SBI Life Pension Plans

What is the SBI Pension Plan?

SBI Life Pension Plans is a pension plan product that help you save for retirement. Through this investment plans, you contribute regularly as a Systematic Investment Plan (SIP*) or as a lump sum. Once you reach retirement age, you receive periodic payments to support your living expenses.

The SBI Pension Plans offer flexibility in choosing how much you contribute and can be tailored to meet your future financial needs. These plans also come with insurance benefits, offering protection to your loved ones. 

Overall, SBI Life Pension Plans are designed to give you a steady and reliable income during your retirement years, helping you enjoy financial security when you need it most.

* You can calculate the returns from your systematic investments in an SBI pension scheme using an SIP calculator.

Types of SBI Pension Plans in India

SBI Life Insurance pension plans provide a range of investment options when you plan for your retirement or for retirees. The following table gives a summary of the main types of SBI pension plans in India:

Features of Best SBI Pension Plans in India

SBI Life Insurance Company offers the following best pension plans in India in 2024:

1. SBI Life Retire Smart Plus

   SBI Life Retire Smart Plus is an individual, unit-linked, non-participating SBI pension plan that helps you secure your future after retirement. This investment option is a good SBI pension plan for 5 years, which is designed to help you build a retirement corpus through systematic investment and market growth. It 

   Features of SBI Life - Retire Smart Plus Plan:

   • 7 Fund Options for Your Risk Appetite: Choose from seven diverse funds to match your investment style, whether conservative or aggressive.

   • Build a Retirement Corpus: Grow your retirement savings with maturity benefits, ensuring a substantial nest egg for your golden years.

   • Loyalty and Terminal Additions: Boost your fund's value with:

     • Loyalty Additions: Annual bonuses from the end of the 15th policy year.

     • Terminal Addition: A 1.5% bonus on your fund value at maturity.

   • Flexible Premium Payments: Pick the payment frequency that suits you best:

     • Single premium payment

     • Regular premium payments as a Systematic Investment Plan (SIP)

     • Limited-period premium payments as SIP

   • Unlimited Free Fund Switches: Switch funds as often as you like, free of charge. From the second policy year, you can also redirect your premiums to different funds at no extra cost.

2. SBI Life Retire Smart

   SBI Life - Retire Smart is a unit-linked, non-participating, pension plan designed to help you build your retirement savings. This SBI pension scheme offers a guaranteed return of 101% of your total premiums at maturity, providing security even if the market fluctuates.

   Features of SBI Life - Retire Smart Plan:

   • Guaranteed Fund Boost: Get guaranteed additions of up to 210% of your annual premium.

   • Regular Additions for Long-Term Policies: Policies lasting 15 years or more start receiving annual guaranteed additions from the end of the 15th year.

   • Terminal Bonus at Maturity or Death: Receive terminal additions of 1.5% of your fund value upon maturity or earlier death.

   • Guaranteed Minimum Returns: The "Advantage Plan" assures at least 101% of total premiums paid at maturity or vesting.

   • Life Coverage Protection: In case of death, beneficiaries receive at least 105% of total premiums paid.

   • Flexible Payment Options: Choose from single, regular, or limited-period premium payments.

   • Deferred Vesting Option: Use the Deferment Option to delay your policy's vesting age if needed.

3. SBI Life Smart Annuity Plus

   SBI Life – Smart Annuity Plus is an individual annuity plan that is not linked to the stock market or dividends. You can choose between immediate or deferred payouts, with flexible investment options to help you keep your lifestyle just the way you like it. This makes it a good SBI pension plan for 5 years and 10 years.

   Features of SBI Life - Smart Annuity Plus Plan:

   • Flexible Annuity Choices: Pick from a wide range of annuity options tailored to your needs.

   • Guaranteed Lifetime Income: This SBI pension yojana allows you to enjoy a steady income stream for life with guaranteed regular payments.

   • Immediate or Deferred Annuity: Choose to start receiving annuity payments immediately or at a future date. 

   • Compound Increasing Payouts: Benefit from annuity options that increase at a compound rate over time.

   • Higher Rates for Larger Premiums: Get higher annuity rates when you invest more through larger premium payments.

   • Customizable Payout Frequency: Select your payment schedule from monthly, quarterly, semi-annual, or annual frequency.

