Insurance

Life Saral Pension

A standard immediate annuity with single-life or joint-life return-of-purchase-price options and guaranteed lifetime income.

Policy typeStandard immediate annuity retirement plan Entry age40 to 80 years Minimum annuity payout₹1,000 monthly; ₹3,000 quarterly; ₹6,000 half-yearly; ₹12,000 yearly

Official product page ↗Compare category

✓ Manually checked 23 Aug 2026 · active

Offered byState Bank of India

India, subject to Life policy terms

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Policy typeStandard immediate annuity retirement planView source

Life presents Saral Pension as a standard immediate annuity plan for retirement.

Source: Life Saral Pension
Page / section: Features
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Entry age40 to 80 yearsView source

The official eligibility table publishes entry age from 40 to 80 years.

Source: Life Saral Pension
Page / section: Who Can Buy
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Minimum annuity payout₹1,000 monthly; ₹3,000 quarterly; ₹6,000 half-yearly; ₹12,000 yearlyView source

The official table publishes minimum annuity instalments by payment mode.

Source: Life Saral Pension
Page / section: Who Can Buy
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Annuity optionsLife annuity with return of 100% purchase price or joint-life last-survivor annuity with return of 100% purchase priceView source

The official plan benefits list two annuity options and return of purchase price.

Source: Life Saral Pension
Page / section: Plan Benefits
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Key featuresGuaranteed lifetime income, loan facility and surrender option on specified critical illnessView source

The official features list guaranteed income, loan and specified-critical-illness surrender options.

Source: Life Saral Pension
Page / section: Features
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

InsurerSBI Life Insurance Company LimitedView source

Life's official catalogue lists these individual and group products under Life Insurance Company Limited.

Source: Life online plans and group insurance catalogue
Page / section: Life plan catalogue
Accessed: 23 Aug 2026
Confidence: high

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Payout termImmediate annuity with guaranteed payouts continuing for the annuitant's lifetime; no maturity value is provided.View source

Life describes the plan as an immediate annuity designed for regular lifelong payouts; the brochure states there is no maturity value provision.

Source: Life Saral Pension
Page / section: Product overview and Plan Benefits
Accessed: 26 Aug 2026
Confidence: high

Open official source ↗

UIN and product codeUIN 111N130V04; product code 2RView source

The current Life product page publishes 111N130V04 and product code 2R.

Source: Life Saral Pension
Page / section: Product overview
Accessed: 26 Aug 2026
Confidence: high

Open official source ↗

PremiumSingle premium. The purchase price is set so the selected annuity mode meets the applicable minimum instalment; there is no universal maximum, subject to the Board Approved Underwriting Policy.View source

The official eligibility table states that the premium must support the minimum annuity instalment, has no limit under Board Approved Underwriting Policy, and is payable as a single premium.

Source: Life Saral Pension
Page / section: Who Can Buy — Premium and Premium Payment Term
Accessed: 26 Aug 2026
Confidence: high

Open official source ↗

Death benefit100% of the purchase price is returned to the nominee or legal heirs after the annuitant (or last survivor under the joint-life option) dies; future annuity payouts then cease.View source

The brochure defines both life and joint-life options with return of 100% of purchase price and shows a ₹10,00,000 death benefit in the illustration at age 60.

Source: Life Saral Pension brochure V03
Page / section: Pages 2–4 — Annuity Options and Sample Annuity Benefits Illustration
Accessed: 26 Aug 2026
Confidence: high

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Specified-critical-illness surrenderAfter six months from commencement, surrender is available if the annuitant, eligible joint-life member, spouse or child is diagnosed with a listed critical illness; the approved value is 95% of purchase price less outstanding loan and interest.View source

The brochure states the six-month qualifying period and 95% purchase-price surrender value, subject to deductions.

Source: Life Saral Pension brochure V03
Page / section: Page 5 — Surrender
Accessed: 26 Aug 2026
Confidence: high

Open official source ↗

Policy loanA loan may be taken after six months; the effective annual interest payable cannot exceed 50% of the annual annuity, and the FY 2025–26 policy-loan rate is 8.50% compounded half-yearly.Effective 1 Apr 2025View source

The brochure sets the six-month loan eligibility, the 50% annual-annuity cap on effective interest and the 2025–26 rate of 8.50% compounded half-yearly.

Source: Life Saral Pension brochure V03
Page / section: Page 5–6 — Loan
Accessed: 26 Aug 2026
Confidence: high

Open official source ↗

ExclusionsThe brochure states that no exclusions apply under the plan; the policy terms and listed critical-illness definitions still govern surrender eligibility.View source

The brochure's general terms state: Exclusions — There are no exclusions applicable.

Source: Life Saral Pension brochure V03
Page / section: Page 7 — Exclusions
Accessed: 26 Aug 2026
Confidence: high

Open official source ↗

Sum insured / coverNot applicable as a life-cover sum insured. Saral Pension is an immediate annuity: the single premium (purchase price) buys a guaranteed lifetime annuity, with 100% return of purchase price under the selected return-of-purchase-price option.View source

The official page describes a single-premium immediate annuity and two options that return 100% of the purchase price; it does not present a life-cover sum-insured amount.

Source: Life Saral Pension — official product page
Page / section: Plan Benefits — annuity options and return of purchase price
Accessed: 29 Aug 2026
Confidence: high

Open official source ↗

Geographic limitsGuaranteed lifetime income, loan facility and surrender option on specified critical illnessView source

The manually reviewed product record states: “Guaranteed lifetime income, loan facility and surrender option on specified critical illness”.

Source: Life Saral Pension — official product page
Page / section: Published product metadata
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Benefits and features

Guaranteed lifetime income
Joint-life option
Return of purchase price

Eligibility

Entry age 40–80 years

Passing a listed condition does not mean the bank will approve an application.

