SBI Life Saral Pension Plan

SBI Life Saral Pension is a traditional participating pension plan which takes care of your post-retirement financial needs through substantial life cover and bonus options thereby giving you the peace of mind in your golden years.

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Get Guaranteed Lifelong Pension
For You And Your Spouse

Invested amount returned to your nominee

Best Pension Options
  • Invest 20k monthly & Get yearly pension of 4.2 Lacs for Life

  • Guaranteed Return For Life

  • Multiple Annuity Options

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

SBI Life Saral Pension - Key Features

  • It is a participating pension plan with regular premium payment option
  • Guaranteed Bonus and Simple Reversionary Bonus increases the annuity value

SBI Life Saral Pension - Benefits

  • On Maturity, the Sum Assured with accrued Simple Reversionary Bonus and terminal bonus is paid in the form of annuity either immediately or it can be deferred to purchase a Single Premium Deferred Annuity plan.
  • At the time of purchasing the annuity, up to 1/3rd of the corpus can be commuted.
  • The accumulation period can be extended if the policyholder’s age is below 55 years.
  • The minimum Sum Assured is guaranteed as an accumulated value of total life insurance premiums paid growing at a compounded rate of 0.25% p.a.
  • On death, higher of the minimum guaranteed SA plus vested bonus including terminal bonus or 105% of all premiums paid till date is payable to the nominees.
  • The death benefit can be withdrawn in lump sum or used to buy an annuity plan from the company
  • Guaranteed Bonus is given for first 5 years @ 2.50% of the SA for the first 3 years and 2.75% of SA for the next 2 years.
  • Tax Benefits: Under Indian Income Tax Act, the policyholder enjoys tax benefits on all the premiums paid and claims received as per sections 80CCC and section 10(10A). 

SBI Life Saral Pension - Product Specification:




Entry Age (Last Birthday)

18 years

65 years

Vesting Age (Last Birthday)

40 years

70 years

Policy term (in years)



Premium Paying Term (in years)

Equal to policy term

Premium paying frequency

Annual, half-yearly, quarterly, monthly



No limit

Sum Assured


No limit

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Details about Premium

Annual Premium in Rupees and benefit illustration for a term of 20 years


45 years



Sum Assured


Guaranteed benefit on Vesting


Non-Guaranteed benefit on Vesting @ 4%


Non-Guaranteed Benefit on Vesting @ 8%


You may also compare: Saral Pension Yojana

SBI Life Saral Pension - Policy Details

  • Grace Period: Grace period of 15 days in monthly mode and 30 days in other modes is applicable for due premium payments.
  • Policy Termination or Surrender Benefit: the policy can be surrendered if 3 full years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. The entire or acquired surrender value can be used to purchase an immediate or deferred annuity plan.
  • Free Look Period: If the policyholder is not happy with his SBI life insurance coverage or the term and conditions applicable under the policy, then the policyholder is free to cancel his plan within 15 days of receiving his policy documents, provided no claims have been done yet.

Additional Features or Riders

SBI Life - Preferred Term Rider is available under the policy which increases the coverage.


As per the policy, if suicide is committed within the first 12 months of the policy inception, 80% of all the premiums paid are returned. If committed within the first 12 months of policy revival, higher of 80% of premiums paid or the acquired Surrender Value is offered to the nominee.

Documents Required

The policyholder has to submit a duly filled insurance application form/proposal form along with accurate address proof, Identity proof (Aadhaar Card, Passport & PAN Card) and detailed medical history report, as required. The policyholder might also be required to provide income proof based on the sum assured amount chosen and the age of the person.

You may also compare: SBI Life Pension Plan


  • Q1.What are the conditions of policy renewal?

    Ans: Below are the conditions of policy renewal:
    • If the policyholder fails to pay his premiums even within the grace period, then his policy is subject to lapse. Under such scenario, no benefits are payable to the policyholder if the policy has not acquired any paid-up value.
    • If the policy lapses, then the additional rider cover attached to the policy shall also lapse.
    • If the policyholder can renew his policy and the rider cover, during the policy renewal period of 2 years as provided from the due date of the first unpaid premium.
    • The policyholder should send a documented notice to the company about the policy renewal.
    • The policyholder has to submit an agreeable proof as a Good Health Declaration and satisfy other underwriting requirements if any. The company may additionally charge extra premiums as per the company underwritings.
    • The company holds all rights to accept or reject the policy renewal request or may also accept the renewal request without the rider cover. 
  • Q2.   What are the conditions for policy terminations?

    Ans: The policy shall terminate under the following applicable conditions:
    • On payment of death benefits to the nominees
    • On payment of the maturity or the vesting benefits
    • On payment of the surrender value
    • On payment of a free-look or the cancellation amount
    • On the policy being at the lapsed status after the expiry of the renewal period, without acquiring any such paid-up value.
    • The life cover shall cease on the non-payment of the due premiums before the expiry of the grace period, given that the policy has not acquired any paid-up value yet.
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