SBI Pension Plan Calculator

Every individual wants to have a financial secured future after retirement. Hence, it is essential that an individual builds a retirement corpus while they are still working, so that they don't experience a shortage of funds in their grey years. This corpus that the individual will grow over the years will help him enjoy the kind of life he had envisioned for himself post-retirement.

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SBI Life brings retirement-oriented plans to help individuals build their retirement corpus. These pension plans have different types for different needs of different customers. Pension plans are specifically designed to plan for retirement and ensure a steady income in one’s post-retirement phase. 

There are three types of retirement plans offered by SBI that help one plan one’s retirement fund early on in life. SBI Pension Plan Calculator will assist individuals in planning their retirement fund efficiently.

Why should you use the SBI Pension Plan Calculator?

  • SBI Pension Plan Calculator is useful online tools that can help the customer calculate how much he needs to save in order to continue celebrating his life in golden years. 

  • With the SBI Pension Plan calculator, the customer can start planning their retirement today. The calculator can give the customer an approximate corpus amount that he needs to first build in order to lead the kind of life he wants to live. 

  • The calculator will also help the customer calculate the amount he must start saving regularly to achieve his retirement goal. 

  • It is challenging to keep a record of all the information regarding your pension plan. A host of data calls for human errors when tracked and recorded manually. A calculator makes calculations easier and error-free.

Here, the customer must keep in mind that SBI Pension Plan Calculator is only an assistance tool and should not be taken as the basis of their purchase. Before finalizing the purchase, the customer must evaluate a specific policy based on other details like risk factors and terms and conditions. The customer is also required to read the sales brochure carefully before concluding the sale.

Process to use SBI Pension Plan Calculator

These pension plan calculators work on a given set of information taken from the customer, which usually includes their name, DOB, gender and income, etc. you only have to feed them with this basic personal information to generate your pension amount.

  1. Filling in the required information

    In order to effectively use the SBI pension Plan Calculator and make use of its fine calculation, the customer is first required to give his personal information like gender, DOB, current loans, age, annual income, assured amount, tenure, etc. apart from this, the customer will also be required to fill in the details of his smoking and drinking habits. Based on the information provided by the customer, the calculator will propose plans or schemes best suited to him.

  2. Information about the sum assured

    The next information that is to be filled in is the amount assured. It should be filled keeping in mind all your necessities and future planning essentials. The customer is required to be well aware of his needs and what he demands from the policy. After filling the sum assured, the customer can proceed to calculate his premium. He can also compare and analyse several schemes at a time. It is also imperative that the customer has decided on the mode of payment of his premium, whether as a lump sum amount or monthly payment.

  3. Finalize the policy purchase

    After filling in all the details, the customer will be able to see the estimate of the suggested amount of an appropriate plan on their screen. The customer can go ahead with the purchase if the suggested policy is in the customer's budget range. Otherwise, the buyer can opt for another plan that’ll suit their requirements more.

Advantages of SBI Pension Plan Calculator

SBI Pension Plan Calculator is an assistance tool that helps the customer meets the most suitable policy. The calculator accurately suggests the right insurance coverage with the premium benefits so as to safeguard the interests of the policyholder. It is a quality tool to suggest various options of insurance programs offered by SBI to the customer. It is a reliable tool and helps the customer choose from a range of terms and plans offered to him. It also provides several advantages as below:

  1. Estimates premium amount

    It is a difficult task for the customer to choose from a range of options. It gets confusing with seemingly similar yet different benefits offered by these plans. Once the probable buyer enters all the required details, the calculator matches him with the right plan for him. 

  2. Cost-effective

    SBI Pension Plan Calculator is a free online tool that can be easily accessed from any device. This tool helps the policyholder compare and contrast various available options and segregate the one for their needs in a hassle-free manner. It does this with utmost accuracy and precision, and this is one of its most remarkable features. 

  3. Saves time efficiently

    Manual calculation of your premium amount and bonuses is a tedious job to do. The SBI Pension Plan Calculator is a very handy tool as it not only compares your stats within minutes but also gives an accurate assessment on the same. Hence, it is a time and money-friendly tool.

People also read: NPS Calculator

Information required while using SBI Pension Plan Calculator

There is a need for some information to be provided in order to make use of this free online tool effectively.

  • Personal information: DOB, name, age, gender, income, loan, and debt, etc.

  • Health information: medical history and current medical condition, habits like smoking and drinking that may have an adverse effect on your health, etc.

  • Sum assured amount.

  • The tool will automatically calculate the SBI Pension Plan premiums and display the results for the user based upon the information entered. Customers can compare and analyse various Sum Assured amount and tenure sets to find the right option for them.

Benefits of buying SBI Pension Plans

In the above sections, we have discussed in detail the benefits of having a retirement plan in order. When one invests in such plans, it makes sure of certain things as listed below:

  1. Guaranteed Income

    When one invests in such schemes, fixed/steady income is warranted after retirement. Thus, one can be ensured of a regular income even after their service. SBI Pension Plan calculator thus estimates the total amount of money that the customer will require in order to maintain the quality of his living after retirement.

  2. Liquidity

    Pension plans usually do not offer liquidity to buyers, but there are a few plans that offer liquidity along with withdrawal options. Hence, in case of any emergency, the customer will not have to seek external aids like a loan from the banks. It is an individual choice to take a lump sum or instalment option for their pension. A lump-sum offers more flexibility and control to the customer to manage the proceeds, while there's a tax deduction in instalments.

  3. Vesting Age

    This is the age at which he starts to avail his pension. The vesting age of most pension plans is 45 years with flexibility up to 70 years which is expandable up to 95 years in some cases.

  4. Policy term

    Based on the customer's aim, needs, and occupation, SBI offers several pension plans to the customer, and according to their selected plan, the customer will receive protection for that specific term.

  5. Risk mitigation

    In the face of any adversity, the customer shall not worry about the risk of running their assets and can always fall back on the steady income from their pension plan for their financial upheavals. They must not panic as they can cash out their pension at any given time. The pension money can be extracted whenever the financial requirement arises. The customer can claim the taxable and tax-free part of their pension as a lump sum or in instalment as and when they want or require.

  6. Tax Benefits

    Pension plans work in two phases, one is the accumulating phase, and the latter is the pension phase. Whatever you accumulate in your accumulation phase will be paid off to you later in the form of a monthly or yearly pension. It also offers double benefits of investment and insurance cover. The pensioner can avail of tax benefits under section 80C of the Income Tax Act 1961. The pension and premiums are also exempted from taxation.

  7. SBI Pension Plan Rates

    SBI is the most trusted bank in India and offers very comprehensible and affordable rates of pension plans. They are devised in such a way that they fit the individual needs of the customers. These rates can vary with the various options chosen by the customer at various stages in the process of making the purchase. The documents and paperwork require information like:

    The age of the applicant

    • Gender: in most cases, women are offered better rates of interest

    • Sum assured: the certified rates are low with higher sum

    • Policy tenure: if you invest for a longer duration, you will have to pay lesser premiums 

    • Applicant’s occupation

*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:-

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SBI Pension Plan Calculator Reviews & Ratings

4.3 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
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.
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.
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.
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.
Ajmer, June 29, 2016
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.
Varanasi, April 21, 2016
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.
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.
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.
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.
Guwahati, April 21, 2016
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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