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Retirement life is often considered to be the peaceful phase of life. But, actually making it peaceful depends upon the individual in concern. SBI Pension Plan provides you a pathway, through which content and self reliance can be constructed for the golden period of life.

Thoughtful it would be, if one of the SBI Retirement Plans is opted for. Financial insecurities can be dodged and a secured future can be crafted from their plans. It would ensure all the needs and responsibilities are well taken care of, even though the income is put to hold.

Plan your future, the golden phase of your life with SBI National Pension Scheme. Here are all the details you need to know of.

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About SBI Life Pension Plans

Merger between State Bank and BNP Paribas led to the formation of this company, SBI Life Insurance Company. Insurance is the need, for a life full of insecurities, and this company provides all kind of securities to the life of their clients.

The company has well defined SBI Life Pension Plan offering, all of which are meant to fulfill the needs of the people. They provide security for the maximum, helping the insured meet daily needs, reliability in terms of revisionary bonuses. It also has the provision of an optional rider.

From the diverse SBI Life Retirement Plans they offer, choose the one which best suits your need and idea of a retirement plan.


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    Types of SBI Pension Plans

    Planning a secured retired life is more than easy with the provision of SBI National Pension Funds. The  benefits of such plans stand out, and would construct a pathway for a secured future, which is free from any kind of hindrances.

    You have 3 different SBI Retirement Plans you can avail from, check them out.

    • Saral Pension Plan
    • Retire Smart Plan
    • Annuity Plus Plan

    Find out other NPS Scheme in India


    SBI Life Saral Pension Plan – By SBI Pension Plans

    This SBI Pension Plan is a traditional plan which provides ample of benefits, and is stuffed with some valuable features.

    • This SBI NPS has a role to play in the company’s profits. So, you will be entitled to some additional bonuses in case you avail for this plan.
    • At the time of maturity, the amount payable is sum assured, along with revisionary bonuses, guaranteed bonus and also terminal bonus.
    • There are also options available for availing the claim amount. That is, 1/3rd of the matured amount can be withdrawn in cash, and the remaining portion can be used to avail for annuity payouts. Purchase of a deferred annuity is as well provided.
    • Vesting age is subject to change as per the holder’s interest if he/she is below the age of 55 years. The maximum limit however is 70 years.
    • Death benefit of this SBI National Pension Funds plan is higher of 0.25% p.a. compounded for every year on the amount of premiums paid or 105% of all the premiums paid.
    • The nominee can choose to withdraw the entire death benefit, or avail for annuity payouts.
    • Guaranteed bonuses are added for the first 5 years, at the rate of 2.50% for first 3 years and 2.75% for the remaining 2.
    • Increased coverage will be provided by means of added riders.

    Eligibility Criteria for SBI Life Saral Pension Plan

    • Age criteria: 18 to 60 years for regular pay and 65 years for single pay
    • Vesting age: 40 to 70 years.
    • Term of policy: Regular pay 10 years, 5 years for single pay with 40 years on the maximum.
    • Premium to be paid per year: Rs.7500 with no maximum limit
    • Return guaranteed: Minimum amount is 1 lakh with no maximum limit
    • Payment term: Just as the opted policy term or single pay
    • Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

    SBI Life Retire Smart Plan – By SBI NPS Scheme

    This is the second SBI NPS Scheme provided by the company which is a unit linked plan.

    • This SBI NPS is subject to market returns, along with guaranteed additions
    • 15th year of continued holding of the policy will render guaranteed additions at the rate of 10%of annual premium
    • Fund value’s 1.5% would be paid as terminal bonus and is given upon maturity.
    • At the time of maturity, higher of fund value long with guaranteed and terminal addition is provided, or 101% of the total premiums paid.
    • The holder of this SBI NPS can wither choose to withdraw 1/3rd of the amount and avail the remaining as annuity payouts. Also single deferred annuity plan can be availed from the entire amount.
    • Age of vesting can be postponed upon choice, if the holder is below 55 years, the maximum age of postponement is 70 years.
    • Death benefits of this plan are higher fund value with terminal bonus or 105% of premiums paid.
    • Nominee can withdraw the entire amount or choose to avail annuity payments
    • There are three fund options provided here and they are, Equity Pension Fund II, Bond Pension Fund II and Money Market Pension Fund II.

    Eligibility Criteria for SBI Life Retire Smart Plan

    • Age criteria: 30 to 70 years
    • Vesting age: 40 to 80 years.
    • Period: 10 to 35 years
    • Premium to be paid per year: Rs.24,000 for regular pay and Rs.40,000 for single pay with no maximum limit
    • Return guaranteed: Minimum amount is 1 lakh whereas the maximum has no limit
    • Payment term: Just as the opted policy term or limited or 10-15 years.
    • Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

    Check out more Pension Plans available for Investment


    SBI Life Annuity Plus Plan – By SBI Life Pension Funds

    Clients who wish to avail for immediate payouts can choose for this SBI Life Pension Plan. It is an immediate Annuity plan and its features are as following:

    • Upon deposit of single premium, the annuity payments will start rolling out immediately.
    • Option for single life and also joint life is provided in this SBI Life National Pension Scheme

    For the single life option, the payout options are as follows:

    • Annuity for life
    • Annuity for life alongside capital refund
    • Capital refund in parts along with annuity for life
    • Balance capital refund along with annuity for life
    • Annual increase of 3% and 5% along with annuity for life
    • 5, 10, 15, or 20 years period followed along with annuity for life

    For the joint life option, the payout options are as follows:

    • Last survivor life annuity with 50% or 100% of the capital
    • Last survivor life annuity with 50% or 100% of the capital along with return of purchase price
    • Advance annuity payout can e availed for, in accordance with certain terms and conditions
    • Accidental death rider can be chosen which would cover for up to Rs.50 lakhs
    • Higher the premium amount paid, higher would be the annuity payout.

    Eligibility Criteria for SBI Life Annuity Plus Plan

    • Age criteria: 40 to 80 years
    • Price of Purchase: as per the payout amount and holder’s age
    • Payout per year: Rs.2400 with no maximum limit
    • Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually

    SBI Pension Plans / Retirement Plans – Conclusion

    A reputed organization as it is, the SBI Pension Plan is an assurance for a plans filled with high benefits. The offerings they are rendering are diverse, and as a result, it is aimed at fulfilling all the needs of people.

    Choose the SBI NPS Scheme as per your interest and this would open the doors for your secured future. You can choose to avail for the policy online or through their intermediaries. Get in touch with a concerned authority today and avail for the plan.


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