Insurance

Life Smart Annuity Plus

An immediate or deferred annuity plan offering guaranteed lifetime income from age 30 with multiple payout frequencies.

Policy typeImmediate or deferred annuity retirement plan Minimum annuity payout₹1,000 monthly; ₹3,000 quarterly; ₹6,000 half-yearly; or ₹12,000 yearly Payout frequencyMonthly, quarterly, half-yearly or yearly annuity payouts

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 typeImmediate or deferred annuity retirement planView source

Life describes Smart Annuity Plus as an online retirement plan with immediate and deferred annuity options.

Source: Life Smart Annuity Plus
Page / section: Product overview
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

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

The official key-features table publishes minimum annuity payout by frequency.

Source: Life Smart Annuity Plus
Page / section: Key Features
Accessed: 23 Aug 2026
Confidence: high

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Entry age0 years for product conversion; 30 years for other cases; 45 years for deferred annuity; 55 years for QROPS. Maximum 75 years for deferred annuity and 95 years for other options. NPS proceeds can use the PFRDA-permitted exceptions.View source

The official eligibility table gives the product-conversion, standard, deferred and QROPS minimums and the option-specific maximums.

Source: Life Smart Annuity Plus
Page / section: Who Can Buy — age at entry
Accessed: 27 Aug 2026
Confidence: high

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Payout frequencyMonthly, quarterly, half-yearly or yearly annuity payoutsView source

The official page lists four payout frequencies.

Source: Life Smart Annuity Plus
Page / section: Key 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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Key coverageGuaranteed lifetime income; Immediate or deferred annuity; Four payout frequenciesView source

The manually reviewed product benefits state: “Guaranteed lifetime income; Immediate or deferred annuity; Four payout frequencies”.

Source: Life Smart Annuity Plus — official product page
Page / section: Published coverage and benefits
Accessed: 23 Aug 2026
Confidence: high

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Product codeUIN 111N134V10 | Product code 2WView source

The current official page identifies the product as 111N134V10, product code 2W.

Source: Life Smart Annuity Plus
Page / section: Know about Life Smart Annuity Plus
Accessed: 27 Aug 2026
Confidence: high

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Purchase price / minimum annuitySingle premium. Purchase price must support at least ₹1,000 monthly, ₹3,000 quarterly, ₹6,000 half-yearly or ₹12,000 yearly annuity; there is no maximum. No lower annuity-installment limit applies when NPS subscribers purchase from NPS corpus.View source

The official table links the required single purchase price to minimum annuity instalments and says there is no maximum.

Source: Life Smart Annuity Plus
Page / section: Who Can Buy — premium
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Annuity start / defermentImmediate or deferred annuity. Deferred options allow a 1–10-year deferment period, in whole years.View source

The eligibility table states a one-to-ten-year deferment period for deferred annuity options.

Source: Life Smart Annuity Plus
Page / section: Who Can Buy — deferment period
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Annuity payout modeMonthly, quarterly, half-yearly or yearly. Monthly mode is mandatory for Government-sector NPS subscribers.View source

The official table lists four payout modes and the Government-sector monthly-mode condition.

Source: Life Smart Annuity Plus
Page / section: Who Can Buy — annuity payout mode
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Joint-life ruleFor joint-life annuities, both lives must meet the applicable age limits and the primary/secondary age difference cannot exceed 30 years.View source

The current page states that the 30-year maximum difference applies in joint-life cases.

Source: Life Smart Annuity Plus
Page / section: Who Can Buy — joint life note
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

ExclusionsNo exclusions are applicable under this product.View source

The official product page explicitly states that no exclusions are applicable.

Source: Life Smart Annuity Plus
Page / section: Exclusions
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Free-look period30 days for policy review; the annuity option and rates are fixed at inception and cannot be changed later.View source

The product states a 30-day free-look period and says annuity options and rates are fixed at inception.

