SlideShare a Scribd company logo
Pension Plan in India
Pension Plan in India
• SBI Life Insurance, one of the top insurers in India, is a partnership between
the State Bank and BNP Paribas. To meet the needs of those looking for
insurance, SBI Life Insurance Company provides a comprehensive choice of
insurance products. SBI Life Pension Plan in India are comprehensive
retirement programmes that are created especially to meet a person's
financial needs after retirement.
• After retirement, SBI Life Pension Plans pay out annuities to the retirees.
Deferred annuity and instant annuity options are available for SBI pension
programmes. Let's look at the different sorts of pension plans before
delving into the specifics of the SBI pension programmes.
Different Types of Pension Plan in India?
1. A conventional pension programme that offers the different types of pension plan:
2. SBI Life – Retire Smart Plus
• Besides market linked returns, the SBI pension plan also gives guaranteed additions to further increase the corpus
• Guaranteed Additions accrue @10% of the annual premium from the 15th year of this SBI pension plan till the end of the term.
• Moreover, a Terminal Addition @1.5% of the Fund Value will be paid on the vesting date.
2. SBI Life – Saral Pension
• The SBI pension plan participates in the company’s profits and bonus is declared under the plan
• On Vesting the chosen Sum Assured including the Simple Reversionary Bonuses and Guaranteed Bonuses accumulated during the
term of this SBI pension plan and a Terminal Bonus, if any is payable to the policyholder.
3. SBI Life - Smart Annuity Plus
• The annuity is paid is paid immediately once the single premium is deposited with the insurer under the SBI pension plan
• There are two annuity options under the SBI pension plan. The first option is for a single life and the second option is for a joint life
annuity. Both the options are further sub-divided into further annuity payout options.
Thank You

More Related Content

Similar to Pension Plan in India.pdf

Pension Plan
Pension PlanPension Plan
Pension Plan
Easypolicy
 
Systematic Retirement & Pension Plans Online 2023 - HDFC Life
Systematic Retirement & Pension Plans Online 2023 - HDFC LifeSystematic Retirement & Pension Plans Online 2023 - HDFC Life
Systematic Retirement & Pension Plans Online 2023 - HDFC Life
LisaDavid26
 
Systematic Retirement & Pension Plans Online 2022 - HDFC Life
Systematic Retirement & Pension Plans Online 2022 - HDFC LifeSystematic Retirement & Pension Plans Online 2022 - HDFC Life
Systematic Retirement & Pension Plans Online 2022 - HDFC Life
LisaDavid26
 
Indian postal services - financial Management 2012
Indian postal services - financial Management 2012Indian postal services - financial Management 2012
Indian postal services - financial Management 2012
Shubham Parsekar
 
Insurance
InsuranceInsurance
Insurance
Ajita Gupta
 
Bankin ppt
Bankin pptBankin ppt
Bankin ppt
Harleen Kaur Saini
 
Lic Ppt
Lic PptLic Ppt
SmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planningSmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planning
PRANTIKSINHA2
 
SmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planningSmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planning
PRANTIKSINHA2
 
Lic Ppt
Lic PptLic Ppt
Lic Ppt
Sharan Kande
 
Goi savings bonds 2020 review myinvestmentideas
Goi savings bonds 2020 review   myinvestmentideasGoi savings bonds 2020 review   myinvestmentideas
Goi savings bonds 2020 review myinvestmentideas
Myinvestmentideas.com
 
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC LifeULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
LisaDavid26
 
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC LifeULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
LisaDavid26
 
sbi life insurance project
sbi life insurance projectsbi life insurance project
sbi life insurance project
Sabbar Tunvar
 
Sbi life insurance project
Sbi life insurance projectSbi life insurance project
Sbi life insurance project
Sabbar Tunvar
 
Sbi life smart scholar key features
Sbi life smart scholar   key featuresSbi life smart scholar   key features
Sbi life smart scholar key features
Murali Reddy
 
