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Disclaimer: # The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. All plans listed here are of insurance companies’ funds.

SBI Life Pension Plans for NRI 2025

As a Non-Resident Indian (NRI), the retirement decision is not as simple as for Indian residents. You must make that hard decision if you want to stay in your host country or move back. While planning your retirement, you also need to consider exchange rates, inflation, and future monetary fluctuations. State Bank of India (SBI) has come up with curated pension plans for NRIs to make it easier for them to decide. They are offering various plans which would help you plan your retirement well.

Plans starting from ₹1000/month

Best Investment Plans^˜

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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.

Key Features of the accounts are:

Tier I
- The minimum account opening amount is Rs 500
- The minimum contribution amount is Rs 500
- The minimum account balance at year-end is Rs 6,000
- Part Withdrawals under Tier 1
- Exit Strategy under Tier I
Tier II
- The minimum account opening amount is Rs 1,000
- The minimum contribution amount is Rs 250
- The minimum account balance at year-end is Rs 2,000

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

SBI Life Retire SMART Plan

SBI Life offers another ULIP pension plan for NRIs as SBI Life Retire SMART Plan.

Key Features:

The pension plan offers a guaranteed additional increase to the total sum invested up to 210%* of the annual premium once you have completed 15 years till the end of the term. (*Conditions apply)
In case of an untimely death of the policyholder, the nominee would receive the higher of the two - fund value as of the date of demise plus 1.5% fund value as terminal additions or 105% of the total premiums paid until death under the SBI Life Retire SMART Plan.
The pension plan also offers tax benefits under U/S 80C and 10(10D) of the Income Tax Act.

Eligibility Criteria

	Minimum	Maximum
Entry Age	30 Years	70 Years
Investing Age	80 Years
Plan Type	Regular Pay/ Limited Premium/ Single Premium
Policy Term	10 Years	35 Years
Minimum Annual Premium Amount	Regular Pay – Rs 24,000 Limited Premium – RS 40,000 Single-Premium – Rs 1 Lakh	No Limit; as per BAUP
Premium Payment Frequency	Monthly/ Quarterly/ Half-yearly/ Annually/Single

SBI Life Annuity Plus

SBI Life Annuity Plus is an individual and non-linked plan helping you to enjoy your post-retirement life without any financial worries

Key Features:

Regular Income: The policyholder is set to get regular income for life with the SBI Life Annuity Plus Plan or can ask for periodic income, whichever option is convenient for the plan holders.
Annuity Options: The plan offers two annuity options. The first plan is for a single life covered and the second option is for a joint-life annuity.
Tax Benefits: The plan offers tax benefits as per applicable tax laws.

Eligibility Criteria

	Minimum	Maximum
Entry Age	40 Years	80 Years
Annual Annuity Payout	Rs 12,000	No Limit
Premium Payment Frequency	Monthly, Quarterly, Half Yearly, annually
Premium Amount	To cover minimum annuity instalment	No Limit; as per BAUP

SBI Life Saral Retirement Saver Plan

SBI’s Life Saral Retirement Save Plan offers reliable chances for retirees to secure their future. You can plan to build your retirement corpus with a life cover option through SBI Life Preferred Term Rider.

Key Features:

Guaranteed Simple Revisionary Bonus: The plan offers a bonus for the first 5 years @ 2.50 for the first three years and then 2.75% for the next 2 years.
Death Benefit: In the event of the policyholder’s death, the nominee would receive either of the two whichever is higher - total premiums paid up to date of death at an interest rate of 0.25% compounded annually plus bonus(simple reversionary bonus plus any terminal bonus), or 105% of total premiums received up to the date of death.

Eligibility Criteria

	Minimum	Maximum
Entry Age	18 Years	Regular Pay – 60 years Single Pay – 65 years
Investing Age	40 Years	70 Years
Policy Term	Regular Pay – 10 years Single Pay – 5 years	40 Years
Basic Sum Assured	Rs 1 Lakh	No Limit; as per BAUP
Annualized Premium Amount	Rs.7,500	No Limit; as per BAUP

How Can an NRI Invest in These Schemes Under the NPS?

NRIs can invest in the National Pension Scheme through an online portal or visit your nearest SBI Branch.

The documents required are:

Age Proof
Address Proof
ID Proof
Income Proof

How Can NRI Apply for the SBI Life NRI Pension Plans?

You can follow this procedure to apply for the SBI Life NRI pension plans:

Get an NRI NPS Application Form from PFRDA, NPR Trust Website or your nearest SBI Life NRI Bank branch.
Once the form has been submitted and verified by the bank, the bank will forward the application to Central Record Keeping Agency (CRA).
Deposit the initial cheque, and the Permanent Retirement Account Number will be generated.
The PRAN number would be shared with the NRI Applicant.

In Conclusion

Selecting a pension plan especially when you are living abroad is a tough task and you need a specialist who can guide you through this process. State Bank of India has had a long relationship of trust and confidence with their customer.

Visit your nearest SBI Life NRI branch and allow the bank to pick a plan which would suit your needs and objective allowing you to lead a happy and prosperous retired life.

FAQs

Can I take a loan against the SBI Life pension plan?

You need to check whether a loan facility is available for the pension plan that you have chosen with SBI Life. You cannot take loans against all pension plans.
Can NRIs open an NPS Account?

Yes, NRI can open an NPS account. OCI (Overseas Citizens of India) and PIO (Personal of Indian Origin) are not eligible to open an account under the National Pension Scheme
Does the SBI Life NPS offer tax benefits to NRIs?

Yes, Investment income up to Rs 1.5 Lakhs is tax-deductible for NRIs.
Can I open multiple NPS accounts?

No, the opening of multiple NPS accounts for a single person is not possible. They can choose to invest some amount in Atal Pension Yojana.
Can I open a joint NPS account with my spouse or family?

No, an NPS account can only be opened by an individual and not a family.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*Past 10 Year annualised returns as on 01-02-2025
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 2 Cr. is for a 30 year old healthy individual investing Rs 18,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: 1,06,79,507 @ CAGR 4%; 2,12,15,817 @ CAGR 8%. All plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years' fund performance data (Fund Data Source: Value Research).