Source: Life Smart Annuity Plus
Page / section: Frequently Asked Questions — changes after investing
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Sum insured / coverNo fixed sum insured is specified because this is an annuity product. The selected cover is a guaranteed annuity benefit determined by the purchase price, annuity option, annuitant age and payout mode; options may return the purchase price or balance purchase price to the nominee.View source

The brochure describes an individual general annuity product whose benefit is an annuity payout selected from the published options. It separately describes return-of-purchase-price and return-of-balance-purchase-price death benefits; it does not publish a fixed sum-insured amount.

Source: Life Smart Annuity Plus Brochure V10
Page / section: Pages 1, 5–10 — product type and annuity options
Accessed: 29 Aug 2026
Confidence: high

Open official source ↗

Geographic limitsGuaranteed lifetime income; Immediate or deferred annuity; Four payout frequenciesView source

The manually reviewed product record states: “Guaranteed lifetime income; Immediate or deferred annuity; Four payout frequencies”.

Source: Life Smart Annuity Plus — official product page
Page / section: Published product metadata
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Benefits and features

Guaranteed lifetime income
Immediate or deferred annuity
Four payout frequencies

Eligibility

Income available from age 30

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

Try the numbers

Private, instant and based on the values you enter.

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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.

TableType

Single life · Published optionsLife annuity; return of purchase price; return of balance purchase price; 3% or 5% annual simple increase; 3% or 5% annual compound increase; 10-year or 20-year certain period

This value is copied from Smart Annuity Plus — published annuity choices. Check the table notes before relying on it.

Source: Life Smart Annuity Plus · Annuity Options; Who Can Buy; Exclusions Open official source ↗

Published tables

Complete rates, limits and schedules

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

Table 1 · 5 rows · 2 columnsSmart Annuity Plus — published annuity choicesAvailable choice set on SBI Life's current calculator/product page; the selected annuity option and rate are fixed at inception.View tableHide table

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Smart Annuity Plus — published annuity choices
Type	Published options
Single life	Life annuity; return of purchase price; return of balance purchase price; 3% or 5% annual simple increase; 3% or 5% annual compound increase; 10-year or 20-year certain period
Joint life	Life and last survivor 100% annuity; life and last survivor 100% annuity with return of purchase price
Deferred	Deferred life annuity with return of purchase price; deferred life and last survivor annuity with return of purchase price
Timing	Immediate annuity or deferred annuity with a 1–10-year deferment
Payout frequency	Monthly · quarterly · half-yearly · yearly

Single purchase price must support the stated minimum instalment: ₹1,000 monthly, ₹3,000 quarterly, ₹6,000 half-yearly or ₹12,000 yearly; -corpus purchases have no lower annuity-installment limit.
No exclusions are applicable according to the current product page.

Life Smart Annuity Plus · Annuity Options; Who Can Buy; Exclusions · accessed 27 Aug 2026Open official source ↗

Table 2 · 8 rows · 3 columnsSmart Annuity Plus — eligibility and payment limitsTranscribed from the current product page and V10 brochure eligibility table.View tableHide table

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Smart Annuity Plus — eligibility and payment limits
Item	Minimum / permitted range	Maximum / condition
Age at entry	0 years for product conversion; 30 years for other cases; 45 years for deferred annuity; 55 years for QROPS	75 years for deferred annuity; 95 years for other options
Annuity instalment	₹1,000 monthly; ₹3,000 quarterly; ₹6,000 half-yearly; ₹12,000 yearly	No limit; no lower limit for subscribers buying from corpus
Deferment period	1 year	10 years, in whole years; deferred options only
Premium payment	Single premium	Purchase price must support the selected minimum annuity instalment
Payout mode	Monthly, quarterly, half-yearly or yearly	Government-sector subscribers must use monthly mode
Joint-life age difference	Both annuitants must meet the applicable age limits	Maximum difference of 30 years between primary and secondary annuitants
Under-30 exception	Available only for specified employer-employee/superannuation, compulsory-annuity, Government-scheme or beneficiary cases	Subject to the terms and applicable rules
QROPS	Minimum entry age 55 years or HMRC-specified age	Benefits remain restricted until age 55 under QROPS rules

The purchase price is the premium under the policy. Applicable taxes and statutory levies are additional as notified by law.

