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The content discusses the pension products from SBI for Non Resident Indians. The conditions, features and returns from the Lifelong Pension plus and smart pension are briefed here.

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SBI Pension Plan for Non Resident Indians

A quote by Mr. Rodriguez states that ‘When a man retires, his wife gets twice the husband but only half the income’. This quote only goes on to prove that retirement is the period of life when a person gets to explore a lot more about himself and his loved ones. While the first part is in light vein, the second part of the quote brings you back to reality.
 
Non Resident Indians who travel around the world and work round the clock would always desire to have a peaceful retired life. The insurance companies in India are constantly working to lighten the burden on NRIs, planning their retirement options. State Bank of India has few pension plans suitable to the needs of Non Resident Indians.
 
Product Types:-
SBI life Lifelong pension plus – for Non Resident Indians who are looking for a non - participating plan and security of their investments can go for this product.

SBI life smart pension
- for Non Resident Indians who are looking for their investment to be divided into parts that assure them guaranteed returns and a part that is invested in units can go for this plan.
 
General conditions of the pension plans:-
Age criterion:
Lifelong pension plus - The age criterion for this plan is that the NRI should be a person who is in the age group of 18 years to 65 years during the purchase of policy. The age of the NRI at maturity can be a between 40 and 70 years.
 
Smart pension – The age criterion for this plan is that the NRI should be more than 30 years and less than 65 years of age during purchase. The age of the NRI at maturity of plan is to be between 45 years and 75 years of age.
 
Premium:
Lifelong pension plus - The premium payment to this plan is flexible. An NRI can choose to pay premiums once a month, a quarter year, a half year, a year or even just once for his life time as a single premium. However there is a minimum limit on how much the NRI can pay if the premium is annual or a single premium.

Smart pension
– This plan accepts a onetime premium payment and the premiums should be a minimum of Rs 50,000 to be eligible for this plan.
 
Common features:-
  • The annuity option is almost the same in both, the NRI can choose to withdraw one third of the accumulated sum on maturity of the plan. If he does withdraw this sum then the rest of the sum is paid off as annuities. If not then the entire accrued sum along with benefits is paid off as annuities to NRI.
  • The policy provides a life cover to the NRI proposer. If death of the NRI policyholder takes place during the premium payment term of the policy, the nominee of the policy or the heir of the policy holder is paid the fund value. 
Special features of the policies:-
  • Lifelong pension plus plan gives the option of choosing additional insurance coverage against accident and also a term cover where the NRI can get complete sum assured from these plans on the course of event taking place (accident, death).
  • Smart pension plan has an option of purchasing multiple policies with payment of one time premium at different stages of life. With this option an NRI can stay in track with the growing rate of inflation. 
Returns on each plan:-
  • Lifelong pension plus plan accrues up to 10% of the premium paid and this sum is accrued to the guaranteed fund after fixed intervals of time (15 years and 5 years). If it is single premium plan then the percentage of sum accrued is 1% of the premium.
  • Smart pension plan accrues a certain percentage of the single premium per year.
**Features and availability of the plan is subject to policies of the service provider and can be changed without prior notice. Please check with your financial advisor before investing in this instrument.


  • shajmonpk:
    I need 10000 per month after my retainment. my age is 51 now. I will relive from job after 5 year. need advice.
    12-Nov-2016 11:04 AM
  • ALAVUDEEN:

    Sir/Madam,
    I am planning to retire from my job, next year. I want to have min.50000 as montly pension. Fro getting the same how much money have to invest as one time payment and how?
    09-Nov-2016 07:44 PM
  • Saseedharan:
    Dear Madam

    I am 63 years old Indian employed in Saudi Arabia. I am returning end of this year. How much will be one time investment to get monthly pension of INR 10,000/- and when will the pension start.

    Best regards,
    Saseedharan
    27-Sep-2016 06:42 PM
  • Vinod Kumar:
    Dear Sir,
    I am working in Qatar. My age is 37 and i wish to get pension of Rs.100000 monthly at the age of 60 years. I wants to invest maximum 5 times (with in 5 Year). So kindly request you to tell me which plan is suitable for me.

