SBI Pension Plan Calculator

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 calculator 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 retirement 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.

Pension Plans Insurers

Aditya Birla Sun Life Pension Plans

Ageas Federal Pension Plans

Aviva Pension Plans

Bajaj Allianz Pension Plans

Bandhan Life Pension Plans

Bharti AXA Life Pension Plans

Canara HSBC Pension Plans

Edelweiss Life Pension Plans

Future Generali Pension Plans

HDFC Life Pension Plans

ICICI Prudential Pension Plans

IndiaFirst Pension Plans

Kotak Life Pension Plans

Max Life Pension Plans

PNB MetLife Pension Plans

Pramerica Life Pension Plans

Reliance Life Pension Plans

Sahara Life Pension Plans

SBI Life Pension Plans

Shriram Life Pension Plans

Star Union Pension Plans

Tata AIA Pension Plans

View All Pension Plans

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Check out our other calculators: SIP Calculator

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