SBI Life -Retire Smart Plan | One of the Best Retirement Policy in India
close

By pursuing your navigation on our website, you allow us to place cookies on your device. These cookies are set in order to secure your browsing, improve your user experience and enable us to compile statistics  For further information, please view our "privacy policy"

SBI Logo

Join Us

Tool Free 1800 22 9090

SBI Life - Retire Smart

UIN: 111L094V02

Product Code: 1H

SBI Life Retire Smart Premium Details

Smart present, smarter future.

  • Safeguarding against market volatility through the 'Advantage Plan'
  • Minimum assured maturity amount
  • Assured benefits on extended policy terms for in-force policies
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'

Are you ready to retire without worry? Now cherish your golden years with proactive and thorough planning.

Enjoy an assured maturity benefit that secures your investment from market volatility, with SBI Life – Retire Smart. Secure your future by creating a retirement corpus with systematic investments during your earning years.

SBI Life - Retire Smart plan provides –
  • Security – by safeguarding your retirement years
  • Reliability – through an assured retirement corpus
  • Flexibility – to pay premiums One time, regularly or for a limited period

Enter your details in our customized benefit illustrator to determine the annuity amount that you will enjoy after retirement, for the chosen term and premium amount.

The foundation of a good retirement is planning. Start building that foundation today!

Highlights

SBI Life Retire Smart

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 Gender

Kerala Resident:

Yes No

Let's finalize the policy duration you are comfortable with...

Policy Term

10 35

Choose your annuity options

Annuity Options


A little information about the premium options...

Premium Frequency

Premium Amount

2,500 500000000

Premium Payment Option

Regular  LPPT  Single

Premium Payment Term

No. of years elapsed since inception

5 35

Reset

Sum Assured


Premium frequency

Premium amount
(excluding taxes)


Premium Payment Term


Policy Term


Maturity Benefit

At assumed rate of returns** @ 4%


or
@ 8%

Give a Missed Call

 

Features

 

  • Hassle free investment managed by SBI Life through Advantage Plan
  • Assured benefits (Condition 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  policy shall be or the paid to the you or beneficiary as lump sum.
 
The maximum extended period will be up to age 80 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.ver.01-01-20 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.

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. You may visit our website for further details. 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.

Call us toll free at

1800 267 9090(Available from 9:00 am to 9:00 pm everyday)

E-mail us at

info@sbilife.co.in