Planning for retirement is more than just saving money — it’s about ensuring financial stability, independence, and peace of mind for the years ahead. SBI Life brings you Smart Annuity Income, an Individual, Non-Linked, Non-Participating, General Annuity Plan designed exclusively for National Pension System (NPS) subscribers.
With a one-time premium payment, you receive guaranteed annuity payouts throughout your lifetime, regardless of market fluctuations — ensuring your lifestyle and financial needs are protected forever.
Why Choose SBI Life – Smart Annuity Income?
Guaranteed Lifelong Regular Income
Receive a stable, reliable income throughout your life — perfect for post-retirement financial planning.
Five Flexible Annuity Options
Choose the best annuity structure based on your personal or family needs.
Incentives for Higher Purchase Price
Get additional financial benefits when opting for a higher purchase price (as per guidelines).
Flexible Payout Frequency
Select from Monthly, Quarterly, Half-Yearly, or Yearly annuity payouts.
Designed Exclusively for NPS Subscribers
Annuity plan available only for individuals registered under NPS, regulated by PFRDA.
Key Features at a Glance
Flexibility
Choose from five annuity options, customized to ensure long-term security for you and your family.
Security
Enjoy lifetime income assurance and financial strength post-retirement.
Reliability
Get predictable payouts at a constant rate — unaffected by market ups and downs.
Tax Benefits
Avail tax benefits as per prevailing income tax laws*.
Five Annuity Options Explained
1. Single Life Annuity
- Guaranteed income for life.
- Payments stop after the annuitant’s death.
- No death benefit.
2. Single Life Annuity With Return of Purchase Price
- Guaranteed income for life.
- On death, the full purchase price is paid to the nominee.
3. Joint Life Annuity
- Income continues as long as either annuitant is alive.
- 100% of annuity continues to the secondary annuitant after primary annuitant’s death.
- No death benefit after both pass away.
4. Joint Life Annuity With Return of Purchase Price
- 100% payout continues to spouse/secondary annuitant for life.
- On death of the last survivor, the purchase price is returned to the nominee.
5. Family Income Option (As per NPS rules)
Ensures lifelong protection for the subscriber’s entire dependent family:
- Annuity continues for surviving spouse.
- If spouse predeceases or is absent, annuity continues to dependent parents in order:
a) Mother
b) Father - After all family members are covered, purchase price is refunded to children or legal heirs.
Eligibility Criteria
Entry Age: NPS subscribers only
For Joint Life annuity, max age difference allowed: 30 years (subject to min/max age limits).
Premium / Purchase Price:
- Minimum: As per PFRDA norms
- Maximum: No upper limit
- Taxes & levies charged extra
Minimum & Maximum Annuity:
- Minimum as per PFRDA standards
- No maximum limit (subject to underwriting policy)
Payout Frequency:
- Monthly, Quarterly, Half-Yearly, Yearly
Secondary Annuitant Options:
- Spouse
- Children
- Parents
- Parents-in-law
- Siblings (must have insurable interest)
Who Should Choose SBI Life Smart Annuity Income?
This plan is ideal for:
- Retirees seeking guaranteed lifelong income
- NPS subscribers reaching retirement age
- Individuals wanting risk-free, market-proof income
- Families wanting joint-life or multi-life coverage
- People looking for tax-efficient retirement planning*
Benefits You Can Count On
Financial Security
Protect your retirement with assured lifetime income.
Financial Freedom
Enjoy your golden years without financial stress.
Flexibility
Receive income in your preferred mode — monthly to yearly.
High Purchase Incentive
Higher purchase price = more benefits.
Tax Benefits*
Deductions/exemptions available as per applicable tax laws.
Why SBI Life?
SBI Life is trusted by millions across India for building long-term, secured financial futures. With simple processes, transparency, and robust claim support, your retirement is in safe hands.
Disclaimer: This page provides an overview of SBI Life – Smart Annuity Income, an Individual, Non-Linked, Non-Participating, General Annuity product available exclusively for NPS subscribers. Benefits, features, annuity rates, tax provisions, and eligibility are subject to applicable laws, PFRDA guidelines, and policy terms. Tax benefits are as per current income tax laws and may change in the future. Customers are advised to read the official sales brochure carefully and consult a financial advisor or tax consultant before making any purchase decision.