Steady Income for Your Golden Years

SBI Life - Smart Annuity Plus enables you to build a reliable income stream for your retirement years, supporting you as you step into this new chapter of life. This Individual, Non-linked, Non-participating, General Annuity Product converts your savings into regular payouts that align with your needs, whether monthly, quarterly, half-yearly, or annual. The product offers various annuity options, including life annuity with return of purchase price, ensuring your family remains supported throughout their journey. Options are available to fit how you envision your golden years unfolding. SBI Life - Smart Annuity Plus stands beside you, offering the assurance to embrace retirement with confidence and financial independence.

Know about SBI Life - Smart Annuity Plus

UIN: 111N134V10 | Product Code: 2W

Life evolves, but what you have built deserves to endure. Your lifestyle, independence, and family traditions should continue flourishing through life, including retirement, when regular income transitions.

Thoughtful preparation helps you maintain these with confidence. SBI Life - Smart Annuity Plus, an Individual, Non-Linked, Non-Participating General Annuity Product, offers guaranteed, regular income based on the lumpsum amount you wish to pay.. This steady income stream supports the life you have created, enabling you to navigate retirement with financial security.

Guaranteed Lifetime Regular Income Starting at 30^*

Wide Range of Annuity Options

Higher Annuity Payout on Larger Premiums^@

Features

Income Options: Whether pursuing personal interests or supporting family milestones, SBI Life - Smart Annuity Plus provides the financial foundation for your retirement years. Our range of annuity plans is designed to align with the retirement lifestyle you have envisioned.

Guaranteed Income: Retirement should bring new possibilities. SBI Life - Smart Annuity Plus provides regular guaranteed income throughout your lifetime. Our plan helps you enjoy this chapter with assurance.

Option for Receiving Annuity Payout : Live life on your own terms. SBI Life - Smart Annuity Plus lets you choose when your annuity payout begins: immediately upon investment or deferred to a date that aligns with your circumstances and goals. This flexibility ensures your plan adapts to your unique retirement timeline.

Growing Income: Life’s requirements change over time. SBI Life - Smart Annuity Plus offers annuity plans that grow your income over time, ensuring your support adapts as needs and aspirations evolve, keeping you financially secure.

Higher Returns: Higher premiums^@ with SBI Life - Smart Annuity Plus unlock enhanced annuity payouts, helping your money work harder for your retirement. This means the security you build today grows stronger alongside your commitment.

Flexible Payouts: Set the pace for your annuity payouts. SBI Life - Smart Annuity Plus lets you choose how often to receive your annuity: monthly, quarterly, half-yearly, or yearly. Our policy helps you create a routine that aligns with your lifestyle and planning objectives. Its flexibility helps you enjoy life on your terms, knowing your income arrives when it suits you best

Return Options: Extend financial security to your loved ones. SBI Life - Smart Annuity Plus Plan helps you select annuity options that incorporate provisions such as return of purchase price or the balance purchase price under certain annuity option. This ensures your family's well-being remains supported.

^@For details, refer 'Incentive for higher purchase price' section available in sales brochure

Advantages

Security: Embrace your retirement with the confidence that comes from financial independence. With the SBI Life - Smart Annuity Plus, you can enjoy your golden years with confidence.

Reliability: Preserve the quality of life you have built with passion. SBI Life - Smart Annuity Plus ' steady income stream ensures your daily needs are comfortably met post-retirement.

Flexibility: SBI Life - Smart Annuity Plus plan adapts to your circumstances. It helps you fulfil your post-retirement goals by providing income in a way that fits naturally into your life. You can focus on what brings you joy, knowing your financial support remains steady and reliable.

Tax Benefits: SBI Life - Smart Annuity Plus offers valuable tax benefits that enhance your savings today. This builds lasting financial well-being for tomorrow. Your income works harder for the retirement you have envisioned, allowing you to live with confidence and ease.

Plan Benefits

There are two types of annuities available under this product.

1. Life Annuity (Single Life):

Life Annuity (Option 1.1): Annuity is payable at a constant rate for the life of the annuitant and ceases immediately on death, and the contract terminates.

Life Annuity with Return of Purchase Price^** (Option 1.2): Annuity is payable at a constant rate for the life of the annuitant, which ceases on death, and the purchase price is returned to the nominee, with the contract terminates.

Life Annuity with Return of Balance Purchase Price^# (Option 1.3): Annuity is payable at a constant rate throughout the life of the annuitant. On death, the balance purchase price^# (which will be equal to the purchase price less the sum total of annuity payments already received by the annuitant, if any) will be paid. If this balance is not positive, then no death benefit is payable, all future annuity payouts will cease immediately, and the contract will terminate.

Life Annuity with Annual Simple Increase of 3% (Option 1.4) or 5% (Option 1.5): An increasing annuity is payable throughout the life of the annuitant, which is increased by a simple rate of 3% or 5% per annum for each complete policy year, as per the option chosen. On the death of the annuitant, all future payouts cease immediately, and the contract terminates.

Life Annuity with Certain Period of 10 years (Option 1.6) or 20 years (Option 1.7): Annuity is payable at a constant rate for a fixed period of 10 or 20 years, as per the option exercised; thereafter, the same annuity amount is payable throughout the life of the annuitant

Scenario 1: If the annuitant dies within the pre-defined period of 10 or 20 years, annuity payouts will still continue to be paid to the nominee till the end of the chosen period; thereafter, the annuity payouts cease, and the contract terminates.

Scenario 2: If the annuitant dies after the pre-defined period of 10 or 20 years, the annuity payouts cease immediately on death of the annuitant, and the contract terminates.

