Planning for retirement is more than just saving money—it’s about ensuring financial stability, peace of mind, and the freedom to live comfortably without worries. SBI Life – Smart Annuity Income, an Individual, Non-Linked, Non-Participating, General Annuity Product, is designed exclusively for National Pension Scheme (NPS) subscribers to help you enjoy a reliable income stream throughout life.
With just a one-time premium, you receive fixed annuity payouts for your entire lifetime, regardless of market fluctuations. This is your assurance of a stable and predictable income during retirement.
Why Choose SBI Life – Smart Annuity Income?
Guaranteed Lifetime Income
Receive assured, fixed annuity payouts throughout your life.
Designed Exclusively for NPS Subscribers
This annuity is available only to individuals retiring under the National Pension System (NPS), governed by PFRDA.
Choose From 5 Flexible Annuity Options
Pick the payout structure that best fits your long-term financial needs.
Incentives for High Purchase Price
Higher one-time premium = additional benefits.
Flexible Payout Frequency
Receive your income: Yearly, Half-Yearly, Quarterly, or Monthly.
Financial Freedom After Retirement
Enjoy security, stability, and complete peace of mind.
Tax Benefits (as per prevailing laws)
You may be eligible for tax advantages under current Indian tax regulations.
Key Features
1. Multiple Annuity Options
Choose from five annuity plans to match your future goals.
2. Guaranteed Regular Income
A secure, predictable and lifelong income stream.
3. Incentives for Higher Purchase Price
Get additional rewards for selecting a higher investment amount.
4. Flexible payout modes
Select how frequently you want your annuity to be paid out.
5 Powerful Annuity Options Explained
1. Single Life Annuity
- Lifetime annuity paid to the annuitant
- No death benefit
- Plan ends after the annuitant’s death
2. Single Life Annuity with Return of Purchase Price
- Annuity paid till annuitant’s death
- Purchase price returned to nominee afterwards
3. Joint Life Annuity
- 100% annuity continues for surviving spouse (secondary annuitant)
- No death benefit after both pass away
4. Joint Life Annuity with Return of Purchase Price
- Lifetime annuity for both lives
- Purchase price refunded to nominee after the last survivor’s death
5. Family Income Option
A unique, extended NPS family protection model:
- Annuitant & spouse receive lifetime annuity
- If subscriber dies before vesting, spouse receives annuity
- After both pass away, dependent parents receive annuity in sequence
- After all dependents, purchase price refunded to surviving children/ legal heirs
Eligibility Criteria
Entry Age
Available to all NPS subscribers.
For Joint Life: Maximum age difference allowed between primary and secondary annuitant is 30 years, subject to standard age rules.
Purchase Price / Premium
- Minimum: As per PFRDA guidelines (depends on minimum annuity allowed)
- No upper limit
- Taxes & government levies extra
Minimum & Maximum Annuity
- Minimum: As prescribed by PFRDA
- Maximum: No cap; subject to underwriting policy
Payout Frequency Options
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Who can be a Secondary Annuitant?
For Joint Life options, the second person may be:
- Spouse
- Children
- Parents
- Parents-in-law
- Siblings
(Must have insurable interest as per PFRDA regulations)
Advantages at a Glance
Security
Financial stability and lifelong income.
Reliability
Guaranteed, market-proof returns that never fluctuate.
Flexibility
Choose payout frequency and annuity structure based on your needs.
Tax Benefits
Possible tax deductions/exemptions as per Indian tax laws (consult advisor).
Frequently Asked Questions (FAQs)
Who is eligible for SBI Life Smart Annuity Income?
Only subscribers of the National Pension Scheme (NPS) regulated by PFRDA.
Is the annuity rate fixed for life?
Yes. Once selected, annuity rates remain constant throughout the policy.
Can I change my annuity option later?
No. Once chosen, the annuity option cannot be changed.
Is this affected by stock market fluctuations?
No. This is a non-linked, non-participating product—market conditions do not impact payouts.
Are tax benefits available?
Yes, as per the prevailing Income Tax laws in India.
What happens after the last survivor’s death under Joint Life with Return of Purchase Price?
The purchase price is refunded to the nominee.
Disclaimer: The above information is based on the product details of SBI Life – Smart Annuity Income, an Individual, Non-Linked, Non-Participating, General Annuity Product available exclusively for NPS subscribers under PFRDA guidelines. Annuity rates, benefits, tax provisions, and terms are subject to change as per regulatory norms. Tax benefits are as per current income tax laws and may vary; please consult your tax advisor. Before purchasing the policy, carefully read the full sales brochure, terms, conditions, and risk factors.