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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SBI Life Retire Smart

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

Investing your money in a plan that will ensure you enjoy your golden years is a very tough choice. Thus, it is very essential that you have a thorough knowledge of the plan you are investing in. Below we have mentioned the key features of SBI Retire Smart plan, which will help you get a better insight of the the 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

Under sbi smart pension plan, below mentioned are some of the charges that the policy entails on a few aspects. Take a look to get a better understanding:

Premium Allocation Charge

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

Policy Year Premium Allocation Charges (% of premium)
1 5.75%
2 4.25%
3-10 4.00%
11 & Above 2.50%

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

Fund Management Charges

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

Type Charge
Equity Pension Fund II 1.35%
Bond Pension Fund II 1.00%
Money Market Pension Fund II 0.25%

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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

Parameters Minimum Maximum
Entry Age 30 years 70 years
Maturity Age 80 years
Type of plan Regular Premium/Limited Premium /Single Premium
Policy Term 10, 15, 30 years
Premium Payment Frequency Yearly, Half-yearly, Quarterly, Monthly
Premium Range For Regular Premium
Premium Frequency Minimum (in Rs.) Maximum (in Rs.)
Yearly 24,000 No Limit
Half-yearly 15,000
Quarterly 7,500
Monthly 2,500
For Limited Premium Payment Term (LPPT)
Premium Frequency Minimum (in Rs.) Maximum (in Rs.)
Yearly 40,000 No Limit
Half-yearly 20,000
Quarterly 10,000
Monthly 5,000

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 Retire Smart: FAQs

1. I want to revive my discontinued SBI Retire Smart Plan during the lock-in period. Can I do that?

Yes you can revive your discontinued policy during the lock-in period. Once revived, your risk cover will be restored and the resultant fund will be automatically shifted to the funds as per the Advantage Plan.

However, to revive your sbi smart pension plan you need to pay all due and unpaid premiums without charging any interest or fees.

2. What are the nomination provisions under SBI Smart Retirement Plan?

This plan, as amended from time to time, accepts nominations under section 39 of the Insurance Act of 1938.

3. Does SBI Retire Smart Plan offer any additional riders along with the plan?

No, there are no additional riders available under this SBI Smart Retirement plan.

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Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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