SBI Life - Saral Pension Plan


Retirement planning in India is of seminal importance given the rising rate of life expectancy, increasing health care expenses and dearth of robust social security measures among others. You should plan ahead to ensure that you can maintain the same lifestyle and meet any unforeseen expenses when you are old and grey. SBI Life is currently offering three pension plans for the benefit of customers. Saral Pension Plan is one of the plans being offered. This is an individual, non-linked, participating savings pension plan, which provides a secure future retirement. Read on to know more about the plan offered by SBI Life like its features and benefits, eligibility criteria, rider details, documentation etc.

Features and Benefits of Saral Pension Plan

The features and benefits of Saral Pension Plan are:

  • The plan is an individual, non-linked participating, savings pension one.
  • It is completely safe from market volatility.
  • You can build a retirement corpus with the help of the plan.
  • You are guaranteed of simple reversionary bonuses for the first five years.
  • Can avail maturity benefit
  • You are offered the option of additional life cover through SBI Life – Preferred Term Rider.
  • Can claim death benefit
  • You can revive the policy within 5 years from the date of first unpaid premium.
  • Staff discount up to 2.25 percent on the tabular premium is provided to employees, retired employees, VRS holders, minor children, and spouse of employees of SBI Life Insurance Co. Limited, SBI, RRBs sponsored by SBI and subsidiaries of State Bank group.
  • Can avail tax benefits.
  • The option of nomination is provided as per Section 39 of the Insurance Act, 1938.
  • You have the option to review the terms and conditions of the policy and return it within 30 days of receipt.
  • You are allowed a grace period of up to 30 days from the due date for payment of premiums.

Eligibility Conditions for Saral Pension Plan

Entry Age Minimum – 18 years Maximum – 60 years (Regular Premium), 65 years (Single premium)
Maturity Age Minimum – 40 years Maximum – 70 years
Type of Plan Single Premium/ Regular Premium
Basic Sum Assured Minimum – Rs.1 lakh Maximum – As per the board approved underwriting policy
Mode of Premium Single/Monthly/Half-yearly/Yearly
Policy Term Minimum - 5 years for Single Premium and 10 years for Regular Premium Maximum - 40 years

Documents Required

The documents which need to be submitted when opening a Saral Pension Plan are listed below:

  • Age Proof
  • Address proof
  • Income proof
  • Identity proof

Riders in Saral Pension Plan

Under the SBI Life – Saral Pension Plan you can avail the rider benefit. You have the option to avail SBI Life – preferred term rider along with the base product. The rider can be taken up only at the inception of the policy.

Entry Age Minimum – 18 years Maximum – 50 years (Regular Premium), 55 (Single Premium)
Maximum Age at Maturity 60 years
Basic Sum Assured Minimum – Rs.25,000 Maximum – Rs.50 lakh
Policy Term Minimum – 5 years (Single Premium), 10 years (Regular Premium) Maximum – 30 years
Note: The rider sum assured and the rider policy term cannot be more than that of basic sum assured and basic policy term.


  1. Can I withdraw the entire amount which is offered as death benefit?
  2. Yes, in the case of death of the life assured, you can withdraw the entire amount as lumpsum.

  3. What is the rate of interest for guaranteed simple reversionary bonuses for the first five years of the policy?
  4. For the first three years, it is 2.50 percent while for the next two years it is 2.75 percent.

  5. For regular premium policies, I can acquire surrender value after paying premiums for how many years?
  6. You need to pay premiums for at least two years to acquire surrender value for regular premium policies.

  7. Is the option of assignment allowed under the Saral Pension Plan?
  8. No, assignment under Saral Pension Plan is not allowed.

  9. Can riders be cancelled?
  10. Yes, riders can be cancelled on any policy anniversary. However, you will be informed about it with an advance written notice.

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