SBI Life Retire Smart Plan Review, Benefits, Eligibility and more: While it is important to live in the present and enjoy it to the fullest, it is equally important to plan for the future and save for it. SBI Life also offers a variety of pension and retirement plans to its customers. One of these is SBI Life Retire Smart Plan , which takes care of your retirement needs. Let us know in detail about this plan.
What is SBI Life Retire Smart Plan?
SBI Life Retire Smart Plan is an individual, unit linked, non participating, pension saving plan. With this plan you can secure the golden years of your life by building a retirement corpus with systematic investments during your earning years. Provides enhanced annuity payouts through capital market participation thus taking care of your retirement needs.
SBI Life Retire Smart Plan Eligibility Criteria
| Name of Insurance: | SBI Life Retire Smart Plan |
| Entry Age: | Minimum:- 30 Years Maximum:- 70 Years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.1,00,000 Maximum:- No limit (Subject to Board approval) |
| Premium Paying Term: | Single Premium: One time at the time of purchase Regular Premium: Equal to the policy term Limited Premium: 5/8 years for 10 to 14 years 5/8/10/15 years for 15 to 35 years |
| Policy Term: | Single Premium: 10 to 35 years Regular Premium: 10 to 35 years Limited Premium: 10 to 14 years 15 to 35 years |
| Maturity/Vesting Age: | 80 years |
| Official website: | www.sbilife.co.in |
Features of SBI Life Retire Smart Plan
Key features of SBI Life Retire Smart Plan are as follows:
- It is a non participating unit linked pension plan with regular or limited premium payment options.
- Guaranteed Additions and Terminal Additions enhance the fund value to generate maximum returns.
- If the age of the insured is 55 years or less, then the vesting age can be increased.
- Your fund value is enhanced through guaranteed additions of up to 210% of the annualized premium.
- No need to worry about your investments, as it is managed on your behalf by SBI Life through ‘Advantage Plans’.
- The Advantage plan guarantees a minimum of 101% of the total premiums paid at maturity/vesting.
- Guarantees a minimum of 105% of the total premiums received till the date of death.
Benefits of SBI Life Retire Smart Plan
Death Benefit
In case of death of the insured within the policy term, the death benefit is paid to his beneficiary/nominee. Higher of 105% of the Fund Value plus Terminal Additions or total premiums paid till the time of death will be the death benefit payable.
The beneficiary can access the benefit received in the following ways:
- The entire benefit can be received in lump sum.
- With the profit amount, you can buy an immediate annuity plan from the company.
Maturity/Vesting Benefit
On completion of the policy term the Life Assured shall be paid Terminal Additions of 1.5% of the Fund Value plus Maturity/Vesting Fund Value as on the date of Maturity/Vesting or higher of 101% of the total premiums paid.
Tex Benefits
All premiums paid and claims received under the plan are eligible for tax deduction under Section 80C and Section 10(10D) of the Income Tax Act.
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
This plan comes with a lock-in period of 5 years. In case you choose to surrender with a lock-in period, the funds are transferred to the Discontinuation Policy Fund and paid after 5 years of tenure. However, if you surrender the plan after five years and get the surrender value, you will get the fund value immediately.
Free look period
The policyholder gets a free look period of 30 days if the policy is purchased through online channels (Digital Marketing and Electronic Policies) and 15 days if purchased through any other channel. Within this free look period, if the insured is not satisfied with the terms and conditions of the policy, the insured can return the policy to the company for the purpose of cancellation.
The Bottom Line:
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