SBI Life Retire Smart Plan

SBI Life-Retire Smart Pension Plan is a non-participating unit linked Insurance plan without Bonus facility but it guarantees 101% of all premiums paid on vesting thus protecting your funds from market volatility. Retirement is the beginning of your new life, to make your retirement life colourful SBI Life Insurance introduced SBI Life Retire Smart pension Scheme.In SBI Life retire Smart Pension plan you can get the benefit of Surrender, Complete withdrawal or vesting / maturity in the form of annuity(a fixed sum of money paid to someone each year, for the rest of their life).

Key Features

  • Guaranteed Additions and Terminal Additions increase the Fund Value to give maximum returns
  • A minimum of 105% of all premiums paid is guaranteed on earlier death
  • Premiums can be paid regularly or for a limited term as per suitability

Benefits

  • Maturity benefit
On survival till the end of the policy tenure, the policyholder gets higher of Fund Value (including Terminal Addition), or 101% of all premiums paid.
  • Death benefit
Fund Value (including the Terminal Additions), or 105% of total premiums paid till death.
  • Income Tax benefit
Life Insurance premiums paid up to Rs. 1, 00,000 are allowed as a deduction from the taxable income each year under section 80CCC.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 30 70
POLICY TERM 10 35
AGE OF MATURITY 40 80
PREMIUM PAYEMENT TERM SAME AS POLICY TERM
PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

What if?

  • I am unable to pay on time
If the policy holder stops paying the premium before the first 5 policy years, the policy will be treated as it is treated in case of Surrender within 5 years.
  • I stop the payment
If the policyholder surrenders the policy before the completion of 5 policy years, the Fund Value net of discontinuation charge will be credited to the Discontinued Policy Pension Fund where it will stay for the remainder of the lock-in period earning a minimum guaranteed interest rate of 4%.
  • I wish to take a loan
Loan facility is not available in the plan.

Exclusions

  • If suicide is committed with 12 months of policy inception or revival, the Fund Value as on that date is payable.