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 typeAnnuity plan for National Pension System subscribersView source
Life describes Smart Annuity Income as an annuity plan for subscribers.
- Source
- Life Smart Annuity Income
- Page / section
- Product overview
- Accessed
- 23 Aug 2026
- Confidence
- high
Minimum annuity payout₹1,000 monthly; ₹3,000 quarterly; ₹6,000 half-yearly; ₹12,000 yearlyView source
The official eligibility section publishes minimum annuity per instalment by mode.
- Source
- Life Smart Annuity Income
- Page / section
- Eligibility Criteria
- Accessed
- 23 Aug 2026
- Confidence
- high
Payout frequencyYearly, half-yearly, quarterly or monthlyView source
The official section lists four available annuity payout frequencies.
- Source
- Life Smart Annuity Income
- Page / section
- Eligibility Criteria
- Accessed
- 23 Aug 2026
- Confidence
- high
Annuity optionsSingle-life and joint-life annuities; joint-life second annuitant may be spouse, children, parents, parents-in-law or siblings subject to PFRDA rulesView source
The official page lists single- and joint-life choices and eligible relationships for the second annuitant.
- Source
- Life Smart Annuity Income
- Page / section
- Eligibility Criteria
- Accessed
- 23 Aug 2026
- Confidence
- high
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
Product codeUIN 111N149V05View source
The official leaflet identifies the plan as 111N149V05.
- Source
- Life Smart Annuity Income V05 leaflet
- Page / section
- Page 1 — plan details
- Accessed
- 27 Aug 2026
- Confidence
- high
EligibilityAvailable to National Pension System subscribers on exit from the NPS scheme. Joint-life options permit a maximum 30-year age difference, subject to each annuitant meeting the applicable age limits.View source
The leaflet restricts availability to subscribers on exit and gives the joint-life age-difference limit.
- Source
- Life Smart Annuity Income V05 leaflet
- Page / section
- Page 1 — product scope and entry-age note
- Accessed
- 27 Aug 2026
- Confidence
- high
Purchase price / minimum annuitySingle purchase price from NPS corpus, set high enough to pay the applicable minimum annuity. Published instalment thresholds: ₹1,000 monthly, ₹3,000 quarterly, ₹6,000 half-yearly and ₹12,000 yearly; the leaflet notes PFRDA-regulated NPS subscribers may go below these limits. No maximum purchase price is published.View source
The leaflet defines purchase price as the lump sum before taxes and provides the four threshold amounts and no maximum limit.
- Source
- Life Smart Annuity Income V05 leaflet
- Page / section
- Page 1 — premium/purchase price and minimum annuity
- Accessed
- 27 Aug 2026
- Confidence
- high
Annuity payout frequencyYearly, half-yearly, quarterly or monthly for the annuitant's lifetime.View source
The official leaflet lists yearly, half-yearly, quarterly and monthly annuity frequencies.
- Source
- Life Smart Annuity Income V05 leaflet
- Page / section
- Page 1 — annuity frequencies
- Accessed
- 27 Aug 2026
- Confidence
- high
Death benefit by optionSingle-life and joint-life annuity without return of purchase price: no death benefit. Return-of-purchase-price options: refund the purchase price to the nominee after the applicable last death. Family Income uses the return-of-purchase-price structure and then follows the stated family order.View source
The leaflet distinguishes the no-return options from the return-of-purchase-price options and describes the family-income continuation structure.
- Source
- Life Smart Annuity Income V05 leaflet
- Page / section
- Pages 2–3 — annuity options and death benefits
- Accessed
- 27 Aug 2026
- Confidence
- high
Sum insured / coverNot applicable as a life-cover sum insured. This is an annuity product: the NPS purchase price is exchanged for the selected lifetime annuity payout, with return-of-purchase-price options governed by the selected annuity option.View source
The official page describes purchase price, annuity options and lifetime payouts rather than a death-benefit sum-insured amount.
- Source
- Life Smart Annuity Income — official product page
- Page / section
- Plan Benefits and Eligibility Criteria
- Accessed
- 29 Aug 2026
- Confidence
- high
Entry ageAvailable only to subscribers of the National Pension System (NPS). The reviewed official page does not publish a universal numeric minimum or maximum entry age; joint-life options require each annuitant to satisfy the applicable age rules and allow a maximum age difference of 30 years.View source
The current page limits sales to -regulated subscribers and states the 30-year maximum age difference for joint-life annuitants; it does not give a universal numeric entry-age range.
