SBI Life Retire Smart Plan
SBI Life Retire Smart Plan is an Individual, Unit-linked, non-participating pension saving product. This pension insurance plan has been brought for such people who want an insurance cover after retirement.
In this plan, you get an opportunity to build a retirement corpus through market-linked returns. It gives you the option of receiving guaranteed maturity benefits by protecting your investments from market fluctuations under “Advantage Plan”.
SBI Life Retire Smart Plan promises to provide up to a maximum of 210% of the annualized premium as a guaranteed addition to your fund value.
Features Of SBI Life Retire Smart Plan
Features of SBI Life Retire Smart Plan are as follows-
- Your fund value is enhanced through guaranteed additions of up to 210% of the annualized premium in SBI Life Retire Smart Plan.
- Guaranteed Additions in SBI Life Retire Smart Plan are paid regularly for a policy term of 15 years or more. Payment of Guaranteed Additions starts from the end of the 15th policy year and thereafter at the end of every year till the end of the policy term.
- SBI Life Retire Smart Plan offers a Terminal Addition of 1.5% of the Fund Value on maturity or death during the policy term.
- Your investments in SBI Life Retire Smart Plan are managed on your behalf by SBI Life through ‘Advantage Plans’.
- The ‘Advantage Plan’ of SBI Life Retire Smart Plan guarantees a minimum return of 101% of the total premiums paid on maturity.
- Guarantees payment of a minimum of 105% of the total premiums received till the date of death in case of death.
- SBI Life Retire Smart Plan gives you the option of paying single premium, regular premiums for a limited period of time.
Benefits Of SBI Life Retire Smart Plan
- Maturity Benefit:
In SBI Life Retire Smart Plan, maturity benefit is provided to the life assured after the completion of the policy term.
In this the plan pays 1.5% of the Fund Value + Maturity/Vesting Fund Value as Terminal Addition or 101% of the total premiums paid as Maturity Benefit.
- Death Benefit:
In case of accidental death of the life assured during the policy term in SBI Life Retire Smart plan, the death benefit is provided to the nominee. In this plan, you are provided with the death benefit of Fund Value + 1.5% of the Fund Value as Terminal Addition or 105% of the total premiums received till the date of death. - Tax Benefits:
You can also avail tax benefits in SBI Life Retire Smart Plan. In this, you are entitled to tax benefits on the premiums paid and maturity benefits received. You are eligible for tax benefit under Section 80C of the Income Tax Act 1961 on the premium paid for this plan and under Section 10 (10D) of the Income Tax Act 1961 on the maturity benefit received.
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SBI Life Retire Smart Plan Eligibility
| Age at Entry | Minimum: 30 years Maximum: 70 years |
| Age at Maturity/Vesting | 80 years |
| Plan Type | Regular Premium / Limited Premium / Single Premium |
| Policy Term (Years) | 10 to 35 (both inclusive) |
Documents Required For SBI Life Retire Smart Plan
The documents required for SBI Life Retire Smart Plan are as follows-
- application
- identity proof
- address proof
- age proof
- Income ratio
SBI Life Retire Smart Plan Premium
SBI Life Retire Smart Plan Premium is as follows-
| Plan Type | Regular Premium / Limited Premium / Single Premium |
| Premium Payment Term (PPT) and Corresponding Policy Term (PT) | Single Premium- One-time payment at policy inception Regular Premium- Same as policy term Limited Premium Payment Term (LPPT)- 5/8/10/15 |
| Premium Range (in multiples of 100) | Minimum Regular Premium- Yearly: 24,000 Half Yearly: 15,000 Quarterly: 7,500 Monthly: 2,500 Limited Premium Payment- Yearly: 40,000 Half Yearly: 20,000 Quarterly: 10,000 Monthly: 5,000 Single Premium- 1,00,000 Maximum- No Limit |
| Premium Frequency | Single/Yearly/Half-yearly/Quarterly/Monthly |
How To Buy SBI Life Retire Smart Plan
If you are planning to buy SBI Life Retire Smart Plan keeping your retirement in mind, then you can easily buy it online and offline as per your convenience.
If you want to buy it through online medium, then for this you have to visit the official website of SBI Life and buy this insurance plan by following some easy steps.
If you do not feel comfortable buying through the online medium, then you can buy the SBI Life Retire Smart plan through offline as well. You can buy this insurance plan through insurance agents as an offline medium or you can easily buy SBI Life Retire Smart Plan by visiting your nearest SBI branch.