    Awaiting for your consideration.

    Thanks,
    25-Sep-2016 08:23 PM
  • SUBEESH CHIRAYIRUMMAL RAMAKRISHNAN:
    my age is 33 years. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age?
    25-Sep-2016 07:03 PM
  • jayakumar:
    I am 44 years old NRI. I would like to start getting life long monthly pension of Rs. 40,000/- on my attaining 55 years. I prefer to pay as a single premium. Would you please advise me of both, single as well as yearly premium,
    24-Sep-2016 12:41 AM
  • abdur rashid:
    Dear Sir,
    i am working in dubai. i want open SBI Pension plan.if i will paid one time 50000 then after 60 years how i will get pension. kindly tell me. and how i will open this plane. my nre account is in SBI have.
    kindly reply.
    29-Aug-2016 12:47 AM
    • Vinod: I would like to invest Rs one core single investment.how much interest I get and can I withdraw the whole after 60 years
      25-Sep-2016 08:28 AM
  • GEORGE THOMAS:
    I'm aged 58. Working in one of gulf countries. Please advise me the suitable pension plan for the yearly premium details with 5 year maturity.
    31-Jul-2016 08:45 PM
  • Pranab Mohanty:
    I am an Indian and working in UAE. I want to have a have a pension plan with a onetime premium . How much to pay for a monthly pension of Rs 40000/-
    21-Jul-2016 12:31 AM
  • RAJENDRAN:
    Dear Aruna Sharma,

    I a 54 year old NRI. Would like to retire in another 4 years. I would like to get 10 to 15 thousand pension a month. What is premium i have to pay per annum. Could you please
    provide me the details
    16-Jul-2016 09:21 PM
  • parasuram:
    may i know more details for the NRI pension scheme.
    my age is 54 am working in saudi, which scheme wil be sutiable for me
    25-Jun-2016 08:16 PM
  • shamim hussain kanth:
    Dear sir I like to know for NRI accounts can we have a nice pension scheme and monthly income of Rs 75000/ and all to be paid in single premium
    age at present 62 years
    pension to start at the age of 63 years
    pls calculate how much to be paid as single premium
    25-Jun-2016 09:39 AM
  • Dinesh Kanna:
    Born in 1976 and I would like to know more about to start pension scheme.

