National Pension Scheme SBI
The National Pension Scheme SBI is part of the NPS Scheme launched by the Government of India in 2004 by the Pension Fund Regulatory and Development Authority (PFRDA) to encourage people living abroad or in the country to create a corpus.
The fund is managed by the SBI Life Pension Funds Private Limited (SBIPFPL), a subsidiary of the State Bank of India. The scheme offers NRI customers within the age group of 18-60 years to create a pension fund that they can use for themselves in their retirement years.
The scheme allows the investors to invest in either Tier I or even both plans at the same time:
- Tier I – The account under the SBI Life NPS scheme does not allow the customer to withdraw any amount invested. This is a mandatory account and offers tax benefits to the account holders.
- Tier II – The account can only be opened by investors who already have a Tier I account. The consumers are allowed to withdraw funds from this voluntary account.
SBI Life Pension Plan for NRI
SBI Life is currently offering attractive insurance plans at competitive rates to help Indians living onshore or overseas.
-
SBI Life Saral Pension
SBI Life Saral Pension plan is one of the most reliable pension plans for the NRI Market. The plan provides:
- Security – Under the plan, you can expect to live a stress-free retired life.
- Flexibility – The fund aims to provide a fixed annual payout for the lifetime
- Reliability – An option to choose from 2 life annuity options under the Saral Pension Plan
The key features of the plan are:
- Your investment is vested in a Standard Immediate Annuity plan.
- You can choose Single Life Annuity or Joint Life Annuity option from the available return of premium options.
- You can avail of a loan facility in case of financial needs as per specified conditions.
- If you get diagnosed with a specified critical illness, you have the option to surrender the plan.
| Minimum |
Maximum |
| Entry Age |
40 Years |
80 Years |
| Annual Premium Payout |
As per the minimum annuity instalment amount |
No Limit (As per BAUP) |
| Premium Payment Term |
Single Pay Premium |
| Premium Payment Frequency |
Monthly/ Quarterly/ Half-yearly/ Annually |
*BAUP: Board Approved Underwriting Policy
Benefits:
- Maturity/Vesting Benefit: Receive lifetime annuity as per the chosen option, with immediate or deferred payouts.
- Death Benefit: Nominee receives the purchase price or guaranteed additions, depending on the selected annuity type.
-
SBI Life – Retire Smart Plus
An individual, unit-linked, non-participating pension savings product that helps NRIs create a retirement corpus with market-linked returns. This ULIP allows flexibility in premium payments and fund allocation.
Features:
- Build retirement corpus through seven diverse fund options.
- Unlimited free fund switches and partial withdrawals after the lock-in period.
- Single, regular, or limited premium payment options.
- Loyalty additions of 0.3% every year from the 15th policy year, plus 1.5% terminal addition.
- Extend or defer policy and premium terms for added flexibility.
Eligibility Criteria:
| Minimum |
Maximum |
| Entry Age (in years) |
20 |
60 |
| Maturity Age (in years) |
30 |
70 |
| Premium Payment Term ( in years) |
One time/ Single Payment |
15 |
| Premium Range (as per premium payment option) |
₹ 3000 to ₹ 1,00,000 |
No limit |
| Premium Payment Frequency |
Single/ Yearly/ Half-Yearly/ Monthly |
Benefits:
- Maturity/Vesting Benefit: Fund value plus 1.5% terminal addition, with options to purchase immediate or deferred annuity, or defer accumulation till age 70.
- Death Benefit: Higher of fund value plus terminal addition or 105% of premiums paid to nominee.
-
SBI Life – Smart Annuity Plus
A non-linked, non-participating annuity product providing guaranteed lifetime income, with both immediate and deferred annuity options. It secures your retirement while offering financial protection for loved ones.
Features:
- Guaranteed regular income starting from age 30 for immediate annuity options.
- Choice of multiple annuity options including life, joint life, and increasing annuities.
- Benefit of higher annuity rates for large premiums.
- Flexible payout frequency: monthly, quarterly, half-yearly, or yearly.
- Return of purchase price or balance purchase price under selected options.
Eligibility Criteria:
| Minimum |
Maximum |
| Entry Age (in years) |
0 |
95 |
| Annuity Payout (as per installment) |
₹ 1000 to ₹ 12000 |
No limit |
| Deferment Period ( deferred annuity) |
1 year |
10 years |
| Annuity Payout Mode |
Monthly/ Quarterly/ Half-Yearly/ Yearly |
| Premium Payment Frequency |
Single Premium |
Benefits:
- Maturity/Vesting Benefit: Receive annuity as per chosen plan, with options for immediate or deferred payouts.
- Death Benefit: Nominee receives balance purchase price or guaranteed additions, depending on annuity type.
-
SBI Life – Smart Annuity Income
A non-linked, non-participating annuity plan exclusively for NPS subscribers, offering fixed lifelong income with five annuity options. It ensures stability post-retirement while supporting dependent family members.
Features:
- Guaranteed lifelong income irrespective of market conditions.
- Five annuity options including single life, joint life, and family income.
- Incentives for high purchase price.
- Flexible payout frequency based on preference.
- Cannot switch annuity option once selected.
Eligibility Criteria:
| Criteria |
Minimum |
Maximum |
| Entry Age |
As per NPS guidelines |
N/A |
| Premium / Purchase Price |
Minimum to ensure prescribed annuity |
No limit |
| Minimum Annuity |
As prescribed by PFRDA |
N/A |
| Maximum Annuity |
N/A |
Subject to Board Approval |
| Annuity Frequency |
Yearly, Half-Yearly, Quarterly, Monthly |
N/A |
| Annuity Options |
Single Life, Joint Life |
Secondary annuitant must have insurable interest |
Benefits:
- Maturity/Vesting Benefit: Guaranteed periodic income based on selected annuity.
- Death Benefit: Refund of purchase price or continued annuity for spouse/eligible family members.
In Conclusion
SBI Life pension plans for NRIs combine flexibility, security, and long-term growth to ensure a comfortable retirement. With a range of ULIP and annuity options, NRIs can choose a plan that fits their retirement goals and lifestyle, making it easier to enjoy financial independence in later years.
Invest 18k/month & get 2 Crore# Tax-Free*
Manage your funds online60k + happy customers across 25+ countries
Compare & Choose30+ Plans and 150+ Fund options
