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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.

  • 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
  • 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
  • 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
  • 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
  • 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
  • elayaraja:
    l am 36 yrs old now & want to know about sbi's pention plans ? to pay & how many years then ? returns l will get from which month.
    25-Feb-2013 10:14 AM
  • Annie:
    I would like to get a monthly 25000rs as pension, please let me know the details on how it will be done , for a period of 5 to 10 years
    24-Feb-2013 10:06 AM
  • merlin:
    I am 38 yrs old,now working in Dubai. I would like to get Rs.15000 as monthly pension. it is for a 5 yrs plan. how much will be the monthly premium. if it is one time premium, how much i should invest.
    24-Feb-2013 12:04 AM
  • sharafudeen.knr:
    I am 51 yrs old,now working in Oman. I would like to get Rs.15000 as monthly pension. it is for a 5 yrs plan. how much will be the monthly premium. if it is one time premium, how much i should invest.
    23-Feb-2013 01:50 AM
  • kavichandran:
    Iam 55 yrs old NRI how much will be one time investment to get monthly pension of irs 5000 per month & when will pension start
    18-Feb-2013 10:05 PM
  • JOSEPH THOMAS:
    Hi Sir,
    I am 59 year old Indian employed in UAE. How much will be one time investment to get monthly pension of INR 25000/- or how much will be monthly investment for how long? When will the pension start at both options ?
    13-Feb-2013 05:27 PM
  • RAJESH:
    i am 41 yrsold NRI how much will be one time investment to get monthly pension of irs 25000 per month & when will pension start
    30-Jan-2013 05:53 PM
  • abdur rashid:
    i,amd 44 years old and at present working in uae i want pension every month 10,000 indian rupees. how much i should invest once a time premium. and after paying premium when pension will be start.
    regards
    abdur rashid
    28-Jan-2013 06:29 PM
  • Varunkumar:
    Dear Sir,
    want to get Rs. 10,000 as monthly pension. How much should I invest as a once of premium? Let me know the types of policies you have asap
    15-Jan-2013 05:08 PM
  • Varun:
    I am 31 years old, I like to Join SBI Pension plan. What is the minimum premium and how many years i want to deposit. From which date i will get the monthly pension . Please explain
    15-Jan-2013 05:04 PM
  • savaralu mukunda:
    sir i am 39 years old NRI. I want know at the age of 45 years i should get 30,000 INR . per monthly pension. how much i should pay yearly preminum, please advise.
    14-Jan-2013 02:27 PM
  • agamur hemachandra:
    sir i am 40 years old NRI. I want know at the age of 45 years i should get 25,000 INR per month. how much i should pay either one time or yearly preminum.
    14-Jan-2013 02:15 PM
  • HK Pillai:
    Hi,
    I am an NRI for past 15 years and currently working in Oman. I am 41 yrs old now. I would like to choose a suitable pension plan which cover my wife too. I am ready to pay for the policy for another 5 years. Could you please suggest suitable options available in the market?
    Regards
    HK pillai
    11-Jan-2013 11:15 PM
  • Thomas:
    Dear Sir/Madam,
    I am 54 years old NRI. I would like to start getting life long monthly pension of Rs. 50,000/- on my attaining 60 years. I prefer to pay as a single premium. Would you please advise me of both, single as well as yearly premium, until my age of 60 years. Many thanks
    07-Jan-2013 03:31 PM
  • Aunil kumar:
    I am working in uae , My DOB 30-05-1967, I like to get a monthly pension of RS 10000 on when i am at ,the age of 55 years ,Also i am ready to pay ONE TIME premium, kindly inform me What type of plan and how much amount to pay and more details please
    07-Jan-2013 02:51 PM
  • MOHD. FIROZ KHAN:
    DEAR,
    I AM WORKING IN SAUDI ARABIA, MY DOB: 14th, JULY, 1958
    I LIKE TO GET MONTHLY RS. 10.000 OR 15.000, PENSION.
    WHAT PLAN SHOULD I CHOOSE AND WHEN THE PENSION WILL START. WHAT IF I PAY ONE TIME & GET THE PENSION STARTED,
    AS EARLY AS POSSIBLE. I AM FROM AURANGABAD, MAHARASHTRA, DO YOU HAVE ANY AUTHORISED PERSON, IN THAT AREA TO GET ALL THE DETAILS. THANKS
    01-Jan-2013 11:05 PM
  • irfan Ahmad':
    Pension retirement best policy
    31-Dec-2012 07:09 PM
  • p.m.krishnan:
    Dear,
    Iam 38 years old, i like to join sbi pension plan. please give a clear details.
    15-Dec-2012 08:22 PM
  • mohammed khaja moinuddin:
    Sir,
    My age 34 years i have 2 children i want join in SBI Pension plan. What is the minimum premium? and how many years i want to deposit?
    From which date i will get the monthly pension . Please explain
    09-Dec-2012 06:25 PM
  • prajakta p. tumbde:
    pl. provide good pension plan for us / with premium /how long / how much i can get p.m. ?
    07-Dec-2012 07:31 PM
  • GRIGARY:
    Dear,
    I am 32 years old, I like to Join SBI Pension plan. What is the minimum premium and how many years i want to deposit. From which date i will get the monthly pension . Please explain
    12-Nov-2012 03:17 PM
  • shalini:
    hi ,
    i m staying in muscat (oman). I am a housewife and interested in good pension plan.Kindly contact me as soon as possible.
    11-Nov-2012 04:33 PM
  • wahid ali:
    DEAR .
    SBI PENSION PLAN INDIA.
    WITH REFERENCE TO YOUR SBI ADVERTISEMENT.
    WHAT IS THE PENSION PLAN ADVANTAGE.
    WHAT IS MINIMUM DEPOSIT AND HOW MANY YEARS I WANT TO DEPOSIT,WHEN I GET RETURN MONEY.
    PLEASE EX PLANE ME.
    THANKING YOU