   • Return of Purchase Price: Certain annuity options return the purchase price or its balance, ensuring financial security for you or your beneficiaries.

4. SBI Life Saral Retirement Saver

   The Saral Retirement Saver from SBI Life is a personal, non-linked, participating pension plan. This investment option is designed for those seeking a safe SBI pension fund without market risks, ensuring a secure and happy retirement.

   Features of SBI Life - Saral Retirement Saver Plan:

   • Guaranteed Bonus: Earn a guaranteed simple reversionary bonus for the first five years. It is 2.50% for the first three years and 2.75% for the next two years, calculated on the Basic Sum Assured. 

   • Vesting (Maturity) Benefit: The SBI pension payout is greater of the Basic Sum Assured or total premiums paid with a 0.25% compounded annual interest rate. 

   • Reversionary Bonus: Additional benefits include any vested simple reversionary bonuses and a possible terminal bonus.

   • Payout in Case of Death: The death benefit under this SBI retirement policy is the higher of:

     • Total premiums paid with a compounded annual interest rate of 0.25%, plus vested simple reversionary bonuses and any terminal bonus.

     • 105% of total premiums paid up to the date of death.

   • Additional Life Cover: You can choose additional life cover with the SBI Life - Preferred Term Rider for extra security.

5. SBI Life Saral Pension

   SBI Life – Saral Pension is a one-time-payment annuity plan that gives you a steady income after you retire. This SBI retirement plan is not tied to market fluctuations, and it does not share profits. Plus, when you choose this investment plan, you will get back your initial investment. This SBI pension plan for 5 years and 10 years allows you to enjoy a worry-free retirement.

   Features of SBI Life Saral Pension Plan:

   • Retirement Security with Annuity Plan: Get a steady income throughout retirement with a Standard Immediate Annuity Plan. THis is the best SBI Pension Plan for a 60 years old person.

   • Choose Your Annuity Option: Pick between Single Life or Joint Life Annuity based on your needs.

   • SBI Pension Loan Facility: Borrow against your SBI annuity plan in case of financial emergencies.

   • Critical Illness Surrender: If diagnosed with a specified critical illness, you can surrender your SBI pension plan policy for a lump sum.

SBI Pension Plan Calculator

The SBI Pension Plan Calculator is an online tool provided to help you estimate your pension benefits. You can insert details like age, retirement age, current savings, expected returns, and desired monthly pension. This pension plan calculator then provides an estimate of the corpus needed and the monthly investment required to achieve the target pension, aiding in effective retirement planning.

How to Buy SBI Retirement Plans Through Policybazaar?

Step 1: To get started, fill out the form on this page or visit the comparison page of top insurer plans on the Policybazaar website.

Step 2: Explore the various pension plans offered by SBI Life. Use the provided comparison tools to evaluate key features, eligibility criteria, and benefits.

Step 3: Based on your research, choose the SBI Retirement Plan that aligns with your needs. Consider aspects like performance, customer ratings, and other important criteria.

Step 4: Check the details of the SBI Life pension plan carefully. If everything looks good, click "Proceed" and follow the on-screen instructions to finalize your choice. SBI Life offers several retirement plans, including:

• SBI Life – Retire Smart Plus

• SBI Life - Retire Smart

• SBI Life - Smart Annuity Plus

• SBI Life - Saral Retirement Saver

• SBI Life – Saral Pension

Step 5: After selecting your SBI pension fund scheme, click the "Invest Now" button and follow the prompts to complete your purchase.

Step 6: Provide your Know Your Customer (KYC) information as required. Once done, proceed with the payment process.

Step 7: After your payment is successful, you will receive a confirmation of your purchase. This serves as your proof of investment in the chosen retirement plan.

NOTE: You can also refer to SBI Pension Seva portal to browse different SBI Life Pension Plans in India.

Summing It Up

SBI Life Pension Plans offer a reliable path toward financial security during retirement. With a range of flexible options, these investment plans cater to varying needs and risk profiles, providing both stability and growth potential. By choosing these SBI pension policies, you are investing in a future with greater peace of mind. You can also use a SBI Pension Plan Calculator to determine your future returns through your investments in a chosen SBI pension plan policy.