SBI Retire Smart Plan

SBI Life Retire Smart Plan: Overview

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

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

Benefits of SBI Life Retire Smart Plan

• Guaranteed Additions
• Terminal Additions
• Flexibility
• Tax Benefits
• Advantage Option
• Multiple Premium Payment Options

Key Features

There are various benefits to buying the SBI Retire Smart Plan. Let's understand each in detail:

• 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 a reward of up to 10% of the annual premium. These additions will start from the 16th policy year until vesting.
• Terminal Additions: The insured will receive a terminal addition, where extra units are allocated to the fund. Typically, 1.5% of the premium paid is added to the fund value, providing financial assistance to the nominee in case of the insured's demise.
• Tax Benefits: Premiums paid towards your policy are tax-deductible as per Section 80C, and benefits received under your plan may fall under Section 10(10A) and 10(10D).
• Advantage Option: The plan guarantees a minimum of 105% of all premiums paid until the notification of the assured's death.

Free Look Period

The plan offers a free look period of 15 days. During this period, policyholders can cancel the plan if they are dissatisfied with its terms and conditions.

Grace Period

If an insured fails to renew the policy on time, a grace period is offered during which the plan can be renewed. The grace period for this plan is 15 days for monthly premium frequency and 30 days for quarterly.

Discontinuance of Premium

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

Surrender Benefit

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

How to Buy SBI Life Retire Smart Plan on PolicyX.com

1. Visit the official website of PolicyX.com.
2. Hover over the ‘Life Insurance’ tab.
3. Choose the retirement plan you want to buy.
4. Fill out the form at the top of the page with the necessary details.
5. Select your income and city. Click on 'Proceed'.
6. Update your education and occupation details.
7. Choose your preferred plan and click on 'Buy this plan'.
8. Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

How to Buy SBI Life Retire Smart Plan from SBI Life Insurance

1. Visit the official website of SBI Life Insurance.
2. Hover over 'Products' in the top menu.
3. Click on 'Retirement Plans' and choose the SBI Retire Smart Plan.
4. Click on ‘Buy Now’ and you will be redirected to a new page.
5. Enter your name and contact information. One of their representatives will reach out to you to discuss the quotes.
6. Once discussed, you can make the premium payment and receive the policy documents.

Exclusions

• If the policyholder commits suicide within 12 months of policy purchase, no death benefits will be offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.

Documents Required to Buy SBI Life Retire Smart Plan

• Photo ID Proof

  Any one of the following: Passport, Aadhaar card, PAN card, Driving license.

• Age Proof

  Any one of the following: Passport, Aadhaar card, PAN card, Driving license.

• Address Proof

  Any one of the following: Utility bill, Passport, Voter ID, Ration Card.

• Medical Records

  Medical records of the policyholder, if requested.

• Income Proof

  Any one of the following: Bank statement, last three months' salary slips (for salaried individuals).

Plan at a Glance

In a Nutshell

If you are looking for a retirement plan that offers financial benefits when you are not earning, then the SBI Retire Smart Plan is an excellent choice. You should start investing in this plan during your employment years.

For more information about this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts will listen to your unique needs and suggest the best possible solution.