Smart Annuity Income

Income for Life,

Security for Tomorrow

Steady Support for Your Retirement Years

Know about SBI Life - Smart Annuity Income

UIN: 111N149V05 | Product Code: 3H

Guaranteed Regular Income

Five Income Options

Benefits for High Purchase Price

Know Your Annuity Plan

Features

Flexibility: Your retirement should unfold the way you have always envisioned it. The plans you make, the life you choose to lead: each decision matters. SBI Life - Smart Annuity Income, an annuity plan for NPS subscribers , offers five distinct income options that adapt to your unique needs.
 
Guaranteed Income: Your retirement years deserve the same support you have always relied on. SBI Life - Smart Annuity Income delivers steady income payable at regular intervals over time.. Maintain the lifestyle you have built and pursue your aspirations.
 
Added Benefits: The people who depend on you remain at the centre of every decision you make. SBI Life - Smart Annuity Income, delivers benefits towards your commitment. They remain supported, now and in the years ahead.
 
Flexible Income: Your retirement unfolds at a pace that suits you. Our product, SBI Life - Smart Annuity Income offers income options that align with your needs: monthly for everyday comfort, quarterly for seasonal planning, half-yearly for milestones, or yearly for flexibility. The life ahead takes shape on your terms.

Advantages

Security: The years ahead hold the moments you have been planning for: time with loved ones, passions to pursue, a life well lived. SBI Life - Smart Annuity Income, an annuity plan for NPS, delivers a steady stream of income that keeps your financial foundation strong. You can focus on living fully, knowing support remains in place.
 
Reliability: The lifestyle you have built continues, supported by steady income. SBI Life - Smart Annuity Income delivers consistent payouts that keep your days comfortable and your choices open. From everyday comforts to the moments that bring joy, the life you envisioned stays within reach.
 
Flexibility: Your days take shape according to your needs and choices. SBI Life - Smart Annuity Income, offers income options that align with your lifestyle: the steady assurance of monthly payments or the ease of annual distributions. Life moves forward alongside the vision you hold.
 
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time

Plan Benefits

There are five annuity options available under this product. Once an annuity option is selected, it cannot be changed.
 
Single Life Annuity: Annuity is payable at a constant rate for the lifetime of the annuitant. On the death of the annuitant, no death benefit is payable, annuity payments cease, and the policy contract terminates.
 
Single Life Annuity with Return of Purchase Price: Annuity is payable at a constant rate for the lifetime of the annuitant. On the death of the annuitant, the purchase price is payable to the nominee, annuity payments cease, and the contract terminates.
 
Joint Life Annuity: Annuity is payable at a constant rate for the lifetime of at least one of the annuitants. On the death of the primary annuitant, 100% of the annuity payments will continue at a constant rate for the surviving secondary annuitant. If the secondary annuitant predeceases the primary annuitant, annuity payments cease on the death of the primary annuitant. On the death of both annuitants, no death benefit is payable, annuity payments cease, and the policy contract terminates.
 
Joint Life Annuity with Return of Purchase Price: Annuity is payable at a constant rate for the lifetime of at least one of the annuitants. On the death of the primary annuitant, 100% of the annuity payments will continue for the surviving secondary annuitant. If the secondary annuitant predeceases the primary annuitant, annuity payments cease on the death of the primary annuitant. On the death of the last survivor, the purchase price is refunded to the nominee, all future annuity payouts cease immediately, and the contract terminates.
 
Family Income: Annuity benefits will be payable for the lifetime of the annuitant (subscriber under the NPS) and their spouse as per the annuity option “Single Life Annuity with Return of Purchase Price” or “Joint Life Annuity with Return of Purchase Price,” as applicable. If the subscriber does not have a spouse, annuity benefits will be payable for the lifetime of the subscriber as per the “Single Life Annuity with Return of Purchase Price” option.
 
If the subscriber has a spouse and passes away before the vesting of the annuity, annuity benefits will be payable for the lifetime of the spouse under the “Joint Life Annuity with Return of Purchase Price” option.
On the death of the annuitant(s), annuity payments cease, and the refund of the purchase price shall be used to purchase a new annuity contract for parents (if any) in the following order:
a) Mother of the deceased subscriber;
b) Father of the deceased subscriber.

The annuity amount will be revised and determined according to the “Single Life Annuity with Return of Purchase Price” option on a single-life basis, using the annuity rate applicable for the age of that member at the time of purchase of such annuity, utilising the premiums refunded to the nominee under the original annuity contract. The annuity will continue until all such family members are covered. After covering all family members, the purchase price will be refunded to the surviving children of the subscriber or, if there are no children, to the legal heirs of the subscriber, as applicable.
If no such family member exists upon the death of the last survivor, the purchase price will be refunded to the nominee.

