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SBI Life - Retire Smart
UIN: 111L094V03
Product Code: 1H
An Individual, Unit-linked, non-participating Pension Savings Product
"The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit 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 Applicable Regulations'
Make your retirement, a 'no compromise' phase of your life. Plan smart and early to make it financially liberating, while you sit back and enjoy. With SBI Life - Retire Smart, build a guaranteed corpus by safeguarding against market volatility.
Key Benifits :
#Guaranteed maturity benefit of 101% of total premiums paid
^This is applicable for policy term of 35 years under Regular/Limited Plan. For further information, please refer to section on Guaranteed Additions in the sales brochure
"The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit 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 Applicable Regulations'
Make your retirement, a 'no compromise' phase of your life. Plan smart and early to make it financially liberating, while you sit back and enjoy. With SBI Life - Retire Smart, build a guaranteed corpus by safeguarding against market volatility.
Key Benifits :
- Build a retirement corpus through market-linked returns
- Safeguard your Guaranteed Maturity Benefit# against market volatility under 'Advantage Plan'
- Guaranteed Additions up to 210%^ of Annual Premium to boost fund value
#Guaranteed maturity benefit of 101% of total premiums paid
^This is applicable for policy term of 35 years under Regular/Limited Plan. For further information, please refer to section on Guaranteed Additions in the sales brochure
Highlights
A non-participating unit linked pure pension plan
Kanika, a 55-year-old, is thankful to her younger self for investing in a pension plan that allows her to be financially independent even after retirement.
Enter the required information in the form fields below, and see how you too can save enough to retire happily with SBI Life – Retire Smart.
Name:
DOB:
Gender:
Male Female Third GenderStaff:
Yes No
Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
At assumed rate of returns** @ 4%or
@ 8%
Features
- Hassle free investment managed by SBI Life through Advantage Plan
- Assured benefits (Conditions apply^) of up to 210% of annual premium
- Flexible premium payment options
Advantages
Security
- Enjoy protection and creation of a sufficient retirement corpus to finance your dream retirement
Reliability
- Boost your corpus through assured benefits
Flexibility
- Extend vesting age according to your changing requirements
- Choose to pay premiums as per your financial capabilities
Avail tax benefits*
^This is applicable for policy term of 35 years under Regular/ Limited plan and provided the policy is in-force.
Maturity/Vesting Benefit:
On completion of policy term, provided the policy is in-force, you will receive the Higher of (Fund Value as on the date of maturity/vesting Plus 1.5% of the maturity/vesting fund value would be paid as Terminal Addition) or (101% total premiums paid).
You have the following options on Maturity / Vesting:
- i) To utilize the entire proceeds to purchase annuity, from us at the then prevailing annuity rate. However, you will be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by Authority (IRDAI), currently 50% of the entire proceeds of the policy net of commutation. OR
- ii) To commute up to 60% and utilize the balance amount to purchase annuity from us at the then prevailing annuity rate. However, you will be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by Authority (IRDAI), currently 50% of the entire proceeds of the policy net of commutation. OR
- iii)To extend the accumulation period or deferment period within the same policy with the same terms and conditions as the original policy provided you are below an age of 60 years.
For (i) and (ii) above, the purchase of annuity shall be subject to terms and conditions under the product. In case the proceeds of the policy is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy shall be paid to the you or beneficiary as lump sum.
The maximum extended period will be up to age 70 years, subject to maximum term allowable under the product of 35 years. On extension of accumulation period or deferment of the vesting date, the entire proceeds will be invested in the Money market Pension Fund II.
Death Benefit:
In case of an unfortunate event of death of the Life Assured, while the policy is in-force:
Higher of (Fund Value as on the date of intimation of claim plus 1.5% of the fund value as Terminal Addition) or (105% of total premiums received up to the date of death), is payable to eligible nominee/beneficiary.
The nominee or beneficiary can use the death benefit amount, as per the below mentioned options:
- i) Receive the entire proceeds as lump sum OR
- ii) Utilize the entire proceeds of the policy or part thereof for purchasing an annuity, at the then prevailing annuity rate from us (SBI Life Insurance Company Limited). However, the nominee or beneficiary shall be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by Authority (IRDAI), currently 50% of the entire proceeds of the policy net of commutation.
- iii) The purchase of annuity shall be subject to terms and conditions of the product.
- iv) In case the proceeds of the policy are not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, by the Authority, such proceeds of the policy shall be paid as lump sum.
After payment of the Death Benefit, no further benefits are payable and all rights under the policy will cease.
For more details on risk factors, terms and conditions of SBI Life – Retire Smart, read the following documents carefully.
^All the references to age are age as on last birthday.
1H/ver1/05/23/WEB/ENG
**Assumed rates of returns @4% and @8% p. a., are only illustrative scenarios at these rates after considering all applicable charges. These are not guaranteed and they are not higher or lower limits of returns. Unit Linked Life Insurance products are subject to market risks. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans and their future prospects or returns.
Unit Linked Life Insurance products are different from the traditional products and are subject to market risks. The premium paid in Unit Linked policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions.
SBI Life Insurance Co. Ltd. is only the name of the insurance company and SBI Life – Retire Smart is the name of the unit linked Life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risk and applicable charges from your Insurance Advisor or the intermediary or the policy document from the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects or returns.
Past performance of the Fund Options is not indicative of future performance. All benefits payable under this policy are subject to tax laws and other fiscal enactments in-effect from time to time, 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.
*Tax Benefits:
Unit Linked Life Insurance products are different from the traditional products and are subject to market risks. The premium paid in Unit Linked policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions.
SBI Life Insurance Co. Ltd. is only the name of the insurance company and SBI Life – Retire Smart is the name of the unit linked Life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risk and applicable charges from your Insurance Advisor or the intermediary or the policy document from the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects or returns.
Past performance of the Fund Options is not indicative of future performance. All benefits payable under this policy are subject to tax laws and other fiscal enactments in-effect from time to time, 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.
*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. For further details click here. 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.