SBI Life - Saral Pension: Reviews & Features - SBI Pension Plan

SBI Life – Saral Pension is a traditional pension plan that safeguards your money from the ups and downs of market and offers steady guaranteed returns as a lump sum or as annuities.

  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
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Age Limit (Entry)


18 years


Single premium – 65 years

Regular premium – 60 years


Annuity Payout


Monthly: Rs 200

Quarterly: Rs 600 
Half-yearly: Rs 1,200

Yearly: Rs 2,400 


No limit


Vesting Age (age at which you start receiving your pension)


40 years


70 years


Policy Term


Single premium:     5 years

Regular premium: 10 years

40 years


Sum Assured


Rs 1,00 ,000


No limit




Rs 7,500 per annum


No limit

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Features and Flexibilities:

Premium can be made as a single payment or on a monthly/half-yearly/yearly basis.

  • Guaranteed Bonus: Guaranteed simple reversionary bonus for first 5 years is payable @ 2.50% of the Sum Assured for first 3 years and @2.75% of the Sum Assured for the next 2 years. Guaranteed bonus is payable only in in-force policies.
  • Vesting (Maturity) Benefit: When the insured attains vesting age, maturity benefit is payable. The insured will have the option of converting the entire proceeds to immediate annuity or opt for taking out 1/3rd of the proceeds as lump sum and 2/3rd to buy annuity. The insured can also utilize the entire proceeds as a single premium to buy a deferred pension product. There’s also an option to defer (postpone) the vesting age up to a max of 70 years.



Maturity Benefit         

Sum Assured

(with interest rate of 0.25% p.a. compounded annually)


 Vested reversionary bonus


 Terminal bonuses (if any)

  • Death Benefit: In case the insured dies, death benefit will be paid out to the nominee. The nominee will have the option of converting the entire proceeds to immediate annuity or opt for taking out 1/3rd of the proceeds as lump sum and 2/3rd to buy annuity.                                                                   



Death Benefit          

Total premiums paid till date

(with interest rate of 0.25% p.a. compounded annually)


 Vested reversionary bonus


 Terminal bonuses (if any)

The insured can opt for SBI Life - Preferred Term Rider - This rider gives an additional life cover to the insured over the life cover provided in the base product.

Read More: Annuity Formula | Annuity Types

Tax Benefits

  • As per section 80CCC of the Income Tax act, premium paid is eligible for tax deduction
  • As per section 10(10D), the lump sum paid as a death benefit is not taxable
  • As per section 10(10A) (iii), 1/3rd maturity amount (paid out as lump sum) is tax exempted. The rest 2/3rd (paid out as annuity) is taxable. 

*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
~Source - Google Review Rating available on:-

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