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SBI Life – Retire Smart Plus

UIN: 111L135V02

Product Code: 2Y

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SBI Life Retire Smart Plus Premium Details

Power your
independent retirement

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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'

Ensure that the financial stability you enjoy today to explore various aspects of life continues even after you retire with SBI Life- Retire Smart Plus. It enables you to build the corpus you need to live comfortably in the second innings of your life

Key Benefits :
  • Retirement corpus creation through market linked returns with choice of 07 varied fund options
  • Flexibility* to cater to your changing needs.
  • Loyalty Additions and Terminal Addition^ to boost fund value

*Choice of Premium Payment Option and Option of switching & premium redirection
^Loyalty Additions of 0.3% of fund value every year starting from end of 15th Policy year and Terminal Addition of 1.5% of the Fund Value .
Fill in your details in the Benefit Illustrator below and see how you can benefit from this plan.

Highlights

SBI Life – Retire Smart Plus

A non-participating unit linked pure pension plan

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plan profile

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 Plus.

Name:

DOB:

Gender:

Male Female Third Gender

Staff:

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

Policy Term

10 35

A little information about the premium options...

Premium Frequency

Premium Amount

3,000 500000000

Premium Payment Option

Regular  LPPT  Single

Premium Payment Term

Choose your annuity options

Annuity Options

How would you like to split your investment?

Equity Pension Fund (%)

0 100

Equity Optimiser Pension Fund (%)

0 100

Growth Pension Fund (%)

0 100

Bond Pension Fund (%)

0 100

Money Market Pension Fund (%)

0 100

Top 300 Pension Fund (%)

0 100

Balanced Pension Fund (%)

0 100
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sum assured

Sum Assured

premium frequency

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Premium amount
(excluding taxes)

premium paying

Premium Payment Term

policy term

Policy Term

maturity benefits

Maturity Benefit

At assumed rate of returns** @ 4%


or
@ 8%

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Features


  • Corpus creation for retirement through maturity benefit.
  • Flexibility of choosing from 7 diverse fund options with unlimited free switches.
  • Access to funds through Partial Withdrawals@ in case of financial emergency, after completion of lock-in period
  • Option to pay Single premium, Regular premium or for a limited period

@Please refer section on Partial Withdrawal of sales literature for more details

Advantages


Security

  • Financial freedom to enjoy your retirement


Reliability

  • Fund Value is boosted through:
    • Loyalty Additions# payable every year starting from end of 15th Policy year.
    • Terminal Addition^ of 1.5% of the Fund Value

#Please refer section on Loyalty Addition of sales literature for more details ^Please refer section on Terminal Addition of sales literature for more details

Flexibility

  • Option to Increase the Policy Term for Single Premium Policies
  • Option to Increase the Premium Paying Term and/or Policy Term for Regular and Limited Premium paying term
  • Option to change Limited Premium Payment Term to Regular Premium Payment Term
  • Option to extend/ defer the vesting date


Avail tax benefits*

Maturity/Vesting Benefit:

On survival of the life assured till the end of policy term, provided the policy is in force, you will receive the: Fund Value as on the date of maturity/vesting Plus Terminal Addition&
& Terminal Addition is 1.5% of maturity/vesting Fund Value
Ways to utilize the corpus:
You will have the following options on Maturity/Vesting:
  • i. To utilize the entire proceeds to purchase immediate annuity or deferred annuity from us at the then prevailing annuity rate. However, you will be given an option to purchase immediate annuity or deferred annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by Competent Authority , 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 immediate annuity or deferred annuity from us at the then prevailing annuity rate. However, you shall be given an option to purchase immediate annuity or deferred annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, stipulated by Competent Authority , 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 Clause 5 of Schedule I of IRDAI (Insurance Products) Regulations, 2024, as amended from time to time, such proceeds of the policy shall be paid to you or beneficiary as lump sum.
The maximum extended period will be up to age 70 years, subject to maximum policy term allowable under the product of 35 years. On extension of accumulation period or deferment of the vesting date, the entire proceeds will continue to be invested in the segregated funds as per the allocation chosen by the policy holder.

Death Benefit:

In case of an unfortunate event of death of the Life Assured while the policy is in force,
Higher of A or B is payable, where A & B are as given below:
A Fund Value as on the date of intimation of death claim Plus Terminal Addition& .
B 105% of the Total Premiums Paid^ up to the date of death.

^ Total Premiums Paid means total of all the premiums received under the base product including top-ups premium paid, if any.

&Terminal Addition is 1.5% of the Fund Value as on the date of intimation of death claim.
For more details on risk factors, terms and conditions of SBI Life - Retire Smart Plus, read the following documents carefully.
SBI Life – Retire Smart Plus
^All the references to age are age as on last birthday.

2Y/ver1/08/24/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 Plus 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. 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.