    Rgds
    Dinesh
    19-Jun-2016 05:59 PM
  • rajeev krishnan:
    my age is 36 years. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age?
    07-Jun-2016 05:27 PM
  • mathewkutty thomas:
    I am 53 yrs old pravasi.Can you suggest a good plan for me , I need a pension per month Rs 10000.00,after seven years....
    06-Jun-2016 02:13 AM
  • jolly:
    iam 51yr oldworking in doha iwould like to pay apermium of 5 lac per year i need to get monthly pension after 61 years of age please send me more details of such schemes iwould like to start from august 2016
    30-May-2016 11:51 PM
  • sosama mathew:
    hai iam 51 year old nri want to get Rs40000 after10years now how much ihave to deposit/year
    27-May-2016 04:30 PM
  • Kalavala Narsimha Rao:
    Hai, Now I am 53 years old planning to retire by 2019 and I am private employee. Please advice me which plan is suitable for me.
    26-May-2016 08:58 PM
  • arvind:
    Hi, My age is 63. I want pension plan for life time to cover me and my wife. I want per month pension of 25000 INR. I am at present NRI. Tell me how much I have to pay so that pension start at age of 70. I can pay single premium or yearly. Regards
    05-May-2016 03:29 PM
  • V.A. ABRAHAM:
    Dear Sir,
    I am 51 years old. I would like to know how amount amount should I need to invest in a single premium so as after the age of 60 I may get a monthly pension of Rs.20000/-
    Thank you.
    30-Apr-2016 09:31 PM
  • waseem ahmed:
    i want life long pension plus
    26-Apr-2016 11:52 PM
  • Subhahani:
    Dear sir,
    Good day to you, my name is Subhahani, I am 46 years old and I would like get 50,000/- each month after my retirement at attaining my age 60. Would you please send me details how much I have to invest.
    Best Regards
    16-Apr-2016 07:19 AM
  • Mathew philip:
    Hi I am a 42 yrs old NRI . I want to get a pension of 40000 rs from 50 th year on wards .How much should i invest . A five year investing plan is okay .Advise the yearly amount
    12-Apr-2016 07:54 PM
  • Ajay Nath Prasad:
    I am 56 years old and want to invest in a pension plan so that from age 60 I get Rs 50,000/ montly.
    03-Mar-2016 07:59 PM
  • Ajit Maru:
    Do not ever invest as an NRI invest (or even an RI) in any of SBI Life or any other Banks investment plans. The returns are negative. All the plans are aimed to rob you of your investments without pointing a gun and the SBI and HDFC bank agents are worse than snake oil salesmen who are only interested in getting their commissions. And worse still getting whatever remains of your funds after being tricked in investing requires running around these banks and their agents.
    01-Mar-2016 06:42 PM
  • Jisin:
    What will be the premium to get monthly pension of Rs 20000 at my 50 age ? . Now I am at 34.
    07-Feb-2016 07:00 PM
  • R.Venugopal:
    How much amount can be deposited by an NRI in life long pension plan (one time investment-lumpsum)
    30-Jan-2016 11:24 PM
  • T.S.Varadharajan:
    I am a NRI now and will be back in India during 2017 April. I have completed 62 years and 6 months now. I can deposit a sum of 75 Lakhs which is my saving with SBI and what kind of scheme you can offer to me.
    12-Jan-2016 11:34 PM
  • k.k.babu:
    Monthly Rs.15000/- to get as pension how much i have to deposit in the pension scheme of the SBI
    26-Dec-2015 07:13 AM
  • Dinesh Nair:
    How much should I invest as one time depoist to get a monthly pension of 50,000/- at the end of 5 years?
    18-Nov-2015 07:24 PM
  • vikasbabu:
    i am 43 years old NRI. I would like to start getting life long monthly pension of Rs. 15,000/- on my attaining 55 years. I prefer to pay as a single premium. Would you please advise me of both, single as well as yearly premium,
    09-Nov-2015 06:50 PM
  • sam:
    What are the risk assoiciated with SBI long life pension plan and smart plan.

    Now my age is 45 and i am expecting min of Rs.25000 per month at the age starting from 60 and above.

    Advice
    24-Mar-2015 12:04 AM
  • Raj:
    A fixed deposit will simply beat your scheme if i understand your policy well.

    A NRI at a age 40 to invest fixed deposit of 5lakh & 9% percent interest will do better returns than yours.
    06-Jan-2015 12:10 AM
  • Aasrien Maria:
    hi , i am a 44 year old self employed aromatherapist in Bangalore India.I plan to retire at 50 . I need to be able to receive a monthly return of 50000/- INR.

    Please advise how do i go about it? Which is the best policy meant for women who are self employed.

    Looking forward to your reply.
    19-Jul-2013 08:28 PM
    • Mohsin Sharief: My age is 60 Years & I am planning to retire after 3 Years (NRI based in Riyadh, KSA)

