SBI Pension Plans For 5 Years

Planning for retirement early allows you to build a substantial corpus and enjoy your golden years without financial worries. SBI Life, a trusted name in Indian finance, offers a variety of pension plans specifically designed to help you achieve your retirement goals.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

In-built life cover
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

Best SBI Pension Plans For 5 Years in India in 2024

The best 5 years SBI life pension plans are mentioned below: 

SBI Life Pension Plans Entry Age Vesting Age Premium Payment Term (PPT) Policy Term (PT)
SBI Life – Retire Smart Plus 20 years  30-70 years Single Premium- One time
Regular Premium- Same as policy term
Limited Premium- 5 to 8/10/15 
10-35 years
SBI Life – Retire Smart 30 years  70 years  Single Premium- One time
Regular Premium- Same as policy term
  Limited Premium- 5/8/10/15
10-35 years
SBI Life - Smart Annuity Plus 0 year - Single Premium  -
SBI Life - Saral Retirement Saver 18 years 40-70 years Regular/Single Premium  Min:
RP: 10 years
SP: 5 years
Max: 40 years
SBI Life – Saral Pension 40 years - Single Premium  -

Details of the Best SBI Pension Plan For 5 Years in 2024

  1. SBI Life Retire Smart Plus

    SBI Life - Retire Smart Plus is a unit-linked pension plan that helps you save for your retirement.

    Key Features of the Plan:

    • Investment choice: Choose from 7 diverse fund options to match your risk appetite. Switch between them anytime for free.

    • Partial withdrawals: Access your funds in case of emergencies after the lock-in period.

    • Premium payment flexibility: Pay premiums as a single lump sum, regular payments, or for a limited period.

    • Loyalty additions: Get bonus payouts every year starting from your 15th policy year.

    • Terminal addition: Receive an additional 1.5% of your fund value upon maturity.

    • Extend your policy term: Opt to increase your investment period for even greater returns.

    • Defer your vesting date: Choose when you want to start receiving your retirement income.

  2. SBI Life Retire Smart

    SBI Life - Retire Smart is a unit-linked pension plan that helps you build a retirement corpus. It offers guaranteed benefits (up to 210% of annual premium) along with market-linked returns through investment options.

    Key Features of the Plan:

    • Hassle-Free Investment: SBI Life manages your investment through their Advantage Plan.

    • Guaranteed Benefits: Get assured additions to your corpus (conditions apply).

    • Flexible Premiums: Choose a payment plan that suits your budget (regular, limited, or single premium).

    • Flexibility: Defer your retirement age or adjust premiums as needed.

    • Tax Benefits: Enjoy tax savings on premiums paid.

  3. SBI Life Smart Annuity Plus

    SBI Life - Smart Annuity Plus is an individual annuity plan designed to provide you with a guaranteed regular income throughout your retirement. It's an ideal option for those seeking financial security and peace of mind in their golden years.

    Key Features of the Plan:

    • Flexibility: Choose from various annuity options to customise the plan to your specific needs. This includes immediate or deferred annuities, various payout frequencies (monthly, quarterly, half-yearly, or yearly), and even increasing annuity payouts with a compounded rate.

    • Guaranteed Income: Enjoy a steady stream of income for life (or a chosen period), regardless of market fluctuations. This ensures you can meet your regular expenses without worry.

    • Security for Loved Ones: Opt for joint-life annuity options to financially secure your spouse or dependents even after you're gone.

    • Higher Rates for Larger Sums: Get better annuity rates when you invest a larger premium amount.

    • Return of Purchase Price (Optional): In some annuity choices, you can get back a portion of your initial investment along with the annuity payouts.

    • Tax Benefits: Annuity payouts and the purchase price refund may be subject to taxation under prevailing laws.

  4. SBI Life Saral Retirement Saver

    SBI Life - Saral Retirement Saver is an individual, non-linked, participating savings pension product, meaning it offers benefits based on the plan's performance and market interest rates.