Types of Life Insurance Policies Available in India
Types of Life Insurance Policies Available in IndiaTypes of Life Insurance Policies Available in India
Types of Life Insurance Policies Available in India
MyMoneyMantra
 
State bank of india
State bank of indiaState bank of india
State bank of india
Ankita Modi
 
Licppt 13217744207425-phpapp02-111120013433-phpapp02
Licppt 13217744207425-phpapp02-111120013433-phpapp02Licppt 13217744207425-phpapp02-111120013433-phpapp02
Licppt 13217744207425-phpapp02-111120013433-phpapp02
Siddanna Balapgol
 
Lic plan prasentation
Lic plan prasentation Lic plan prasentation
Lic plan prasentation
Nandprakash Tiwari
 

Similar to Pension Plan in India.pdf (20)

Pension Plan
Pension PlanPension Plan
Pension Plan
 
Systematic Retirement & Pension Plans Online 2023 - HDFC Life
Systematic Retirement & Pension Plans Online 2023 - HDFC LifeSystematic Retirement & Pension Plans Online 2023 - HDFC Life
Systematic Retirement & Pension Plans Online 2023 - HDFC Life
 
Systematic Retirement & Pension Plans Online 2022 - HDFC Life
Systematic Retirement & Pension Plans Online 2022 - HDFC LifeSystematic Retirement & Pension Plans Online 2022 - HDFC Life
Systematic Retirement & Pension Plans Online 2022 - HDFC Life
 
Indian postal services - financial Management 2012
Indian postal services - financial Management 2012Indian postal services - financial Management 2012
Indian postal services - financial Management 2012
 
Insurance
InsuranceInsurance
Insurance
 
Bankin ppt
Bankin pptBankin ppt
Bankin ppt
 
Lic Ppt
Lic PptLic Ppt
Lic Ppt
 
SmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planningSmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planning
 
SmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planningSmartKid_RP_Brochure investment planning
SmartKid_RP_Brochure investment planning
 
Lic Ppt
Lic PptLic Ppt
Lic Ppt
 
Goi savings bonds 2020 review myinvestmentideas
Goi savings bonds 2020 review   myinvestmentideasGoi savings bonds 2020 review   myinvestmentideas
Goi savings bonds 2020 review myinvestmentideas
 
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC LifeULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
 
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC LifeULIP - Buy High Return ULIP Policy Online in India | HDFC Life
ULIP - Buy High Return ULIP Policy Online in India | HDFC Life
 
sbi life insurance project
sbi life insurance projectsbi life insurance project
sbi life insurance project
 
Sbi life insurance project
Sbi life insurance projectSbi life insurance project
Sbi life insurance project
 
Sbi life smart scholar key features
Sbi life smart scholar   key featuresSbi life smart scholar   key features
Sbi life smart scholar key features
 
Types of Life Insurance Policies Available in India
Types of Life Insurance Policies Available in IndiaTypes of Life Insurance Policies Available in India
Types of Life Insurance Policies Available in India
 
State bank of india
State bank of indiaState bank of india
State bank of india
 
Licppt 13217744207425-phpapp02-111120013433-phpapp02
Licppt 13217744207425-phpapp02-111120013433-phpapp02Licppt 13217744207425-phpapp02-111120013433-phpapp02
Licppt 13217744207425-phpapp02-111120013433-phpapp02
 
Lic plan prasentation
Lic plan prasentation Lic plan prasentation
Lic plan prasentation
 

More from MuskanDulgach

What are ULIP Plans.pdf
What are ULIP Plans.pdfWhat are ULIP Plans.pdf
What are ULIP Plans.pdf
MuskanDulgach
 
How to create a retirement plan.pdf
How to create a retirement plan.pdfHow to create a retirement plan.pdf
How to create a retirement plan.pdf
MuskanDulgach
 
What is ITR.pdf
What is ITR.pdfWhat is ITR.pdf
What is ITR.pdf
MuskanDulgach
 
Ulip Insurance.pptx
Ulip Insurance.pptxUlip Insurance.pptx
Ulip Insurance.pptx
MuskanDulgach
 
