SBI Life Retire Smart Plan

SBI Life Retire Smart - Key Features

• This is a non-participating Unit Linked pension plan with Regular or Limited Premium payment options.
• 101% of premiums paid is guaranteed on Vesting thereby reducing the impact of market risk.
• Guaranteed Additions and Terminal Additions augment the Fund Value.
• The Vesting Age can be extended if the policyholder is aged 55 years or less.
• Investments are managed under the Advantage Plan, which manage investment risks and reduce the risk exposure as the plan nears Vesting.
• On vesting, the policyholder can:
• Below are the 3 funds are available for investment under the Advantage Plan:
  • Equity Pension Fund II
  • Bond Pension Fund II
  • Money Market Pension Fund II 

SBI Life Retire Smart - Benefits

• On Vesting, higher of the Fund Value plus Terminal Addition or 101% of the premiums paid will be payable. The benefit can be used to:
  • Purchase an Immediate Annuity Plan with the full amount or with the partial
  • Purchase a Single Premium Deferred Annuity Plan
  • Defer the Vesting Age (if aged less than 55 years)
• At the time of purchasing the annuity, up to 1/3rd of the corpus can be commuted.
• On death, higher of the Fund Value plus the Terminal Addition or 105% of the total premiums paid is payable.
• The death benefit can be withdrawn in lump sum or used to buy an annuity plan form the company.
• Terminal Additions @ 1.5% of the Fund Value will be paid on Vesting.
• Guaranteed Addition @ 10% of annual Premium is paid from the 15th policy year till the end of the term.
• Tax Benefits: All the premiums paid and claims that are received under the plan are eligible for tax deductions under the Income Tax Act as per section 80CCC and section 10(10D). 

SBI Life Retire Smart - Product Specification: 

Details about Premium

Annual Premium in Rupees and benefit illustration for a term of 20 years

SBI Life Retire Smart : Policy Details 

• Grace Period: On failure of payment of the premium for monthly payment modes, a grace period is allowed for 15 days within which the policyholder can pay his premium dues. On failure of payment of the premiums for other payment modes, a grace period is allowed for 30 days within which the policyholder can pay his premium dues. If the policyholder fails to pay his premiums even within the premium grace period, then the policy is subject to lapse. 
• Policy Termination or Surrender Benefit: The policyholder is allowed to surrender his policy after completing 5 policy years. If the policyholder surrenders his policy before completing 5 policy years, then the fund value net discontinued charges shall be credited to the discontinued policy fund where it shall grow at an annual rate of 4%. After the policy completes 5 policy years, the fund value in the discontinued policy fund as on the date shall be paid to the policyholder. If the policyholder surrenders his policy after completing 5 policy years, then the entire fund value as on the date of surrender is payable without any additional charges applicable. 
• Free Look Period: If the policyholder feels that he is not satisfied with any of the policy terms and conditions or the insurance coverage under the plan, the he is free to cancel his plan within 15 days of receiving the policy documents, given no claims have been done so far. 

Exclusions 

If the policyholder commits suicide within the first 12 months of the policy inception or even renewal, then the Fund Value as on the date is payable to the policy beneficiaries. 

Documents Required 

In order to be insured by this insurance plan the policy seeker has to submit a duly filled insurance application for or the policy proposal form along with accurate medical history reports and other important KYC documents. In some cases, while getting insured the policy seeker might also be required to submit his valid Income Proof based on the sum assured amount chosen and the age of the person.