    Key Features of the Plan:

    • Build a Retirement Corpus: This plan helps you accumulate savings consistently over time to ensure financial security after retirement.

    • Guaranteed and Regular Bonuses: SBI Life - Saral Retirement Saver offers guaranteed simple reversionary bonuses for the first 5 years of the policy. You'll also receive regular bonus additions throughout the policy term, boosting your retirement savings.

    • Optional Life Cover: Protect your family's financial future with the SBI Life - Preferred Term Rider (available as an add-on). In case of your unfortunate demise, this rider provides a death benefit to your loved ones.

    • Peace of Mind: With SBI Life - Saral Retirement Saver, you gain peace of mind knowing you're building a safety net for your retirement and, optionally, safeguarding your family's well-being.

    • Reliable Income Stream: This plan is designed to provide you with a steady income stream during your retirement years. You can use the accumulated corpus to purchase an annuity from SBI Life, which will provide you with regular payouts.

  5. SBI Life Saral Pension

    SBI Life – Saral Pension is an annuity plan designed to provide you with a guaranteed regular income throughout your retirement. It's a single premium plan, meaning you pay a lump sum amount upfront in exchange for a series of payments starting immediately. Here's what makes SBI Life - Saral Pension a strong choice for your retirement:

    Key Features of the Plan:

    • Financial Security: This plan offers a guaranteed income stream for your lifetime, ensuring financial independence during your retirement.

    • Return of Purchase Price: SBI Life - Saral Pension provides you with several return of premium options. You can choose a plan that returns the initial amount you invested upon your passing, providing security for your loved ones.

    • Flexibility: The plan offers various annuity options, including Single Life Annuity and Joint Life Annuity. You can choose the option that best suits your needs.

    • Loan Availability: The plan allows you to avail a loan in case of unexpected financial needs. (Subject to terms and conditions)

    • Critical Illness Cover: SBI Life - Saral Pension offers a surrender benefit in case you are diagnosed with a specified critical illness.

Invest More Get More
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 *

Steps to Buy SBI Pension Plans from Policybazaar

Here are the steps to buy SBI Life Pension Plans from Policybazaar:

Step 1: Open your preferred web browser and go to the Policybazaar website.

Step 2: Locate the section dedicated to pension plans, usually found under the "Insurance" or "Pension" category.

Step 3: Explore the list of available pension plans and choose SBI Life from the options provided.

Step 4: Review the features, benefits, and premiums of different SBI Life pension plans to find the most suitable one for you.

Step 5: Personalize your chosen plan according to your preferences, such as premium amount and coverage period.

Step 6: Policybazaar also offers an SBI Pension Plan Calculator to help you estimate your potential returns. This can be helpful in understanding how much retirement income you might generate.

Step 7: Enter your personal details, including name, age, and contact information, as required during the application process.

Step 8: Complete the application form accurately, ensuring all necessary fields are filled.

Step 9: Upload any required documents, such as proof of identity, address, and income.

Step 10: Double-check all the information provided in the application form before finalizing your purchase.

Step 11: Pay the premium amount using the available payment options like net banking, debit/credit card, etc.

Step 12: Expect to receive a confirmation of your purchase from both Policybazaar and SBI Life, containing details of your policy and payment receipt.

Step 13: Await the issuance of your SBI Life pension plan policy documents, which will be sent to you electronically or via mail.

Benefits of Buying SBI Pension Plans Through Policybazaar

When it comes to securing your financial future with a pension plan, purchasing through Policybazaar can offer multiple benefits, especially when considering SBI Life pension plans. Here are several advantages of buying SBI Life pension plans through Policybazaar:

  • Comparison Made Easy: Policybazaar simplifies the process of comparing SBI Life pension plans, making it easier for you to make an informed decision. Using tools like the NPS Calculator, you can compare the pension amount from SBI Life pension plans against the National Pension Scheme (NPS), aiding in better financial planning.

  • Tax Benefits Clarity: Policybazaar helps clarify the tax advantages associated with SBI Life pension plans under Indian tax laws. 