Life Annuity with Annual Compound Increase of 3% (Option 1.8) or 5% (Option 1.9): An increasing annuity is payable throughout the life of the annuitant, which is increased by a compound rate of 3% or 5% per annum for each completed policy year, as per the option chosen. On the death of the annuitant, all future annuity payouts cease immediately, and the contract terminates.

Deferred Life Annuity with Return of Purchase Price^** (Option 1.10):

i) Annuity is payable at a constant rate throughout the life of the annuitant after the end of the deferment period.

ii) On death of the annuitant during the deferment period, the death benefit payable to the nominee shall be the higher of:

a. 100% of Purchase Price plus (+) Guaranteed Additions accrued till the date of death.

b. 105% of Purchase Price. All future benefits/annuity payments cease immediately, and the contract terminates.

iii) On death of the annuitant after the end of the deferment period, the death benefit payable to the nominee shall be the higher of:

a. 100% of Purchase Price plus (+) Guaranteed Additions accrued during the deferment period minus (-) Total Annuity paid out till the date of death of the annuitant.

b. 100% of Purchase Price. All future benefits/annuity payments cease immediately, and the contract terminates.

iv) Where Guaranteed Addition per month = Total Annuity payable in a policy year ÷ 12.

v) Guaranteed Additions accrue at the end of every policy month during the Deferment Period.

2. Joint Life Annuity (Two Lives):

Life and Last Survivor 100% Annuity (Option 2.1): Annuity is payable at a constant rate until the primary annuitant is alive. On death of the primary annuitant, 100% of the last annuity payout will continue throughout the life of the surviving second annuitant. On death of the last survivor, annuity payouts cease immediately, and the contract terminates. If the secondary annuitant pre-deceases the primary annuitant, nothing is payable after the death of the primary annuitant, and the contract terminates.

Life and Last Survivor 100% Annuity with Return of Purchase Price^** (Option 2.2): Annuity is payable at a constant rate until the primary annuitant is alive. On death of the primary annuitant, 100% of the last annuity payment will continue throughout the life of the surviving second annuitant. On death of the last survivor, we will refund the purchase price to the nominee; all future annuity payouts cease immediately, and the contract terminates.

Deferred Life and Last Survivor Annuity with Return of Purchase Price^** (Option 2.3):

i) Annuity is payable at a constant rate until the primary annuitant is alive after the end of the deferment period.

ii) On the death of the primary annuitant, the second annuitant (if alive at that time) will receive a life annuity, which will be 100% of the last annuity amount paid to the primary annuitant, as opted. If the second annuitant pre-deceases the primary annuitant, annuity payments cease on the death of the primary annuitant.

iii) On the death of the last survivor during the deferment period, the death benefit payable to the nominee shall be the higher of:

a. 100% of Purchase Price plus (+) Guaranteed Additions accrued till the date of death.

b. 105% of Purchase Price. All future benefits/annuity payments cease immediately, and the contract terminates.

iv) On death of the last survivor after the end of the deferment period, the death benefit payable to the nominee shall be the higher of:

a. 100% of Purchase Price plus (+) Guaranteed Additions accrued during the deferment period minus (-) Total Annuity paid out till date of death of the last survivor.

b. 100% of Purchase Price. All future benefits/annuity payments cease immediately, and the contract terminates.

v) Where Guaranteed Additions per month = Total Annuity payable in a policy year ÷ 12.

vi) Guaranteed Additions accrue at the end of every policy month during the deferment period.

^**Purchase Price will mean Premium (excluding applicable taxes, other statutory levies if any) under the policy

^#Balance Purchase Price = Premium (excluding applicable taxes, other statutory levies if any) less Annuity payouts made till date. In case this is negative, no death benefit will be payable. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Downloads

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

• Product Brochure/Prospectus

• Product Guide

• Policy Document

• Customer Information Sheet (CIS)

Who Can Buy?

Eligibility Criteria
Age at Entry* (as on last birthday)	Minimum	Maximum
Age at Entry* (as on last birthday)	0 year for product conversion;30 years for all other cases;45 years for deferred annuity options;55 years for QROPS	75 years for deferred annuity options;95 years for all other options.
Premium	Such that the minimum annuity installment can be paid as per annuity payout mode	No limit
Premium	Monthly: ₹1,000 \| Half-yearly: ₹6,000 Quarterly: ₹3,000 \| Yearly: ₹12,000No lower limit of annuity installment will apply for National Pension System (NPS) Subscribers purchasing from proceeds of NPS corpus	No limit
Deferment Period (only for deferred annuity options)	1 year to 10 years (Multiple of 1 year)
Premium Payment Frequency	Single Premium
Annuity Payout Mode	Monthly / Quarterly / Half-Yearly / Yearly(For Government sector subscribers under National Pension System (NPS), monthly mode is mandatory. For more details, please read the terms and conditions mentioned in the document.)
Tax Benefit:	Annuities are taxable as per prevailing income tax laws in India, which are subject to change from time to time. You may visit our website for further details.

^*Lower & Higher Ages at Entry will be allowed to cater to the needs of National Pension System (NPS) Subscribers where purchase is from NPS proceeds as per extant PFRDA guidelines.

Note: Annuitant(s) below 30 years of age will only be accepted where the proceeds are from a contract issued or administered by the Company or Employer-Employee cases in case of Superannuation Schemes, where compulsory purchase of an annuity is required or special situations involving Government schemes, employees or beneficiaries.

In all the above instances for Joint life annuities the age limits apply to both lives. In case of Joint life annuities, the maximum age difference allowed between primary and secondary life is 30 years.