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SBI Life, one of the leading insurance providers in India, is a joint venture between India's biggest bank - the State Bank of India, and BNP Paribas Cardif. SBI Life insurance company offers wide-ranging insurance products to cater to the requirements of the customers. And Pension Plans are one of the renowned products offered by the company. 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 plan in detail:
SBI Life Insurance Pension Plan comes with several features. Some of them are mentioned below. Take a look:
SBI Life Insurance Pension Plan allows its customers to plan their retirement in advance with its pocket-full of benefits. The benefits that the plan offers are:
SBI Life Pension plans offer an option to pay a Single premium, Regular Premium, or for a Limited Period.
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.
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.
The policy can be surrendered anytime during the policy term.
With additional riders, retirement plans can be customized to help you and your family avail of additional protection against unforeseen events.
SBI Life Pension plans offer flexibility to postpone an insured person's vesting age using the option of Deferment.
Get the tax benefits on premiums paid under Section 80CCC of the Income Tax Act, 1961.
SBI Life Pension Plan ensures to look after your retirement needs so that you can live your second innings without any financial crunch.
Investing in retirement plans helps in providing guaranteed income after retirement to cater to your financial needs. Thus, before buying a pension plan, it is necessary to choose the right company by evaluating its performance. The Claim Settlement Ratio of a company assists you to do so. IRDAI in its annual report 2019-2021 published SBI Life Insurance Company's CSR as 94.52, indicating good claim settlement ability of the insurer.
Let's compare SBI Life's CSR with the top 5 Pension plan insurers in the graph below and understand its market performance.
Claim Settlement Ratio of Top Pension Plan Insurance Companies (2019-20)
*Data from IRDAI Annual Reports
SBI Life company offers 3 effective pension insurance plans that provide financial assistance after your retirement.
SBI Life Pension Plans | Why Should You Buy |
SBI Life Saral Pension | It is a non-linked pension plan that provides safety from market volatility by providing a life insurance cover. |
SBI Life Retire Smart | The plan guarantees 101% of all premiums paid by the insured on maturity. |
SBI Life Annuity Plus | It is an individual, non-linked annuity plan that comes out with a comprehensive range of annuity options |
Let's discuss each plan in detail.
SBI Life Saral Pension is an individual and non-linked participating savings retirement plan. The plan is specifically designed for individuals who want complete safety from market volatility to have a secure future.
Key Features:
Eligibility:
Parameters | Minimum | Maximum |
Entry Age | 18 years | Regular Premium - 60 years, Single-Premium - 65 years |
Vesting Age | 40 years | 70 years |
Type of Plan | Regular Premium/Single Premium | |
Policy Term | Regular Premium - 10 years, Single-Premium - 5 years | 40 years |
Sum Assured | Rs 1,00,000 | No limit |
Sample Premium Illustration
The graph illustrates the premium payable by an individual under the SBI Life Saral Pension plan at different ages and different sums assured with Life annuity option.
Premium Rates of SBI Life Saral Pension Plans
*Data from IRDAI Annual Reports
SBI Life Retire Smart is a unit-linked insurance plan that comes out with dual benefits of investment and insurance. It offers useful features that empower great control to manage the investment.
Key Features:
Eligibility:
Entry Age | Minimum: 30 years, Maximum: 70 years |
Maturity Age | Maximum: 80 years |
Plan Type | Regular Premium/Limited Premium/Single Premium |
Premium Frequency | Single/Yearly/Half-yearly/Quarterly/Monthly |
SBI Life Annuity Plus is an individual, non-linked, and non-participating general annuity plan. The plan helps you to enjoy your post-retirement period without any financial worries.
Key Features:
Eligibility:
Parameters | Minimum | Maximum |
Entry Age (as on last birthday) | 40 years | 80 years |
Annuity Payout | Monthly: Rs 1000, Quarterly: Rs. 3000, Half-yearly: Rs. 6000, Yearly: Rs. 12000 | No limit |
Annuity Payment Mode | Monthly, Quarterly, Half-yearly, or Yearly |
Comparing annual premiums and features of the plans from top insurance companies helps in making an informed decision. Life insurance is a long-term investment and it becomes important to know the plan details before buying any life insurance plan.
We have prepared a graph illustrating the maturity benefit payable by a healthy (non-smoker) male of 45 years for a policy term of 10 years and sum assured at Rs. 1,00,000.
Company | Plans | Maturity Benefit (in Rs.) | Policy Term (in years) | Sum Assured |
HDFC Life Insurance | HDFC Guaranteed Pension Plan | 150000 | 10 | 1,00,000 |
SBI Life Insurance | SBI Retire Smart | 116741 | 10 | 1,00,000 |
ICICI Prudential | ICICI Pru Guaranteed Pension Plan | 106187 | 10 | 1,00,000 |
Sample Graph Illustration Of Premium Payable Under Top Pension Insurance Plans
*Data from IRDAI Annual Reports
The company offers a smooth claim process. Follow the below-mentioned steps:
For Online Process:
1
Visit the official website of SBI Life Insurance.
2
Click on the tab "Services For Existing Customers".
3
Then, visit the "Claims and Maturity" section of the website.
4
Submit the required details while filling the claim intimation form such as policy number, date of birth, and claim type.
5
Enter the captcha code and submit the form.
6
After submitting all the details, the insurer will verify the information and then share the claim approval at your registered email address.
SBI Pension plan can be easily brought via two easy & reliable platforms. SBI Life offers two options for buying an SBI Pension plan:
Take a look at the below section to explore the buying process of SBI Life Insurance Pension Plan:
Once your payment is received, the company will share the policy documents on your registered mail ID and also will post a hard copy of the same to your address.
Note: To buy any other insurance plan that is not available online, you will have to visit the nearest SBI Life Insurance branch.
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*Terms and Conditions May Apply
Fund Value is the total number of units under the funds and the corresponding NAVs.
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.
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.
Yes, at the time of inception the annuitant may select to advance the annuity payout. However, advancement will be subject to certain conditions.
No, the Loan facility is not available under this pension plan.
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.
The minimum contribution that one needs to contribute one time under Tier I account is Rs. 500 & Rs. 6000 annually.
The minimum contribution that one needs to contribute one time under Tier I account is Rs. 250 & Rs. 2000 annually.
The maximum limit of the SBI Pension Fund Scheme is Rs. 12,000 per annum, for both Tier I and II taken together.
Yes, riders can be canceled on any policy anniversary.
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Last updated on 16-07-2021
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