      I need monthly income of IRS 50,000 per month, what will be the investment I have to deposit in the month with easiest instalments, please advice
      09-Nov-2015 05:17 PM
    • santosh: I am santosh my age 45 after 55 ahe i want to retirement then i wanf to monthly income 50000 rs so how mtch invest per month
      14-May-2016 10:58 PM
  • Rajan:
    My age is 56years, would like to retire next year and wish to get pension of Rs.25000 monthly at the age of 60 years. Please advise.
    19-Jul-2013 12:41 AM
    • ebrahim: I also wish to get a pension of INR 25000 per month after my retirement at tha GE OF 60
      13-Jul-2016 02:50 PM
  • irshad:
    my age is 33 years. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age?
    29-Jun-2013 05:21 PM
  • IRSHAD:
    Dear Sir/Ma'am,
    my age is 33 years. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age etc.....
    13-Jun-2013 07:53 PM
  • karthi:
    I am 44 years old NRI. I would like to start getting life long monthly pension of Rs. 40,000/- on my attaining 55 years. I prefer to pay as a single premium. Would you please advise me of both, single as well as yearly premium,
    13-May-2013 12:05 AM
    • mohammed nizar: hi, I'm 45yrs old, after 5 yrs i want an income of 10 thousand every month, how much i should i inv est monthly?
      02-Jun-2013 03:35 PM
  • Sudhakar:
    My age is 45 years, after 10 years I want income of Rs.15,000 per month,how much should I invest now?
    05-May-2013 06:01 PM
    • Mubashir Mohiuddin Noori: I am 43 years old NRI, how much I need to invest if I want to retire at 50 years and I want 40,000 monthly. Please reply.
      04-Dec-2015 02:24 PM
  • Sameer Shaikh:
    Dear Sir/Ma'am,
    My name is Sameer Shaikh and my age is 33years old. I would like to know more details regarding pension plan like how much we have to pay annually and how much pension I can get after certain age etc.....
    03-May-2013 04:20 PM
  • syamal pan:
    my age is 43 after 10 years i want 30,000 rs / month pension , how much i can invest in one time
    06-Apr-2013 09:18 PM
  • Pradeep Kumar:
    I am Pradeep Kumar, NRI, Age. 39. I want to get Rs. 40000/- as pension at my 55th birthday on wards. Give me the details.
    01-Apr-2013 02:17 PM
  • jaya:
    could you kind enough to send me more details on nri pension scheme( after certain period the person should receive monthly pension). i am 52 years old. i would like to pay a premium of Rs 50,000.00 per annual. i need to get monthly Rs 15000/ after 65 years of age
    please send me more details of such schemes. i would like to start by april 2013
    01-Apr-2013 04:29 AM
  • Kishore:
    Hi, my name is kishore age : 28 working @ Bahrain i want to invest a sum of amount at a time for my pension plan.I want get 15000/monthly after 50years of my age
    20-Mar-2013 09:21 PM
  • pravin chavan:
    I am 27 years old holder how much will be yearly/ monthly Investment to get monthly pension 20,000 Rupees after 45 years old. please explain
    Thanks
    16-Mar-2013 06:24 PM
    • muhammad bahadur khan: dear sir iamretiring at the age 63.2015 ineed monthly 30000.00 Rs monthly ,pl advice, regards
      03-Nov-2015 10:39 PM
  • Shaji Joseph:
    Sir
    Please give me payment plan of NRI Smart pension plan for 10 years for single premium of rupees 2 Lakhs.
    16-Mar-2013 02:04 PM
  • asalu mangala:
    sir,i am 42year old NRI holder five year plan investment to get 10000 rupees please explain
    13-Mar-2013 01:09 AM
  • abdul rahman:
    I am 46 years old NRI holder how much will be one time Investment to get monthly pension 15000 Rupees please explain
    Thanks
    08-Mar-2013 12:14 PM
    • abdulrahman: Please give me details for smart pension plan for on time investment of 2 Lacks.my age 47years after 60 years how much we get money monthly.




      26
      27-Apr-2013 06:35 PM
  • Ramakrishnan:
    sir i am 40 years old NRI. I want to know at the age of 45 years if i should get 25,000 INR per month. how much i should pay either one time or yearly premium. Which is more beneficial for me?
    04-Mar-2013 06:41 PM
  • Rama Shankar Tiwari:
    I am 50 yrs old Indian employed in Dubai uae how much will be one time investment to get monthly pension of inr 25000/-or 20000/- in-case if pensioner is dead how much get nominee pension like(wife),
    27-Feb-2013 01:21 PM
    • Vijay Gunaji Juwale: i am 50 years old in Mumbai, i would like to invest one time Rs.1500000.00 lacs and i need pension Rs.20000.00 per month, pl advice
      09-Jul-2016 05:45 PM