Downloads

For more details on risk factors, terms and conditions of SBI Life – Smart Annuity Income, read the following documents carefully.

• Product Brochure/Prospectus

• Product Guide

• Policy Document

• Customer Information Sheet (CIS)

• SBI Life - NPS vs Non-NPS Rate
 

Eligibility Criteria:

• Entry Age: The NPS Annuity Plan is available for sales for NPS subscribers In case of “Joint Life Annuity” annuity options, the maximum age difference allowed between primary and secondary annuitant is 30 years subject to the minimum and maximum entry age of both annuitants.

• Premium / Purchase Price: Minimum premium/purchase price for any type of annuity will be such that the annuitant(s) can be paid minimum annuity as per the annuity payment mode and as per Pension Fund Regulatory and Development Authority (PFRDA) guidelines for National Pension System(NPS) subscribers. There is no limit for maximum premium/purchase price under the product.
Premium / Purchase Price refers to the lumpsum amount used to purchase annuity, it does not include applicable taxes and other statutory levies. The amount in respect of applicable taxes and other statutory levies is charged in addition to the purchase price/premium, at the rate notified by the Government from time to time.
• Minimum Annuity:
Annuity Pay Mode Minimum Annuity Per Instalment
Monthly ₹ 1,000
Quarterly ₹ 3,000
Half Yearly ₹ 6,000
Yearly ₹ 12,000

The minimum annuity may go below the limits as mentioned above, for the subscribers of the National Pension System (NPS) regulated by the Pension Fund Regulatory and Development Authority (PFRDA)


• Maximum Annuity: There is no limit on maximum annuities payable and shall be subject to Board Approved Underwriting Policy.

• Annuity Frequencies: Annuity payout frequencies available are - Yearly, Half-Yearly, Quarterly and Monthly.

• Annuity Options: Choice of Single Life and Joint Life annuities available. For Joint Life annuity options, second annuitant could be spouse, children, parents, parents-in-laws or siblings as per extant of PFRDA guidelines, who will be entitled to receive the Annuity Payout in the event of death of the Primary Annuitant. The Secondary Annuitant has to have an insurable interest with the Primary Annuitant.

SBI Life - Smart Annuity Income

Calculate Your Premium

Every chapter of your life comes with its own responsibilities. The right life insurance plan grows with you, supporting your goals and the ones you care about.

Based on your age and lump sum amount you wish to pay, discover an annuity amount that fits your life.

1 Personal Details

Select Your Gender

Discount

2 Explore the Policy option...

Annuity Plan Type

Source of Business
  • NPS
Channel Type
  • Direct Marketing
Mode of Annuity Payout
  • Monthly
  • Quarterly
  • Half Yearly
  • Yearly

Life Type

3 Choose Your Payment Option

You want to opt for?

Premium Amount (incl. applicable taxes)

4 Choose your annuity options
Annuity Options
  • Single Life Annuity
  • Single Life Annuity with Return of Purchase Price
  • NPS-Family Income (Single Life)
  • Joint Life Annuity
  • Joint Life Annuity with Return of Purchase Price
  • NPS-Family Income (Joint Life)
  • ⓘ Please fill out your Name to proceed.
  • ⓘ Please fill out Date of Birth to proceed.
  • ⓘ Please Enter Premium Amount
  • ⓘ Please Enter Annuity Options
Annuity Payout Amount
₹
Purchase Price
10 Years
Annuity Option
10 Years
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Frequently Asked Questions

The SBI Life - Smart Annuity Income NPS annuity plan is available only to NPS (National Pension System) subscribers. For Joint Life Annuity options, the maximum age difference allowed between the primary and secondary annuitant is 30 years, subject to the applicable entry age criteria. This eligibility framework ensures the annuity is structured within defined retirement and income planning requirements.

SBI Life - Smart Annuity Income plan ensures you continue receiving a steady income throughout your retirement, seamlessly replacing your regular paycheck. You have the flexibility to access the income from the SBI Life - Smart Annuity Income NPS annuity plan monthly, quarterly, half-yearly, or yearly, making it accessible to your financial vision.

Yes, of course! You can choose to have your annuity plan payout in a monthly, quarterly, half-yearly, or yearly format. Whether you choose yearly payouts or monthly income, the choice remains yours to make.

An NPS annuity product like SBI Life - Smart Annuity Income, delivers guaranteed income that supports the life ahead. From everyday needs to the moments that matter, your days continue with ease. The product offers income options that align with your preferences, along with tax benefits that support your planning today. Explore how this plan can work for you.

In case of such an unfortunate event, the Return of Purchase Price from the NPS annuity plan, SBI Life - Smart Annuity Income, is payable to the nominee or legal heir. Alternatively, your nominee or family members can choose to use the corpus to purchase another annuity, allowing them to maintain a steady flow of income for their future needs.

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