SBI Pension Plans
  • Explore SBI Life Insurance
  • Pension Plan features and benefits
  • Buying and Claim Process
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SBI Pension Plans: Overview

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 the 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.

SBI Pension Plans ensures to look after your investment needs by offering:

why-choose

  • Multiple Premium Payment Options

  • Death Benefits

  • Guaranteed Income

  • Riders Availability

Eligibility Criteria for SBI Pension Plan

Your Occupation

Entry age

Minimum Age- 30 year

Mukhyamantri Amrutam Yojana

Maturity age

85 years

Your Gender

Policy tenure

10 to 30 years

Maternity Benefit Rider

Premium payment term

10 to 40 years

Dr YSR Aarogyasri Trust

Premium payment frequency

Annual, half-yearly,

Maternity Benefit Rider

Sum assured

Rs 1 lakh to No limit

SBI Pension Plan Types

To cater to the dynamic insurance needs of an individual and their family, SBI Pension comes with a range of plans. This allows their customers to choose an ideal plan for themselves. The company ensures to offer a plan for everyone.

  1. SBI Pension Plans

    Plan Entry Age Tenure Minimum Sum Assured Unique Features
    SBI Retire Smart Minimum Age - 30 years Maximum Age - 70 years
    		 10, 15, 30 years Rs 1 lakh
    • Guaranteed Benefits
    • Terminal Benefits
    • Advantage Option

Overview of SBI Pension Plans

Here is a quick overview of the SBI Pension Plans listed in the above table.

SBI Retire Smart Plan

SBI Life Retire Smart Plan is a unit-linked non-participating pension plan that guarantees 101% of all premiums paid by the policyholder on maturity and also protects your funds from market volatility.

Here are the key features of the SBI Shubh Nivesh Plan:
  • Guaranteed Additions
  • Terminal Additions
  • Guarantees a minimum of 105% of all premiums paid till the notification of the death of the assured

Benefits of SBI Pension Plans

There are multiple benefits of SBI Pension Plans. Read below to understand the number of advantages provided by these plans.

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.

Tax Benefits

SBI Pension Plans allow policyholders to claim Tax Benefits under section 80C of the Income Tax Act, 1961 on the premium paid for purchasing the insurance plan.

SBI Pension Plans

SBI Retire Smart

SBI Retire Smart

SBI Life Retire Smart Plan is a unit-linked non-participating pension plan that guarantees 101% of all premiums paid by the policyholder on maturity a...

Unique Features

  • Protection After Retirement For Better Tomorrow
  • The Plan Offers Guaranteed Additions Available
  • Get The Tax Benefit On Premium Paid

SBI Retire Smart (Pros)

SBI Retire Smart

SBI Retire Smart (Cons)

SBI Retire Smart

SBI Retire Smart (Other Benefits)

SBI Retire Smart

SBI Retire Smart (Eligibility Criteria)

SBI Retire Smart
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Documents Required to Purchase SBI Pension Plans

Here is the list of documents required to buy SBI Pension Plans:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy SBI Pension Plans ?

SBI Pension Plans 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.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Click on the ‘Pension Plan’ tab under 'Life Insurance' from the top of the menu.

  • Step 3

    A new page will appear on the screen.

  • Step 4

    Fill out the form at the top of the page with the necessary details.

  • Step 5

    Select your income and city. Click on 'Proceed'.

  • Step 6

    Update your education and occupation details.

  • Step 7

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 8

    Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

Life Insurance
  • Step 1

    Visit the official website of SBI Life Insurance Company.

  • Step 2

    Hover on ‘Products’ click on the retirement plan and choose the plan you want to buy.

  • Step 3

    Click on the ‘buy now’ button and fill in the required details.

  • Step 4

    Tap on 'next' and select a plan as per your requirements.

  • Step 5

    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.

Exclusions of SBI Life Pension Plans

  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

In conclusion, SBI Pension Plans offer you a financial net when you are not earning any income. These plans help you create a lump sum amount to fulfill your future financial goals. You should start investing in these plans when you are earning, ideally in your early 30s. For more info related to HDFC Life Investment Plans, you can contact Policyx.com 24/7. Our trusted insurance experts listen to your every unique problem and suggest the best possible solution for you.

Life Insurance

More Queries?

If you have any more queries regarding SBI Pension Plans , Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

FAQs: SBI Pension Plans

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.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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Himanshu Kumar

Written By: Naval Goel

Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.

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