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Home > Retirement Plans > SBI Life - Retire Smart

SBI Life - Retire Smart
(UIN : 111L094V01)

(Product Code : 1H)
SBI LIFE Retire Smart
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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
"“The Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of fifth year"

"This is a Pension Product. Benefits by way of surrender, complete withdrawal or maturity/vesting will be available in the form of annuities except to the extent of commutation of such benefits as allowed under the Income Tax Rules’. "
 
 
Introduction
Key Features

Product Snapshot
Benefits
 
 
Introduction:
 
Due to higher disposable incomes and breakthrough in medical sciences, longevity has increased to a great extent. We are all living longer after retirement.
 
Retirement may sound distant to you at the moment. However, it could span as long as one-fourth of our lifetime and is ever increasing; and not many of us have really noticed or even thought about that.
 
Moreover, many people underestimate how much they need to save for retirement. Thus, for creating a retirement corpus, systematic & disciplined investment is required during one’s earning years.
 
We present to you, SBI Life - Retire Smart, a non-participating unit linked pure pension plan, which guarantees you minimum of 101% of all premiums paid, when policy is in force, on Maturity/Vesting; thus the downside risk in the market is protected to a great extent.
 
 
Key Features:
   
Your Fund Value is boosted, through guaranteed (Conditions Apply*) additions of up-to 210% of Annual Premium
 
Guaranteed Additions* of 10% of Annual Premium are paid regularly, starting from the end of 15th policy year and at the end of every year thereafter till the end of policy term.
 
Get Terminal Additions of 1.5% of Fund Value, at maturity/vesting or on earlier death.
 
No need to worry about your investments, as the same is managed on your behalf by SBI Life through ‘Advantage Plan’. This plan guarantees a minimum of 101% of all premiums paid at maturity/vesting.
 
Get a Guarantee of minimum 105% of all premiums paid on earlier death.
 
Option to pay premiums regularly or for a limited period.
 
Flexibility to postpone your vesting age.
 
* This is applicable for policy term of 35 years and provided the policy is in-force. Guaranteed addition would not apply to policies where vesting date has been deferred without payment of further premium.
 

Product Snapshot
 
Age^ at Entry Minimum: 30 years Maximum: 70 years
Age^ at Maturity/Vesting Minimum: 40 years Maximum: 80 years
Policy Term 10, 15 to 35 years (both inclusive)
Premium Paying Term Regular Premium - Same as policy term
Limited Premium
5/8 years - Policy Term of 10 years
5/8/10/15 years - Policy Term of 15 - 35 years (both inclusive)
Premium Frequency Yearly / Half-yearly / Quarterly / Monthly
Minimum Premium Amounts (x 100)
Premium Frequency Regular premium Limited Premium
Yearly Rs. 24,000 Rs. 40,000
Half yearly Rs. 15,000 Rs. 20,000
Quarterly Rs. 7,500 Rs. 10,000
Monthly Rs. 2,500 Rs. 5,000
Maximum Premium Amount (X 100) No limit
 
^All the references to age are age as on last birthday.
 
 
Benefits:
 
Maturity/Vesting Benefit: On completion of policy term, you will receive the Higher of (Fund Value Plus Terminal Addition or 101% total premiums paid).
You have the following options on Maturity / Vesting:
 
 
To purchase immediate annuity, from the entire policy proceeds
 
 
To purchase a single premium deferred pension product, from the entire policy proceeds
 
  To purchase immediate annuity with an option to commute up-to one-third of the policy proceeds, as per current Income Tax rules
 
 
To extend the accumulation period or defer the vesting date provided you are below age of 55 years at vesting. The maximum extended period will be up to age 80 years.
 
 
Note - In case the eligibility criteria of the approved immediate annuity product are not met (e.g. minimum annuity amount) the vesting benefit will be paid in lump sum.
 
Death Benefit:
In the unfortunate event of death of the Life Assured, Higher of (Fund Value plus Terminal Addition or 105% of total premiums paid till the time of death), is payable.
The beneficiary can use the death benefit amount, as per the below mentioned options:
 
  Receive the entire proceeds as lump sum
 
 
Utilize the entire proceeds of the policy or part thereof for purchasing an annuity, at the then prevailing rate, provided eligibility criteria of the approved immediate annuity product is met (e.g. minimum annuity amount or age criterion).
 
Tax Benefits
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details
 
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
1H.ver.02-08/15 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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