Buy SBI Life Retire Smart Plan - Secure Your Future

SBI Life Retire Smart is a unit-linked, non-participating pension plan that offers life insurance coverage and allows individuals to invest in different funds with various risk-return scenarios. 

Eligibility Criteria

Key Features of SBI Life Retire Smart Plan

• Diverse Fund Options: Policyholders have the flexibility to choose from 3 diverse fund options as per their risk appetite. 
• Corpus Creation For Retirement: Everyone wants a certain amount of money for their retirement so they can enjoy that time without any worries. SBI Life Retire Smart Plan helps you with the same. Invest and create a corpus through maturity benefit.
• Pay as You Want: Investors have the option to choose from Single premium, Regular premium, or for a limited period. 
• Get The Benefit of an “Advantage Plan”: The plan guarantees a minimum of 101% of total premiums paid at maturity/vesting. 

Key Benefits of the SBI Life Retire Smart Plan

1. Death Benefit

In the unfortunate scenario of the policyholder's death, while the policy is active, the nominee or beneficiary will receive the greater of:

1. The Fund Value at the time of claim notification plus 1.5% of the Fund Value as a Terminal Addition 

OR

2. 105% of the total premiums paid up to the date of death.

Now, there are different ways a nominee or beneficiary can choose to avail the death benefit. 

• Get the entire amount as a lump sum

OR

• Use the amount to buy an annuity (a regular income) from SBI Life Insurance Company Limited. They can also buy an annuity from another insurer for up to 50% of the policy proceeds, as allowed by the IRDAI. If the policy amount is too low to buy the minimum required annuity, the amount will be paid as a lump sum.

Once the death benefit is paid, no more benefits will be given, and the policy will end.

2. Maturity/Vesting Benefit

Upon the completion of the policy term, the policyholder will receive the greater of:

1. The Fund Value at the time of maturity/vesting plus 1.5% of the Fund Value as a Terminal Addition

OR

2. 101% of the total premiums paid.

Here are some of the ways to make the most of the maturity benefits. 

• Use the entire amount to buy an annuity from SBI Life Insurance Company Limited or from another insurer for up to 50% of the policy proceeds. 

OR

• Take up to 60% of the amount as a lump sum and use the rest money to buy an annuity from SBI Life Insurance Company Limited.

OR

• Extend the policy term or delay the maturity date if you are under 60 years old, under the same terms and conditions as the original policy.

Investment Funds under the SBI Life Retire Smart Plan

Below are the details of available funds under the SBI Life Retire Smart plan. 

1. Equity Pension Fund II
2. Bond Pension Fund II
3. Money Market Pension Fund II

Charges for the SBI Life Retire Smart Plan

Illustration of SBI Life Retire Smart Plan

Mr. Sharma has chosen the SBI Life Retire Smart policy. Here are his basic details.  

Maturity Benefit (Lumpsum)

Death Benefit (Lumpsum)

In case of Mr. Sharma’s unfortunate death at the end of the 18th policy year, the death benefit, based on the assumed investment returns, will be: 

Disclaimer: The above figures and assumed rates of returns @4% and @8% p.a. are illustrative and are subject to market risks. 

Exclusions

• If the policyholder dies by suicide within 12 months of starting or reviving the policy, the nominee or beneficiary will get the Fund Value on the date the death is reported. 
• Switching, Re-direction, and Partial withdrawals are not allowed under this plan.

Premium Chart

How to Buy SBI Life Retire Smart Policy From InsuranceDekho? 

You can buy the SBI Life Retire Smart Policy from InsuranceDekho in a few simple steps. 

Step 1) Visit our official website and start the process by clicking on "Insurance" > "Life Insurance."

Step 2) Enter all the personal information and click on the “View Plans for Free” button. 

Step 3) Browse through the list of plans and choose the “SBI Life Retire Smart Policy.” As already said above, different plans are available under this policy. So, plan and decide the age and amount of money you wish to invest. 

Step 4) Next, you’ll be asked to provide details about your education, occupation, and annual income. You can also review the premium amount on the same screen. Then, click on the “Next Step” button. 

Step 5) If the premium amount is correct, you can click on the "Accept and Pay" button to complete the procedure. 

Step 6) In some cases, you may need to undergo a medical evaluation as part of the policy approval process. After successful evaluation, the policy will be issued, and you will receive final confirmation on the given email ID or mobile number. 

Need help choosing the right plan? Reach out to our dedicated relationship manager at +91-7551196989 for comprehensive support.

Frequently Asked Questions (FAQs)

Ques 1. How many fund options are available under the SBI Life Retire Smart plan? 

Ans. 3 fund options, i.e., Equity Pension Fund II, Bond Pension Fund II, and Money Market Pension Fund II, are available under the plan. You can choose the one as per your risk appetite. 

Ques 2. What are the Free Look Period and Grace Period of the policy? 

Ans. The company offers a 15-day free look period to allow investors to review the terms and conditions of the policy. 

Talking about the Grace Period, it’s 15 days for the monthly mode and 30 days for all other modes. 

Ques 3. Is it possible to change the annuity option after purchasing the policy? 

Ans. Yes, you can change the annuity option up to 90 days before the vesting.

Ques 4. What are the maturity/vesting options available under the SBI Life Retire Smart plan?

Ans. The maturity/vesting options under SBI life retire smart plan are mentioned below:

• Use the entire amount to buy an annuity from SBI Life or from another insurer for up to 50% of the policy proceeds. 
• If you are below 60 years old, you can choose to extend the accumulation period or change the vesting date.
• Take 60% of the amount as a lump sum and use the rest proceeds to buy an annuity. 

Ques 5. How is the annuity amount decided? 

Ans. The annuity amount is decided according to the terms and rates available at the time of the vesting of the pension policy.