Ulip Insurance.pptx
Ulip Insurance.pptxUlip Insurance.pptx
Ulip Insurance.pptx
MuskanDulgach
 
Annuity Insurance.pdf
Annuity Insurance.pdfAnnuity Insurance.pdf
Annuity Insurance.pdf
MuskanDulgach
 
यूलिप प्लान क्या है.pdf
यूलिप प्लान क्या है.pdfयूलिप प्लान क्या है.pdf
यूलिप प्लान क्या है.pdf
MuskanDulgach
 
What is Ulip Plan.pdf
What is Ulip Plan.pdfWhat is Ulip Plan.pdf
What is Ulip Plan.pdf
MuskanDulgach
 
NRI Life Insurance.pdf
NRI Life Insurance.pdfNRI Life Insurance.pdf
NRI Life Insurance.pdf
MuskanDulgach
 
यूलिप योजना.pdf
यूलिप योजना.pdfयूलिप योजना.pdf
यूलिप योजना.pdf
MuskanDulgach
 
यूलिप प्लान.pdf
यूलिप प्लान.pdfयूलिप प्लान.pdf
यूलिप प्लान.pdf
MuskanDulgach
 
सेविंग प्लान.pdf
सेविंग प्लान.pdfसेविंग प्लान.pdf
सेविंग प्लान.pdf
MuskanDulgach
 
Annuity.pdf
Annuity.pdfAnnuity.pdf
Annuity.pdf
MuskanDulgach
 

More from MuskanDulgach (13)

What are ULIP Plans.pdf
What are ULIP Plans.pdfWhat are ULIP Plans.pdf
What are ULIP Plans.pdf
 
How to create a retirement plan.pdf
How to create a retirement plan.pdfHow to create a retirement plan.pdf
How to create a retirement plan.pdf
 
What is ITR.pdf
What is ITR.pdfWhat is ITR.pdf
What is ITR.pdf
 
Ulip Insurance.pptx
Ulip Insurance.pptxUlip Insurance.pptx
Ulip Insurance.pptx
 
Ulip Insurance.pptx
Ulip Insurance.pptxUlip Insurance.pptx
Ulip Insurance.pptx
 
Annuity Insurance.pdf
Annuity Insurance.pdfAnnuity Insurance.pdf
Annuity Insurance.pdf
 
यूलिप प्लान क्या है.pdf
यूलिप प्लान क्या है.pdfयूलिप प्लान क्या है.pdf
यूलिप प्लान क्या है.pdf
 
What is Ulip Plan.pdf
What is Ulip Plan.pdfWhat is Ulip Plan.pdf
What is Ulip Plan.pdf
 
NRI Life Insurance.pdf
NRI Life Insurance.pdfNRI Life Insurance.pdf
NRI Life Insurance.pdf
 
यूलिप योजना.pdf
यूलिप योजना.pdfयूलिप योजना.pdf
यूलिप योजना.pdf
 
यूलिप प्लान.pdf
यूलिप प्लान.pdfयूलिप प्लान.pdf
यूलिप प्लान.pdf
 
सेविंग प्लान.pdf
सेविंग प्लान.pdfसेविंग प्लान.pdf
सेविंग प्लान.pdf
 
Annuity.pdf
Annuity.pdfAnnuity.pdf
Annuity.pdf
 

Recently uploaded

Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest  and how it is calculatedDetailed power point presentation on compound interest  and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
KishanChaudhary23
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
ResolutionFoundation
 
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
Falcon Invoice Discounting
 
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma TranscriptSouth Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
ynfqplhm
 
Machine Learning in Business - A power point presentation.pptx
Machine Learning in Business - A power point presentation.pptxMachine Learning in Business - A power point presentation.pptx
Machine Learning in Business - A power point presentation.pptx
mimiroselowe
 
