools to evaluate key features, eligibility criteria, and benefits.

Step 3: Based on your research, choose the SBI Retirement Plan that aligns with your needs. Consider aspects like performance, customer ratings, and other important criteria.

Step 4: Check the details of the SBI Life pension plan carefully. If everything looks good, click "Proceed" and follow the on-screen instructions to finalize your choice. SBI Life offers several retirement plans, including:

  • SBI Life – Retire Smart Plus

  • SBI Life - Retire Smart

  • SBI Life - Smart Annuity Plus

  • SBI Life - Saral Retirement Saver

  • SBI Life – Saral Pension

Step 5: After selecting your SBI pension fund scheme, click the "Invest Now" button and follow the prompts to complete your purchase.

Step 6: Provide your Know Your Customer (KYC) information as required. Once done, proceed with the payment process.

Step 7: After your payment is successful, you will receive a confirmation of your purchase. This serves as your proof of investment in the chosen retirement plan.

NOTE: You can also refer to SBI Pension Seva portal to browse different SBI Life Pension Plans in India.

Summing It Up

SBI Life Pension Plans offer a reliable path toward financial security during retirement. With a range of flexible options, these investment plans cater to varying needs and risk profiles, providing both stability and growth potential. By choosing these SBI pension policies, you are investing in a future with greater peace of mind. You can also use a SBI Pension Plan Calculator to determine your future returns through your investments in a chosen SBI pension plan policy.

FAQs

  • How can I get SBI pension slip?

    There are a few ways to access your SBI pension policy slip:
    • Online: SBI Pension Seva portal allows you to download your pension slip after logging in with your credentials.

    • Mobile App: Download and use the SBI Pension Seva app to access your slip.

    • Email: You can request your pension slip through Yono SBI and have it sent to your registered email address.

    • Branch Visit: Visit your SBI branch or the Centralized Pension Processing Centre (CPPC) to collect a physical copy.

  • SBI pension policy interest rate

    SBI doesn't directly offer interest rates on pensions. Pension payouts are based on your contributions and service details. However, it does offer various SBI pension schemes that might accrue interest.
  • How do I get a 50000 pension per month?

    There is no one-size-fits-all answer to get a ₹50,000 pension per month. The amount you receive in a pension depends on the amount you contribute and the plan you choose. To achieve a ₹50,000 monthly pension, you will need to invest significantly over a long period. Consider factors like your desired retirement age, risk tolerance, and investment options when planning for your pension.
  • What is the interest rate of an SBI Life pension?

    SBI Life offers various pension plans, and the interest rate may vary depending on the specific plan you choose.
  • How can I get 20,000 pensions per month?

    Achieving a ₹20,000 monthly pension requires careful planning and investment. Explore various pension plan policies offered by SBI or other financial institutions. Consider factors like your risk profile, investment horizon, and desired retirement age to build a strategy for your pension goals.
  • Which Pension Plan is Best in SBI?

    The list of top 5 best pension plans offered by SBI Life Insurance are listed below:
    • SBI Life - Saral Pension Plan

    • SBI Life – Retire Smart

    • SBI Life – Annuity Plus

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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SBI Life Pension Plans Reviews & Ratings

4.3 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Jyoti
Kolkata, October 10, 2016
Retirement policy
Services of sbi life insurance company is fantastic and on time too. I took pension policy plan from them for me and my family. Investment requirement is less and the returns are much more. Premium are low and the policy coverage is high. Claiming process is simple which can be done by anybody. Online facilities reduces the paperwork and load of wasting time in queue.
Prabhjot
Garifa, July 26, 2016
Trustworthy Plan
SBI pension plan is the insurance i have in low investment. Good service facilitate by sbi life insurance company members and executives. Plan can be online renewed by using easy few steps at website which can be operated by anybody.
Tanmay
Saidabad, July 26, 2016
Pension Scheme
My national pension scheme sbi is the best in market. Service is quick and benefits are many. Policy coverage is ~89% and claims are normal which can be easily sanctioned by the staff members. Easy renewal using online portal which can be operate by anyone. Very good insurance policy sbi life.
Harshit
Kiratpur, July 12, 2016
Pension Policy
My pension plan is very nice which secure my future. Policy covers maximum expenditures spent in future. The policy premium is less too and the claiming section is easy due to quick service facilitate by the members of company staff.
David
Ajmer, June 29, 2016
Good
The pension plan i have is good and the premium is low. Policy coverage is high and the claims are good. Service provided is fantastic facilitate by the company members. The internet service is easy to operate and everyone can easily access it.
Naveen
Varanasi, April 21, 2016
Fantastic
I own the sbi life insurance pension plans. The investment is low and the returns is huge. Policy coverage is high 96% and claims are even better. The service is awesome with very calm behaviour of executives and team. Good future investment and it saves taxes also.
Lovish
Udyapur, April 21, 2016
Perfect Plan
I have a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 92% and service is fast. Really good job guys, you policy is best, sbi life pension plans. Nice future investment which save taxes also.
Prashant
Kota, April 21, 2016
Super Policy
I found the best pension plan for old age with sbi life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 88% and return is ~Rs.39 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now.
Karan
Mussorie, April 21, 2016
Excellent Work
I got a very fine policy from sbi life insurance. Now, I'm tension free for future because of great pension policy plan. The coverage is good around 95%, service is great and fast too, even the claims are easily sanctioned because of the fine services provided by the executives and staff members. Great policy.
Raghav
Guwahati, April 21, 2016
Satisfactory
Recently took life insurance with sbi life insurance. Great retirement plans with low premiums and nice policy coverage ~93%. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
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