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Life-cover needs estimate

See whether your current cover and savings may leave a gap for your family. This does not calculate an insurance premium.

Yearly household income to replaceThe income your family may need to replace.₹ten lakh rupees₹1,00,000₹1,00,00,000Years of income neededHow long your family may need that replacement income. years1 years30 yearsLoans still to be paidHome loans and other debts the cover may need to clear.₹twenty lakh rupees₹0₹5,00,00,000Cover and savings already availableExisting life cover and money already set aside for the family.₹five lakh rupees₹0₹5,00,00,000

Possible cover gap₹1,15,00,000one crore fifteen lakh rupees

Income your family may need₹1,00,00,000one crore rupees

Cover and savings already counted₹5,00,000five lakh rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

Use the published table

Find the exact published value

Choose a table, then pick its row and column. This shows the exact entry published by the bank or insurer without making you scan every cell.

TableItem

Entry age · Published value40 to 80 years (joint-life age limits apply to both lives)

This value is copied from Saral Pension — published eligibility, payout and illustration. Check the table notes before relying on it.

Source: Life Saral Pension · Who Can Buy, Plan Benefits and linked Brochure V03 pages 2–7 Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 14 rows · 2 columnsSaral Pension — published eligibility, payout and illustrationValues copied from SBI Life's current product page and the linked V03 brochure. The annuity illustration is for a ₹10 lakh purchase price at age 60 and is not a quote.View tableHide table

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Saral Pension — published eligibility, payout and illustration
Item	Published value
Entry age	40 to 80 years (joint-life age limits apply to both lives)
Premium payment	Single premium; purchase price must support the selected minimum annuity
Minimum annuity — monthly	₹1,000 per instalment
Minimum annuity — quarterly	₹3,000 per instalment
Minimum annuity — half-yearly	₹6,000 per instalment
Minimum annuity — yearly	₹12,000 per instalment
Payout modes	Monthly, quarterly, half-yearly or yearly
Age 60 illustration — life annuity	₹60,560 annual annuity (6.06% of ₹10 lakh); ₹10,00,000 death benefit
Age 60 illustration — joint-life last survivor	₹59,759 annual annuity (5.98% of ₹10 lakh); ₹10,00,000 death benefit
Higher purchase-price incentive	₹2.75 / ₹3.75 / ₹4.25 per ₹1,000 for purchase-price bands ₹5 lakh–<₹10 lakh, ₹10 lakh–<₹25 lakh and ₹25 lakh+
Surrender	After 6 months for specified critical illness; 95% of purchase price less outstanding loan and interest
Policy loan	After 6 months; 2025–26 rate 8.50% compounded half-yearly; effective annual interest capped at 50% of annual annuity
Maturity	No maturity value provision
Exclusions	None stated in the brochure's general terms

Annuity rates depend on the option, payment mode and rates prevailing at purchase.
The brochure records applicable taxes separately; its illustration predates the current page's version and should not be treated as a guaranteed quote.
Purchase-price and premium are used interchangeably in the product material.

Life Saral Pension · Who Can Buy, Plan Benefits and linked Brochure V03 pages 2–7 · accessed 26 Aug 2026Open official source ↗

Table 2 · 6 rows · 2 columnsSBI Life Saral Pension — eligibility and payout structureEligibility and annuity-payment options transcribed from the current official product page.View tableHide table

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SBI Life Saral Pension — eligibility and payout structure
Item	Published value
Age at entry	Minimum 40 years; maximum 80 years (both lives for a joint-life annuity)
Premium	Minimum such that the selected minimum annuity instalment can be paid; no maximum, subject to board-approved underwriting
Minimum annuity payout	₹1,000 monthly; ₹3,000 quarterly; ₹6,000 half-yearly; ₹12,000 yearly
Premium payment term	Single premium
Annuity payment mode	Monthly, quarterly, half-yearly or yearly
Annuity options	Life annuity with return of 100% purchase price; joint-life last-survivor annuity with return of 100% purchase price on death of the last survivor

Annuity rates depend on the option, payment mode and rates prevailing when the annuity is purchased. The policy wording and schedule control the issued contract.

Life Saral Pension — official product page · Who Can Buy? and Plan Benefits · accessed 29 Aug 2026Open official source ↗

Table 3 · 6 rows · 2 columnsSBI Life Saral Pension — purchase-price incentives and key termsPurchase-price incentives, surrender, loan and free-look conditions transcribed from the product brochure.View tableHide table

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SBI Life Saral Pension — purchase-price incentives and key terms
Item	Published value
Purchase-price incentive	₹2,00,000–below ₹5,00,000: nil; ₹5,00,000–below ₹10,00,000: ₹2.75 per ₹1,000; ₹10,00,000–below ₹25,00,000: ₹3.75 per ₹1,000; ₹25,00,000 and above: ₹4.25 per ₹1,000
Surrender for specified critical illness	After 6 months; 95% of purchase price, less outstanding loan and interest
Policy loan	After 6 months; effective annual interest cannot exceed 50% of the annual annuity amount
Current policy-loan rate	8.50% compounded half-yearly for 2025–26
Free-look period	15 days; 30 days for electronic or distance-mode policies
Exclusions	No exclusions applicable; suicide claim provision and grace period for non-forfeiture are not applicable

The brochure states that purchase price and premium are used interchangeably. Applicable taxes and the policy wording remain controlling.

Life Saral Pension — Product Brochure V03 · Pages 4–7 — incentives, surrender, loan, free look and exclusions · accessed 29 Aug 2026Open official source ↗

Life Saral Pension

What the official sources publish

Benefits and features

Eligibility

Related official documents

Try the numbers

Life-cover needs estimate

Find the exact published value

Complete rates, limits and schedules

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