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
qntjwn68
 
FCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptxFCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptx
nalamynandan
 
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Suomen Pankki
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
TIZITAWMASRESHA
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
FinTech Belgium
 
做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样
做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样
做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样
2g3om49r
 
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
5spllj1l
 
International Sustainability Standards Board
International Sustainability Standards BoardInternational Sustainability Standards Board
International Sustainability Standards Board
Kumar Ramaiah
 
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
28xo7hf
 
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
28xo7hf
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
yeuwffu
 
University of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma TranscriptUniversity of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma Transcript
tscdzuip
 
Enhancing Asset Quality: Strategies for Financial Institutions
Enhancing Asset Quality: Strategies for Financial InstitutionsEnhancing Asset Quality: Strategies for Financial Institutions
Enhancing Asset Quality: Strategies for Financial Institutions
shruti1menon2
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
Majid Iqbal
 

Recently uploaded (20)

Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest  and how it is calculatedDetailed power point presentation on compound interest  and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
 
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
 
South Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma TranscriptSouth Dakota State University degree offer diploma Transcript
South Dakota State University degree offer diploma Transcript
 
Machine Learning in Business - A power point presentation.pptx
Machine Learning in Business - A power point presentation.pptxMachine Learning in Business - A power point presentation.pptx
Machine Learning in Business - A power point presentation.pptx
 
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
 
FCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptxFCCS Basic Accounts Outline and Hierarchy.pptx
FCCS Basic Accounts Outline and Hierarchy.pptx
 
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
Governor Olli Rehn: Inflation down and recovery supported by interest rate cu...
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
 
做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样
做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样
做澳洲澳大利亚国立大学毕业证荣誉学位证书原版一模一样
 
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
 
International Sustainability Standards Board
International Sustainability Standards BoardInternational Sustainability Standards Board
International Sustainability Standards Board
 
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
 
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
 
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
 
University of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma TranscriptUniversity of North Carolina at Charlotte degree offer diploma Transcript
University of North Carolina at Charlotte degree offer diploma Transcript
 
Enhancing Asset Quality: Strategies for Financial Institutions
Enhancing Asset Quality: Strategies for Financial InstitutionsEnhancing Asset Quality: Strategies for Financial Institutions
Enhancing Asset Quality: Strategies for Financial Institutions
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
 

Pension Plan in India.pdf

  • 2. Pension Plan in India • SBI Life Insurance, one of the top insurers in India, is a partnership between the State Bank and BNP Paribas. To meet the needs of those looking for insurance, SBI Life Insurance Company provides a comprehensive choice of insurance products. SBI Life Pension Plan in India are comprehensive retirement programmes that are created especially to meet a person's financial needs after retirement. • After retirement, SBI Life Pension Plans pay out annuities to the retirees. Deferred annuity and instant annuity options are available for SBI pension programmes. Let's look at the different sorts of pension plans before delving into the specifics of the SBI pension programmes.
  • 3. Different Types of Pension Plan in India? 1. A conventional pension programme that offers the different types of pension plan: 2. SBI Life – Retire Smart Plus • Besides market linked returns, the SBI pension plan also gives guaranteed additions to further increase the corpus • Guaranteed Additions accrue @10% of the annual premium from the 15th year of this SBI pension plan till the end of the term. • Moreover, a Terminal Addition @1.5% of the Fund Value will be paid on the vesting date. 2. SBI Life – Saral Pension • The SBI pension plan participates in the company’s profits and bonus is declared under the plan • On Vesting the chosen Sum Assured including the Simple Reversionary Bonuses and Guaranteed Bonuses accumulated during the term of this SBI pension plan and a Terminal Bonus, if any is payable to the policyholder. 3. SBI Life - Smart Annuity Plus • The annuity is paid is paid immediately once the single premium is deposited with the insurer under the SBI pension plan • There are two annuity options under the SBI pension plan. The first option is for a single life and the second option is for a joint life annuity. Both the options are further sub-divided into further annuity payout options.