    BEST REGARDS
    WAHID ALI
    07-Nov-2012 01:44 PM
  • arshi:
    sir, i m 39 y old working on ship i m looking pension plan for 25000 monthly after age of 50 y , in one time investment please suggest pension plan in SBI to get 25000 amount easy.
    19-Oct-2012 07:44 PM
  • rajiv kr.:
    sir,i m 36yrs.old. im looking for a good pension plan. i m recently working in oman. kindly suggest me a good pension plan.
    17-Oct-2012 01:03 AM
  • A.k.singh:
    presently my age approaching 48 years after 7 years i will want to get 50,000 INR pension. how much i invest to get the money monthly . please advice because i am non resident Indian
    16-Oct-2012 03:23 AM
  • Naveen ulluruppill:
    now my age is 29.............. after 11 years i will get 40000 monthly pension. how much i invest 2 get this money monthly?
    09-Oct-2012 03:24 PM
  • Sankar K V:
    Returns on each plan:-
    •Lifelong pension plus plan accrues up to 10% of the premium 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.

    Is it a smart idea to invest in this plan with 1% and 10% return ??The Banks now a days giving around 10-12% interest on deposits. Do you think it is good to invest in this plan or I understand the plan wrong.
    03-Oct-2012 11:06 AM
  • Mohammed Hafeez:
    Hi Mr.sharma

    Presently I am a NRI based in Canada but in future I may become citizen of Canada. I am 37 years old I do not have any retirement investments till now but I am considering seriously to have one in India. Can you advice me which plan will be best for me and does my status effect my retirement plan investments in India? Because at some time i may settle down in India for my retirement life.

    Kindly advice
    Thanks

    Mohammed hafeez
    Toronto
    Canada
    01-Oct-2012 06:33 AM
  • naveen:
    now my age is 29 after 40 years I want to get Rs. 45,000 as monthly pension. How much should I invest as a once of premium?
    25-Sep-2012 02:45 PM
  • Yashwantah:
    Kindly advise me the life long pension plus plan as I am 51 yrs now and working overseas.
    24-Sep-2012 12:55 PM
  • christina mettakadapa:
    I need to get a pension of 25000 a month after 10 years, i live in usa, suggest a good pension plan for me
    21-Sep-2012 03:49 AM
  • Pramodh:
    Dear Sir,
    I am working in Oman. My age is 38. Please advice me the best Pension Scheme in SBI Bank.
    11-Sep-2012 02:40 PM