SBI Pension and Retirement Plans

As soon as one person retires from the long service, he or she starts thinking about the financial stability and no single retired person wants to lose financial independence. The State Bank of India (SBI) has come up with some great pension plans that can be fruitful for all the retired persons and are always ready to help you all to meet your financial needs post your retirement. There are many plans like Horizon II Pension Plan, Unit Plus II Pension Plan, SBI Life – Lifelong Pension Plus, SBI Life – Smart Pension Plan, etc. There are also certain plans related to gratuity and other group policies that can be availed my all the retired people.

SBI Life – Lifelong Pension Plus

This is a distinctive individual non-participating traditional pension plan that offers you complete security and safety and provides you full transparency and flexibility. This plan is appropriate for you and you can store all your savings and buy an annuity with this that can provide you regular income and you live a stress free life even after retirement and thus secure your future.


  • You get the full freedom to gain a Pure Pension Option or can get the added benefit of insurance protection.

  • You get the choice of Add on Covers and thus meet all your additional requirements at a nominal cost. You get the

  • Term Cover, Total Permanent Disability (TPD) Cover due to accident occurred or any form of accident or illness.

  • The best part of this plan is Complete Transparency. You are allowed to know how your premiums are increasing every time. At the end of each fiscal year, the fund will be credited along with investment income based on the investment return earned.

  • You also get the Guaranteed Addition of 10% of annual premium on the 15th anniversary of the policy and also another 10% of annual premium on every 5th policy anniversary thereafter in case of Regular Premium Policy. For

  • Single Premium Policy you get 1% of single premium on the 15th policy anniversary and another 1% of single premium on every 5th anniversary of policy.

  • Apart from all these benefits you get some expert advice for investment management that prevents you from the whims of the market and provides you stable investment returns that help in the growth of your retirement fund.

  • You can select Single or Regular Payment according to your need.

  • You can boost your retirement fund at any point of time by opting for Additional Contributions.

  • You also have to option to schedule the Vesting Age according to your need and wish.

Product Overview

Age at Start*

Min: 18 years
Max: 65 years

Age of Maturity/Vesting

Min: 40 years
Max: 70 years

Policy Term

Minimum: 5 years
Maximum: 40 years

Modes of Premium

Yearly / Half-yearly / Quarterly / Monthly / Single

Annualized Premium Amounts
(in X 100)

Minimum Regular Premium: INR 7,500
Minimum Single Premium: INR 50,000
Maximum Regular & Single Premium has no limit

Additional Contribution Amount
(in X 100)

Min: INR 2,000
Max: No Limit

Guaranteed Additions/Benefits**

Regular Premium:
10% of the Annual Premium on 15th anniversary of policy and 10% of Annual Premium on all policies that comes on & after 5th policy anniversary

Single Premium:
1% of the Single Premium on 15th anniversary of policy and 1% of Single Premium on every policy that comes on and after 5th policy anniversary.

*The reference of the age as per the last birthday.
**These are for policy in-force and do not apply to additional contributions.


  • Maturity Benefit: You can utilize the fund value after the maturity in different ways. You can buy Annuity Plan for the whole amount or you can utilize one third of the total Fund Amount as lump sum and use the remaining balance by purchasing Annuity.

  • Death Benefit: In case of unfortunate death, the entire stored fund amount will be paid to the nominee or legal heir. All the transactions are done according to the terms and conditions mention in the policy coverage.

There are other Add-on Cover Benefits like Term Cover, Total Permanent Disability Cover and Total Permanent Disability Cover.

SBI Life – Smart Pension

This is a unit linked overdue pension plan. This provides you ample flexibility that gives all for your retirement goals at one chance and as per your convenience and spread over a period of time. The most interesting part of this plan is that it gives you the minimum guaranteed return on the gross premium paid. This plan can change your retired life and improve the lifestyle.


  • You can enjoy the benefit if Guaranteed Amount at the time of maturity or vesting of policy.

  • You have the option to get pension plan by just paying only one Single Premium.

  • You can phase your retirement income by taking several single premium policies at lower rates.

  • You get the freedom to obtain Annuity Options.

  • You get the Tax Benefits according to the usual tax laws.

Product Overview

Age at Start^

Min: 30 years
Max: 65 years

Maximum Age of Maturity

75 years

Age at Vesting

Min: 45 years
Max: 75 years

Policy Term

10 years / 15 years / 20 years / 25 years

Premium Mode


Premium Amounts (in X 100)

Min: INR 50,000
Max: No Limit

Tax Benefits

Under Section 80CCC and 10 (10A) iii of Income Tax Act, 1961

^ The reference of the age as per the last birthday.


Maturity Benefit

You can avail this on the completion of policy term and the fund value can be used in the following manner:

  • You can buy Annuity Plan with the whole fund value.Use one third of the total fund value as lump sum for investing and use the remaining balance to buy Annuity Plan.

Death Benefit

If the policy holder faces an unfortunate and tragic death, the lump sum of the fund value is paid to the nominee or the legal heir of the insured as per all the terms and conditions mentioned on the coverage and are paid as on the date of the intimation of the claim of the company.

There are few other retirement plans that are available from SBI. For more details, you can also visit the nearest SBI branch or can consult to any SBI agent. There is also the option to know all the detailed information of all policies from the official website of State Bank of India where you also get to know about all the terms & conditions and other information related to eligibility and the returns.