SBI Life · Retirement · Deferred Annuity
Smart Annuity Plus
A general (non-NPS) immediate or deferred annuity plan offering 11 payout structures - level, increasing, joint-life, return-of-purchase-price, and certain-period options - from a one-time purchase price.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeRetirement / Pension
CategoryDeferred Annuity
InsurerSBI Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot available in the current product data
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A general (non-NPS) immediate or deferred annuity plan offering 11 payout structures - level, increasing, joint-life, return-of-purchase-price, and certain-period options - from a one-time purchase price.
You might need this if…
- You might need this if you have a lump sum (retirement corpus, maturity proceeds, etc.) and want to convert it into a guaranteed income stream for life.
- You might need this if you want to protect your capital for your heirs - several options return your full purchase price to your nominee on death.
- You might need this if you're planning income for a couple - joint-life options continue paying your spouse after you're gone.
- You might need this if you want your income to keep pace with rising costs - simple or compound annual increase options (3% or 5%) are available.
- You might need this if you want to delay the start of payouts (deferred options, 1-10 years) to get a higher income rate later.
How it actually works
- Entry age is generally 30-95 years (0+ for product conversions; 45+ for deferred options); no upper limit on purchase price.
- Choose from 11 annuity options: plain life annuity, life annuity with return of purchase price, return of balance purchase price, simple/compound annual increase (3% or 5%), certain-period annuities (10 or 20 years), joint-life-and-survivor options, and deferred variants.
- Payouts can be monthly, quarterly, half-yearly, or yearly, paid via bank transfer, generally starting one period after purchase.
- Larger purchase prices (above ₹10 lakh) unlock incremental rate boosts, and further discounts/gross-ups apply for NPS subscribers, existing SBI Life pension customers, online purchases, and staff.
- There is no maturity value and no loan facility on this product - it is a pure annuity (income) product, not a savings-cum-payout plan.
- Surrender is only possible on deferred options or purchase-price-refund options, at the higher of guaranteed or special surrender value.
Worked example
For a ₹10 lakh purchase price at age 60, the brochure illustrates a plain Life Annuity paying about ₹77,826/year (7.78%) with no death benefit, versus a Life Annuity with Return of Purchase Price paying a lower ₹64,150/year (6.42%) but refunding the full ₹10 lakh to the nominee on death. A 10-year deferred Life Annuity with Return of Purchase Price bought at age 60 was shown paying roughly ₹1,25,852/year (12.59%) once payouts start at 70.
The tiers
| Annuity Option (₹10L purchase price, age 60) | Illustrative Annual Payout | Death Benefit |
|---|
| Life Annuity | ₹77,826 | None |
| Life Annuity + Return of Purchase Price | ₹64,150 | Full purchase price |
| Certain Period 10 years | ₹76,912 | Continues to spouse for balance of period |
| Joint Life & Last Survivor 100% | ₹70,695 | None |
| Joint Life & Last Survivor + Return | ₹63,883 | Full purchase price |
Worth knowing before you decide
- Once you choose an annuity option and it starts paying, it generally can't be changed or reversed - this is a long-term, largely irreversible commitment.
- Options without a return-of-purchase-price or certain-period feature pay nothing to your family if you die early - the trade-off for a higher headline rate.
- You must submit a periodic existence (life) certificate or your payouts will stop until you do.
- Increasing-income options start at a noticeably lower rate than level options, so short-term cash flow is lower in exchange for long-term inflation protection.
Official source
⌟ Official product brochure
Learn about this category
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