- Source
- Life Smart Annuity Income — official product page
- Page / section
- Who Can Buy? — Eligibility Criteria
- Accessed
- 29 Aug 2026
- Confidence
- high
Policy termLifetime annuity: payouts continue for the lifetime of the annuitant or at least one joint-life annuitant. Depending on the selected option, the contract terminates on death or after the purchase price is refunded to the nominee or used for the family-income continuation described on the page.View source
The page describes single-life, joint-life and family-income options as lifetime annuities and explains when payments cease or purchase price is returned.
- Source
- Life Smart Annuity Income — official product page
- Page / section
- Plan Benefits — five annuity options
- Accessed
- 29 Aug 2026
- Confidence
- high
Waiting periodNot applicable. The current V05 policy document expressly states that no waiting period applies.Effective 16 Mar 2026View source
The policy's customer information sheet states: Waiting Period — Not Applicable.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Customer Information Sheet, page 6 — item 12 Waiting Period
- Accessed
- 29 Aug 2026
- Confidence
- high
ExclusionsNot applicable. The current V05 policy document lists no event exclusion for which the annuity coverage is not payable; the selected annuity option controls whether purchase price is returned on death.Effective 16 Mar 2026View source
The policy's customer information sheet states: Exclusions (events where insurance coverage is not payable), if any — Not Applicable.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Customer Information Sheet, page 5 — item 6 Exclusions
- Accessed
- 29 Aug 2026
- Confidence
- high
Grace periodNot applicable. This is a single-premium annuity and the V05 policy document states that no grace period applies.Effective 16 Mar 2026View source
The policy's customer information sheet states: Grace Period — Not Applicable.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Customer Information Sheet, page 6 — item 8 Grace Period
- Accessed
- 29 Aug 2026
- Confidence
- high
Free-look period30 days from receipt of the policy document. Cancellation must be requested in writing within this period, subject to the policy's refund adjustments and no claim having been made.Effective 16 Mar 2026View source
The policy publishes a 30-day free-look period and the written cancellation process.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Customer Information Sheet, page 6; Part D free-look clause, pages 23–24
- Accessed
- 29 Aug 2026
- Confidence
- high
Surrender / cancellationSurrender value is not applicable. If the annuity was purchased from NPS corpus, surrender or cancellation is subject to specific PFRDA guidelines. Return-of-purchase-price options have the death-benefit treatment stated in the selected option.Effective 16 Mar 2026View source
The policy states surrender benefits are not applicable and -corpus policies follow surrender/cancellation guidelines.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Customer Information Sheet, page 5; Part C clause 4.1, page 22
- Accessed
- 29 Aug 2026
- Confidence
- high
Policy loanLoan is available only with Single Life or Joint Life Annuity with Return of Purchase Price, after six months from policy commencement. The effective annual interest payable cannot exceed 50% of the annual annuity; the loan rate is the 10-year G-Sec rate at 1 April plus up to 200 basis points. For FY 2025–26, the stated rate is 8.50% compounded half-yearly.Effective 16 Mar 2026View source
Clauses 4.2.1–4.2.8 specify eligible options, six-month timing, the 50% annuity cap, benchmark and 2025–26 rate.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Customer Information Sheet, page 6; Part C clause 4.2, pages 22–23
- Accessed
- 29 Aug 2026
- Confidence
- high
Policy chargesThe policy document states that there are no charges under this policy. Applicable statutory taxes, stamp duty and other levies remain payable where stated.Effective 16 Mar 2026View source
The policy's charges section states: There are no charges under this Policy.
- Source
- Life Smart Annuity Income V05 Policy Document ( 111N149V05)
- Page / section
- Part E clause 5.1, page 27
- Accessed
- 29 Aug 2026
- Confidence
- high
Geographic limitsSingle-life and joint-life annuities; joint-life second annuitant may be spouse, children, parents, parents-in-law or siblings subject to PFRDA rulesView source
The manually reviewed product record states: “Single-life and joint-life annuities; joint-life second annuitant may be spouse, children, parents, parents-in-law or siblings subject to rules”.
- Source
- Life Smart Annuity Income — official product page
- Page / section
- Published product metadata
- Accessed
- 23 Aug 2026
- Confidence
- high
Benefits and features
- -focused annuity
- Four payout frequencies
- Single or joint life
Eligibility
- Purchase price must support the applicable minimum annuity; rules apply
Passing a listed condition does not mean the bank will approve an application.
Related official documents
SBI Life Smart Annuity Income V05 leafletproduct-brochure · current · accessed 27 Aug 2026
↗SBI Life Smart Annuity Income — official product pageofficial-product-page · current · accessed 29 Aug 2026
↗SBI Life Smart Annuity Income V05 Policy Document (UIN 111N149V05)official-policy-document · current · accessed 29 Aug 2026
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