  • Convenience of Online Purchasing: Policybazaar offers the convenience of purchasing SBI Life pension plans online. This saves you time and effort compared to dealing directly with SBI Life, allowing for a seamless and hassle-free buying experience.

  • Dedicated Customer Support: Policybazaar provides excellent customer support, assisting you with any queries you may have about SBI Life pension plans and guiding you through the application process. 

  • Access to User Reviews: Policybazaar hosts user reviews, providing valuable insights into the experiences of others with SBI Life pension plans.

  • Consolidated Insurer Research: Policybazaar consolidates research on various insurers, including SBI Life, in one convenient platform. This saves you time and effort by eliminating the need to visit multiple websites or sources for information.

  • Neutral and Unbiased Guidance: Policybazaar offers impartial guidance as it is not affiliated with any specific insurance company like SBI Life. This ensures that the advice you receive is unbiased, transparent, and focused solely on meeting your financial needs and goals.

Conclusion

Whether you're nearing retirement or looking to supplement an existing retirement plan, SBI has options to consider. If you want to kickstart your retirement planning or add another layer of security to your existing strategy,  SBI pension plans can empower you to enjoy a financially secure and fulfilling retirement.

FAQs

  • What types of pension plans does SBI Life offer?

    SBI Life offers two primary types of pension plans:
    • Annuity Plans: These plans guarantee regular income post-retirement. You can opt to receive payouts immediately or defer them for a specified period.

    • Guaranteed Returns Retirement Plans: These plans assure returns on your investment and are available in three options: lump sum payout, regular income, or lifelong income.

  • What are the advantages of investing in an SBI Life Pension Plan?

    Here are the key benefits provided by SBI Life Pension Plans in India:
    • Assured income: These plans offer a predictable income stream post-retirement.

    • Flexible payout choices: Opt for immediate or deferred payouts based on your needs.

    • Tax benefits: You may be eligible for tax deductions on your contributions.

    • Loan facilities: Some plans allow you to take loans against your policy (conditions apply).

  • What are the various annuity choices offered in SBI Life plans?

    SBI Life provides the following annuity options:
    • Immediate Life Annuity

    • Immediate Life Annuity with Return of Purchase Price

    • Deferred Life Annuity (with or without Return of Purchase Price)

  • How do I select the appropriate SBI Life Pension Plan for myself?

    To choose the right SBI Life Pension Plan, consider your retirement objectives, risk tolerance, and desired income stream.

*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

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Insurers Offering Pension Plans

Tata AIA

Max Life

Bajaj Allianz

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

Aditya Birla Sun Life

Aviva

Ageas Federal

Bandhan Life

Canara HSBC

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 26 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
Divyang Pension Yojana

01 Jul 2024

The Divyang Pension Scheme (DPS) is a government initiative in
Read more
Aasara Pension

01 Jul 2024

Aasara Pension is a social welfare scheme by the Government of
Read more
Atal Pension Yojana Statement

25 Jun 2024

Atal Pension Yojana is a government-backed pension scheme aimed
Read more
Madhubabu Pension Scheme

24 Jun 2024

The Madhubabu Pension Scheme is a social welfare initiative by
Read more
e-Pension

20 Jun 2024

e-Pension refers to an electronic pension management system
Read more
SBI Annuity Deposit Scheme Calculator 2024
  • 08 Jun 2021
  • 21708
SBI Annuity Deposit Scheme Calculator 2024 is an online tool that helps you figure out your fixed annuity
Read more
Top 15 Pension Plans in India
  • 14 Feb 2023
  • 6581
The Pension Plan, also known as a Retirement Plan is the best investment instrument allowing individuals to build
Read more
Sevarth Mahakosh
  • 24 May 2023
  • 10152
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
Vridha Pension
  • 23 Feb 2023
  • 4708
Vridha Pension is a social welfare initiative implemented by the Uttar Pradesh government in India. It aims to
Read more
NPS Calculator for Government Employees
  • 09 Dec 2021
  • 15185
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more

SBI Pension Plans For 5 Years 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.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL