SBI Life – Smart Annuity Plus is an Individual, Non-Linked, Non-Participating, General Annuity Plan designed to offer guaranteed lifelong income, financial stability, and peace of mind for retirement. With Immediate & Deferred annuity options, Single Life & Joint Life benefits, and multiple increasing annuity options, this plan ensures that you and your loved ones enjoy a financially stress-free future.
Whether you want regular monthly income, income that grows annually, or a plan that returns the purchase price to your family, SBI Life – Smart Annuity Plus gives you total flexibility and lifelong assurance.
Why Choose SBI Life – Smart Annuity Plus?
Guaranteed Lifetime Income
Start receiving regular payouts from age 30+ depending on the plan selected.
Choose From Multiple Annuity Options
Customize your retirement plan with Immediate, Deferred, Increasing, Return of Purchase Price, and Joint Life options.
Higher Annuity Payouts for Higher Premiums
Enjoy boosted annuity rates when you opt for a higher purchase price.
Flexible Payout Frequency
Receive your income monthly, quarterly, half-yearly, or yearly.
Secure Your Family’s Future
Choose from plans with Return of Purchase Price, Balance Purchase Price, or Joint Life protection.
Tax Benefits
Eligible for tax benefits as per prevailing income tax laws.*
Key Features of SBI Life – Smart Annuity Plus
- A wide range of Immediate & Deferred annuity options
- Guaranteed lifelong regular income
- Option for Compound or Simple annual increases
- Joint Life protection with 100% annuity for surviving spouse
- Return of Purchase Price options available
- Guaranteed Additions under Deferred Annuity Plans
- Online availability for easy and quick purchase
- Designed for retirees, pensioners, NPS subscribers, and individuals planning early retirement
Advantages You Get
Security
Stable lifelong income for a financially free retirement.
Reliability
Guaranteed payouts help you manage monthly and long-term expenses.
Flexibility
Choose annuity plans for yourself or include a family member.
Convenience
Get payouts on your preferred schedule—monthly to yearly.
Tax Savings
Enjoy tax benefits as per income tax laws.*
Types of Annuity Plans Offered
Below are all plan options clearly organized for easy understanding:
Single Life Annuity Options
1.1 Life Annuity
- Fixed payout for life
- Stops on death; policy terminates
1.2 Life Annuity with Return of Purchase Price (ROP)
- Lifelong income
- Purchase Price returned to nominee
1.3 Life Annuity with Return of Balance Purchase Price
- Lifelong fixed annuity
- On death, unused purchase price is paid (if positive)
1.4 / 1.5 Life Annuity with Annual Increase (Simple 3% or 5%)
- Lifelong income that increases every year
- Income stops after death
1.6 / 1.7 Life Annuity with 10 or 20-Year Certain Period
- Guaranteed payout for 10 / 20 years even if annuitant dies
- After the period, payout continues if the annuitant is alive
1.8 / 1.9 Life Annuity with Compound Increase (3% or 5%)
- Income grows every year compounding
- Ideal for beating inflation
1.10 Deferred Life Annuity with Return of Purchase Price
- Income starts after deferment
- Death benefit includes GA (Guaranteed Additions)
- Ideal for early planners
Joint Life Annuity Plans (Two Lives)
2.1 Life & Last Survivor – 100% Annuity
- Primary annuitant gets full income
- After death, spouse continues to receive 100%
- No payout after last survivor
2.2 Life & Last Survivor – 100% Annuity with ROP
- Both lives covered
- Full income passed to spouse
- Purchase Price returned after both pass away
2.3 Deferred Joint Life Annuity with ROP
- Income begins after deferment
- Guaranteed Additions accrue
- 100% annuity for surviving spouse
- ROP after both pass away
Who Should Buy This Plan?
- Individuals planning for early retirement
- Employees nearing retirement
- NPS subscribers seeking annuity options
- Couples looking for joint pension
- Anyone needing guaranteed monthly income
- People wanting inflation-adjusted retirement income
Payout Modes
You can choose your income frequency:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Who can buy?
Frequently Asked Questions (FAQs)
What is an annuity?
An annuity provides guaranteed income at regular intervals, ideal for retirement planning.
Are payouts guaranteed for life?
Yes, all lifetime annuity options provide income for as long as the annuitant lives.
Is this plan suitable for couples?
Yes, Joint Life options ensure full income continues to the spouse.
Does SBI Life return the purchase price?
Yes, options with Return of Purchase Price (ROP) return the invested amount to your nominee.
Is annuity income taxable?
Yes. Annuity income is taxable as per the prevailing tax laws.
Can I buy this plan online?
Yes, SBI Life – Smart Annuity Plus is available online.
Disclaimer
This is an Individual, Non-Linked, Non-Participating, General Annuity Product offered by SBI Life Insurance. Annuity payouts depend on the annuity option, annuity mode, and rates applicable at the time of purchase. Tax benefits and liabilities are subject to provisions of the Income Tax Act, 1961, and may change in the future. Please consult your tax advisor before making decisions. For complete details on plan terms, risk factors, exclusions, and conditions, refer to the official sales brochure of SBI Life Insurance.