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All About SBI Retirement Plans

Updated On Jan 11, 2022

A smart financial strategy should include a pension plan. When it comes to older persons in India, the situation is not particularly favourable. With the rising cost of living, it is becoming increasingly important for everyone to plan for their retirement. A pension plan is the greatest approach to assure that you will have a source of income even after you retire. If you haven't yet invested in a pension plan and are seeking one, you should check into SBI Life's many pension programmes.

SBI Life Insurance is a joint venture between the State Bank and BNP Paribas that is one of India's top insurance companies. SBI Life Insurance Company provides a diverse variety of insurance products to meet the needs of policyholders. SBI Life Pension Plans are comprehensive retirement plans that are particularly tailored to meet an individual's financial needs once they retire. To know more about SBI Retirement Plans, read on.

National Pension Scheme SBI

SBI refers to the NPS system, which was formed by the Pension Fund Regulatory and Development Authority (PFRDA) to establish a pension corpus and is administered by SBI through its subsidiary SBI Pension Funds Private Limited (SBIPFPL). The National Pension Scheme allows anyone between the ages of 18 and 60 to sign up for the plan and build a pension corpus for their retirement years.

SBIPFPL is one of three pension fund managers designated by PFRDA to administer the pension fund for government employees, as well as one of six to supervise the retirement fund for citizens.

Following are the salient features of National Pension Scheme SBI -

  1. SBI manages the National Pension Scheme, which is governed by the Pension Fund Regulatory and Development Authority.
  2. National Pension System (NPS) SBI is a voluntary pension system that allows any Indian citizen aged 18 to 60 to create a pension account.
  3. The Permanent Retirement Account Number (PRAN) will be assigned to each National Pension Scheme SBI account holder and would stay constant throughout the premium payment and pension payment periods.
  4. Subscribers must provide their PRAN in each correspondence or transaction with the National Pension Scheme SBI.

SBI Pension Plans

Following are some of the SBI pension plans that an individual can opt for -

  • SBI Life Saral Pension Plan

Following are the features of SBI Life Saral Pension Plan -

  1. The SBI pension plan shares in the company's profits and is rewarded with a bonus.
  2. The policyholder will receive the selected Sum Assured, which includes the Simple Reversionary Bonuses and Guaranteed Bonuses accrued over the life of this SBI pension plan, as well as any Terminal Bonuses, if any.
  3. The money that vests under this SBI pension plan can be used in a variety of ways. A tax-free commutation of a third of the fund is conceivable, with the remaining share paying annuities. Alternatively, a single payment can be paid to purchase a deferred annuity plan.
  4. If the policyholder of the SBI pension plan is under the age of 55, the vesting age might be deferred. In 70 years, the vesting might be postponed until the maximum age.
  5. The largest of all premiums paid to increase at a compounded rate of 0.25 percent p.a. until the date of death or 105 percent of all premiums paid till death is due to the nominee on the death of the policyholder during the SBI pension plan duration.
  6. The death benefit can be taken up in one lump payment or used to purchase an annuity from the firm.


  • SBI Life Retire Smart Plan

Following are the features of SBI Life Retire Smart Plan -

  1. In addition to market-linked returns, the SBI pension plan provides guaranteed increases to the corpus.
  2. On vesting, the policyholder must pay the greater of the appropriate Fund value, including guaranteed additions and terminal additions, or 101 percent of total premiums paid under this SBI pension plan.
  3. The vesting corpus can be taken up to 1/3rd of the total amount, with the remaining funds going toward the predetermined pension. If needed, the whole profits can be used to acquire a deferred annuity plan through the SBI pension plan.
  4. If the policyholder is under the age of 55, the vesting age might be postponed. In 70 years, the vesting might be postponed until the maximum age.


The major goal of pension plans is to instil dignity and confidence in an individual's post-retirement era, not just via the accumulation of a lump amount but also through regular monthly payments.

Also read - Top Pension Plans In India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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