SBI Pension Plans
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SBI Pension Plans

SBI Life Pension plans are comprehensive retirement cum investment plans which help to build a corpus over a longer tenure to live a financially secure life after retirement.

Those individuals who participate in SBI Pension Plan get annuity payments once they retire. SBI offers two main types of pension plans: delayed annuity and instant annuity. Let's take a look at the SBI Life Pension plans in detail:

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Key Features of SBI Life Insurance

SBI Life Insurance is amongst the most trusted insurance providers in India. With so many life insurance companies available in India, choosing the right insurance company can be a hectic task. It is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors of the insurance company such as claim settlement ratio, solvency ratio, annual premium, and operating network.

To get more insight into SBI Life Insurance Company's performance, take a look at the below key features that will help you to analyze the company based on its performance:

  • Solvency Ratio
    SBI Life Insurance has a Solvency Ratio of 2.33 as per the IRDAI annual report 2020-21. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
  • Claim Support
    Claim support of an insurer is a metric that helps you analyze its claims-settling ability. As per the IRDAI annual report of 2020-21, the claim support of Bajaj Allianz Life Insurance is 93.09%.
  • Annual Premium
    As per the annual report of IRDAI 2020-21, the Annual premium of Bajaj Allianz Life Insurance is 50,254.17 Cr.
  • PAN India Presence
    SBI Life Insurance has a wide presence with over 40,000 partner branches and 970 offices PAN India. SBI Life ensures that the policyholder can directly visit their nearest branch office for any of their policy-related or claim-related queries.
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Benefits of SBI Life Pension Plans

SBI Life Insurance Pension Plans allow its customers to plan their retirement in advance with its pocketful of benefits. The benefits that the plan offers are:

  • Multiple Premium Payment Options SBI Life Pension plans offer an option to pay a Single premium, Regular Premium, or for a Limited Period.
  • Death Benefit: The plan provides a death benefit for the financial protection of your family in your absence. The death benefits or sum assured will be received by the nominee in unfortunate events.
  • Guaranteed Income: The plan provides a fixed and steady income after retirement. Guaranteed additions are allowed to be paid by the insured regularly for the policy term of 15 years or more.
  • Riders Availability: With additional riders, retirement plans can be customized to help you and your family avail of additional protection against unforeseen events.
  • Maturity Age: SBI Life Pension plans offer flexibility to postpone an insured person's vesting age using the option of Deferment.
  • Tax Benefits: Get the tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961.

SBI Pension Plans

To secure your retirement the company, SBI Life offers multiple pension plans at affordable prices. Have a look at the pension plans provided by the company.

SBI Life Retire Smart Plus

A pension plan that allows Corpus creation for retirement through maturity benefit.

Unique Features

  • 7 fund options
  • Loyalty Additions
  • Partial Withdrawal available

SBI Life Retire Smart

A unit-linked insurance plan comes out with dual benefits of investment and insurance & offers useful features to manage the investment.

Unique Features

  • Accident death benefit cover
  • Guaranteed Maturity Benefit
  • Assured Benefits up to 210%

SBI Life Saral Pension

The plan is specifically designed for individuals who want complete safety from market volatility to have a secure future.

Unique Features

  • Single Life or Joint Life Annuity
  • Loan Facility
  • Avail of the surrender facility

SBI Life Saral Retirement Saver

A Pension Plan that builds a retirement corpus through guaranteed simple reversionary bonuses for the first 5 policy years for enforcing policies.

Unique Features

  • Start saving from 18 years
  • Additional life cover
  • Guaranteed simple reversionary bonuses

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How To Buy SBI Life Pension Insurance Plans?

SBI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Through PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from SBI Life Insurance company:

  • Visit the official website of SBI Life Insurance Company.
  • Click on 'Online Plans' on the navigation bar and select the category of plans you want to purchase.
  • Click on the 'Buy Now' button and fill in the required details.
  • Tap on 'Next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

How to Contact SBI Life Insurance Company?

SBI Life Insurance Co. Ltd,8th level Seawoods Grand Central, Tower 2,Sector 40, plot No.R-1, Seawoods, Nerul,Navi Mumbai- 400706.

E-mail Address: info@sbilife.co.in

Toll-Free Number: 1800 267 9090 (Available from 9:00 am to 9:00 pm IST)

SBI Pension Plan: Frequently Asked Questions

1. What is Fund Value?

Fund Value is the total number of units under the funds and the corresponding NAVs.

2. What is the Deferment Period?

It is the period between the date of subscription to an insurance-cum-pension policy and the date on which you receive the first installment of pension. Such policies generally prescribe a minimum and maximum limit on the deferment period.

3. Why Should someone invest in SBI Life pension plans?

All SBI pension plans are full of amazing benefits and features which make it a preferred option. They do offer regular income, lifetime annuity options, flexibility, advance annuity payout, and much more.

4. Can the annuity payout date be advanced?

Yes, at the time of inception the annuitant may select to advance the annuity payout. However, advancement will be subject to certain conditions.

5. Is Loan Against the policy available under SBI pension plans?

No, the Loan facility is not available under this pension plan.

6. How is Tier 1 account different from the Tier II account?

Under a Tier I account, one cannot withdraw until they attain 60 years of age, whereas, in Tier II, one can make a withdrawal from your balance whenever they wish to.

7. How much do I need to contribute annually under a Tier I account?

The minimum contribution that one needs to contribute one time under Tier I account is Rs. 500 & Rs. 6000 annually.

8. How much do I need to contribute annually under a Tier II account?

The minimum contribution that one needs to contribute one time under Tier I account is Rs. 250 & Rs. 2000 annually.

9. Are there any maximum limit under the Tier I & Tier II accounts of SBI Pension plans?

The maximum limit of the SBI Pension Fund Scheme is Rs. 12,000 per annum, for both Tier I and II taken together.

10. Can I cancel my riders of the SBI Pension Fund Scheme?

Yes, riders can be canceled on any policy anniversary.

Pension Plans Companies

Secure your post-retirement plans with the below-mentioned IRDAI approved Pension Plan companies.

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Naval Goel

Reviewed By : Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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