SBI Life Retire Smart
  • Protection After Retirement For Better Tomorrow
  • The Plan Offers Guaranteed AdditionsAvailable
  • Get The Tax Benefit On Premium Paid

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About SBI Life Retire Smart Plan

Cherish your golden years with SBI Life Retire Smart Plan.

SBI Life Retire Smart Plan is a unit-linked non-participating pension plan which guarantees 101% of all premiums paid by the policyholder on maturity and also protects your funds from market volatility. Along with the life insurance cover, multiple fund options such as equity Pension Fund, Bond Pension Fund, etc. can gradually add to the growth of an investment.

SBI Life Retire Smart Plan provides single, regular and limited premium payment options and secures the golden years of policyholder's life by creating a retirement corpus through systematic investments during his/her earning time.

Key Features of SBI Life Retire Smart Plan

  1. Guaranteed Additions

    Fund value improves through guaranteed additions of up to 210% of annual premiums. SBI Life Retire Smart provides guaranteed additions under which the insured will get the reward with up to 10% of the annual premium. The addition will start from the 16th year of the policy until the time of vesting.

  2. Terminal Additions

    The insured will be liable to receive a terminal addition under which a few extra units are allocated to the insured. Usually, 1.5% of the premium paid will be added to the fund value, offering financial assistance to the nominee in case of the insured's demise.

  3. Tax Benefits

    The premium that you pay towards your policy is tax-deductible as per section 80CCC and the benefits that you received under your plan can fall under Section 10(10A) and 10(10D).

  4. Flexibility

    The plan offers the Deferment option to postpone the vesting/maturity age.

  5. Premium Payment

    The policyholder can choose any of the premium payment options from single, regular, and limited premiums according to their financial capacity.

  6. Advantage Option

    The plan guarantees a minimum of 105% of all premiums paid till the notification of the death of the assured.

Benefits of SBI Life Retire Smart

To offer complete protection and assistance during the post-retirement period, the plan has come out with multiple benefits. Let's explore them in detail.

1 Death Benefit

In case of an unfortunate event of death of the Life Assured, the nominee will be liable to receive the higher fund value along with terminal benefits or 105% of the total paid premiums. The beneficiary receives the entire amount as a lump sum or can use the same to buy an annuity plan.

2 Maturity/Vesting

On completion of the vesting period, the insured/nominee will receive the Higher fund value i.e., Fund value on maturity date plus 1.5% of maturity fund value or 101% total premiums paid. The nominee has 4 options on maturity/vesting:

  • Purchase annuity plan immediately.
  • Purchase a single premium deferred pension product.
  • Purchase immediate annuity plan along with an option to commute 1/3rd of the policy.
  • Extension in the accumulation period below the age of 55 years at vesting.

3 Free Look Period

The plan comes out with a free look period of 15 days. Under the same, policyholders can cancel the plan in case of dissatisfaction with the terms and conditions of the policy.

4 Grace Period

If an insured fails to renew the policy on time, he/she will be offered a grace period under which the plan should be renewed. The grace period of this plan is 15 days for monthly frequency and 30 days for quarterly, half-yearly, and yearly frequencies.

5 Discontinuance of Premium

In this case, the insured can revive the policy within 2 years from the date of discontinuation.

6 Surrender Benefit

Policyholders can surrender the policy anytime during the policy term. But once the policy is surrendered, there will be no option to revive it.

7 Fund Options

  • Equity Pension Fund: It provides high equity by targeting higher returns in the long term.
  • Bond Pension Fund: Debt and accumulation of income using investment in fixed income.
  • Money Market Pension Fund II: Parking the fund in safe instruments to avoid the market risk.
  • Discontinued Policy Pension Fund: Achieves less volatile investment return using debt instruments and accumulation of income.

SBI Life Retire Smart: Charges

Premium Allocation Charge

The charges shall be deducted from the paid premiums as mentioned in the table below:

Policy YearPremium Allocation Charges (% of premium)
15.75%
24.25%
3-104.00%
11 & Above2.50%

Policy Administration Charge

It is the charge associated with the administrative work of the plan and it shall be recovered by the cancellation of units throughout the policy on a monthly basis.

Policy YearDiscontinuation Charge
1Policy Administration Charge/Month
Years 1 to 5Rs. 45
Year 6 & onwardsRs. 70

Fund Management Charges

A fixed percentage of the fund will be charged before calculating the NAV on a daily basis.

TypeCharge
Equity Pension Fund II1.35%
Bond Pension Fund II1.00%
Money Market Pension Fund II0.25%

How Does the Plan Work?

Policyholders can purchase the annuity plan from SBI Life based on the rates available at the time of purchasing the annuity.

Let's understand the plan with the help of an example.

Mahesh (age-30 years) is planning for his retirement and looking out for all available options through which he can build the retirement corpus and get a regular income after retirement. He decided to invest in SBI Life Retire Smart with a premium payment term of 35 years and an annual premium of Rs 50,000.

Case A: He survives till the vesting date

At the time of vesting, the higher fund value + terminal addition or 101% of total premiums paid is payable. There will be guaranteed additions till the vesting/maturity of the policy.

Case B: Mahesh dies within the policy term

In case of demise of the insured during the policy period, the higher of 105% of total premiums paid or fund value + terminal addition is payable to the beneficiary.

Eligibility Criteria

ParametersMinimumMaximum
Entry Age30 years70 years
Maturity Age80 years
Type of planRegular Premium/Limited Premium /Single Premium
Policy Term10, 15, 30 years
Premium Payment FrequencyYearly, Half-yearly, Quarterly, Monthly
Premium RangeFor Regular Premium
Premium FrequencyMinimum (in Rs.)Maximum (in Rs.)
Yearly24,000No Limit
Half-yearly15,000
Quarterly7,500
Monthly2,500
For Limited Premium Payment Term (LPPT)
Premium FrequencyMinimum (in Rs.)Maximum (in Rs.)
Yearly40,000No Limit
Half-yearly20,000
Quarterly10,000
Monthly5,000

Premium Range of Regular and Limited under SBI Life Retire Smart

Premium Range of Regular and Limited under SBI Life Retire Smart

Sample Premium Rates

This graph illustrates the Maturity Benefit of a healthy male of 30 years at different policy terms and maturity benefits @4% for a Sum Assured of Rs. 1,00,000.

Maturity Benefit of SBI Life Retire Smart Plan at different Policy Term

Maturity Benefit of SBI Life Retire Smart Plan at different Policy Term

Exclusions

In the case where the insured has committed suicide within 1 year of the policy issuance or renewal, the company will not pay the death benefit. It will just pay the fund value to the beneficiary.

SBI Pension Plan


Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (27 Total Rating)

October 4, 2021

Munmum Pathak

Pune

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti

Allahabad

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

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Chandigarh

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September 28, 2021

Himanta Biswa

Mysore

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A

Bengaluru

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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