Life Smart Annuity Plus — official product page · Eligibility Criteria / Who Can Buy; brochure pages 3–4 · accessed 29 Aug 2026Open official source ↗

Table 3 · 14 rows · 3 columnsSmart Annuity Plus — published annuity optionsComplete option set transcribed from the V10 brochure; payout amounts vary by purchase price, age and option.View tableHide table

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Smart Annuity Plus — published annuity options
Option	Benefit structure	Death-benefit / timing condition
1.1 Life Annuity	Constant annuity for the annuitant's lifetime	No death benefit; future payouts cease on death
1.2 Life Annuity with Return of Purchase Price	Constant lifetime annuity	Purchase price refunded to nominee on death
1.3 Life Annuity with Return of Balance Purchase Price	Constant lifetime annuity	Purchase price less annuity paid is refunded if positive
1.4 Life Annuity with Annual Simple Increase of 3%	Lifetime annuity increasing 3% each completed policy year	No death benefit; future payouts cease on death
1.5 Life Annuity with Annual Simple Increase of 5%	Lifetime annuity increasing 5% each completed policy year	No death benefit; future payouts cease on death
1.6 Life Annuity with Certain Period of 10 years	Constant annuity for 10 years and thereafter for life	Nominee receives payments through the remaining certain period if death occurs during it
1.7 Life Annuity with Certain Period of 20 years	Constant annuity for 20 years and thereafter for life	Nominee receives payments through the remaining certain period if death occurs during it
1.8 Life Annuity with Annual Compound Increase of 3%	Lifetime annuity compounding at 3% each completed policy year	No death benefit; future payouts cease on death
1.9 Life Annuity with Annual Compound Increase of 5%	Lifetime annuity compounding at 5% each completed policy year	No death benefit; future payouts cease on death
1.10 Deferred Life Annuity with Return of Purchase Price	Constant lifetime annuity after the deferment period	During deferment: higher of 100% purchase price plus guaranteed additions or 105% purchase price; after deferment: higher of purchase price plus additions less annuity paid or 100% purchase price
2.1 Life and Last Survivor 100% Annuity	100% of the last annuity continues to the surviving secondary annuitant	No death benefit after last survivor; payments cease then
2.2 Life and Last Survivor 100% Annuity with Return of Purchase Price	100% of the last annuity continues to the survivor	Purchase price refunded to nominee on death of last survivor
2.3 Deferred Life and Last Survivor Annuity with Return of Purchase Price	Joint-life annuity begins after deferment	Purchase-price return and survivor terms apply during/after deferment
2.4 — Family Income	Available only to subscribers under rules	Annuity is used for subscriber, spouse and then eligible dependent parents/legal heirs as prescribed

The selected annuity option and rate are fixed at inception after the free-look period. options and rules may change with regulations.

Life Smart Annuity Plus Brochure V10 · Pages 5–10 — annuity options; pages 11–13 — illustrations · accessed 29 Aug 2026Open official source ↗

Table 4 · 4 rows · 4 columnsSmart Annuity Plus — additional annuity for higher purchase priceAdditional annualised annuity rates per ₹1,000 of purchase price from the V10 brochure.View tableHide table

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Smart Annuity Plus — additional annuity for higher purchase price
Purchase price range	Simple increase 3% / 5%	Compound increase 3% / 5%	All other options
₹10,00,000–₹24,99,999	0.20	0.15	0.25
₹25,00,000–₹49,99,999	0.50	0.30	0.75
₹50,00,000–₹99,99,999	0.60	0.40	0.95
₹1,00,00,000 and above	0.70	0.50	1.05

Applicable for all annuity payout modes; the brochure describes these as additional annualised annuity rates per ₹1,000 purchase price.

Life Smart Annuity Plus Brochure V10 · Page 14 — Incentive for higher purchase price · accessed 29 Aug 2026Open official source ↗

Life Smart Annuity Plus

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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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

Related products

SBI General Arogya Top-Up Policy

SBI General Bharat Griha Raksha

SBI General Car Insurance

SBI General Cyber VaultEdge

Life Smart Annuity Plus