SBI Life Retire Smart Plan

SBI Life - Retire Smart is a unit-linked pension savings product for building a retirement fund. It combines investment and insurance benefits by investing premiums in funds of your choice, potentially growing your wealth. It also includes a life insurance cover for financial protection in case of death.

Read more
  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

In-built life cover
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

What is SBI Life Retire Smart?

SBI Life - Retire Smart is an individual, unit-linked, non-participating pension savings product designed to help you build a retirement corpus. This plan offers a combination of investment and insurance benefits. It invests your premiums in units of various funds chosen by you, allowing you to grow your wealth over the long term. SBI Life Retire Smart also provides life insurance coverage, offering financial protection to your loved ones in case of your unfortunate demise.

Pension Calculator
Pension Calculator
How much do you need to save for retirement?
₹ 20,000
₹ 25,000
₹ 30,000
Monthly Expenses in 2024
Edit Done
Your expense go up every year by
Today 2024 Your expenses today in 2023, at the age of 34 Yrs
Your expenses in 2043, at the age of 55 Yrs
For a monthly pension of ₹77,300
you need to invest
₹14,300/month
Calculated as per past performance of 15%
View Plan Recalculate?

What are the Features of SBI Life Retire Smart?

The features of SBI Retire Smart are: 

  • Build your retirement corpus: Get a lump sum payout at maturity to fund your retirement dreams.

  • Invest your way: Choose from 7 different investment options (funds) that suit your risk appetite. You can switch between funds anytime, for free.

  • Access your money: You can make partial withdrawals after the lock-in period.

  • Pay your way: Choose how you want to pay your premiums: pay a single lump sum, regular payments throughout the policy term, or limited payments over a shorter period.

SBI Life Retire Smart Eligibility Criteria

Details  Minimum Maximum
Entry Age (Last Birthday) 30 years 70 years
Age at
Maturity/Vesting
70 years 
Plan Type  Regular Premium/Limited Premium/Single Premium
Premium Payment
Term (PPT) and
Corresponding
Policy Term (PT)

Plan Type Premium Payment Term (Years) Policy Term (Years)
Single Premium One-time payment at policy inception 10 to 35
(both inclusive)
Regular Premium Same as the policy term
Limited Premium
Payment Term (LPPT)
5/8 10 to 14 (both inclusive)
5/8/10/15 15 to 35 (both inclusive)
Premium Range
Plan Type Minimum  Maximum 
Regular Premium  Yearly: ₹24,000
Half Yearly: ₹ 15,000
Quarterly: ₹7,500
Monthly: ₹2,500
No Limit
Limited Premium Payment Yearly: ₹40,000
Half Yearly: ₹20,000
Quarterly: ₹10,000
Monthly: ₹5,000
Single Premium  ₹1,00,000
Premium Frequency Single/Yearly/Half-yearly/Quarterly/Monthly

What are the Benefits of SBI Life Retire Smart?

Below are the benefits of SBI Retire Smart:

  1. Security and Financial Freedom:

    • Guaranteed Maturity Benefit: Receive at least 101% of your total premiums paid on maturity, protecting you from market fluctuations.

    • Enhanced Corpus: Grow your retirement savings with potential market-linked returns.

    • Death Benefit: Your family receives a payout in case of your unfortunate demise.

  2. Flexibility:

    • Choose Your Payment Term: Opt for a single premium, regular payments, or limited payments.

    • Adjust Your Policy: Extend your policy term, adjust your premium payment term, or defer your vesting date for greater control.

    • Annuity Options: Utilize your retirement corpus to purchase an annuity for a steady income stream.

  3. Reliability:

    • Loyalty Additions: Get bonus additions to your fund value starting from the 15th policy year.

    • Terminal Addition: Receive an additional 1.5% of your fund value on maturity or vesting.

    Maturity/Vesting Benefits:

    • Upon policy maturity, receive the higher of your fund value with a terminal addition or 101% of your total premiums.

    • Choose to use the proceeds for an immediate or deferred annuity or partially withdraw funds.

  4. Death Benefit:

    • Your beneficiary receives the higher of your fund value with a terminal addition or 105% of your total premiums paid.

Invest More Get More
Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

SBI Life Retire Smart: Policy Details

  • Free Look Period: You have 15 days (for non-Distance Marketing and electronic policies) or 30 days (for Distance Marketing and electronic policies) from receiving the policy document to review its terms. If you disagree with any terms, you can return the policy with reasons, and you'll receive a refund based on the formula provided.

  • Grace Period: You get 15 days for monthly payments and 30 days for other modes after the due date to pay premiums without policy lapse.

  • Discontinuance of Policy: This occurs due to surrender or non-payment of premiums before the grace period ends. If a policy discontinues during the lock-in period, the fund value (after deducting charges) goes into a discontinued policy pension fund, and you have a 3-year revival window. After this, if not revived, proceeds will be paid at the end of the revival or lock-in period, whichever is later.

  • Surrender: You can surrender the policy anytime. If surrendered within the first 5 years, the fund value (net of discontinuance charges) goes into a discontinued policy pension fund. If after 5 years, the fund value is payable directly. Surrender value is credited on the first working day of the 6th policy year.

  • Revival: You have a 3-year revival period after the first unpaid premium. During the lock-in period revival, the policy resumes with the fund shifted according to the Advantage Plan. After lock-in, revival includes collecting unpaid premiums without interest, deducting applicable charges, and adding back previously deducted discontinuance charges.

Exclusions Under the SBI Life Retire Smart Plan

If the life assured passes away due to suicide within 12 months from the policy's start or from revival, the nominee or beneficiary will receive the fund value at the time of death notification. Additionally, any charges beyond Fund Management and Guarantee Charges incurred after the death will be included back into the fund value at the time of death notification.

Is SBI Life Retire Smart Good Or Bad?

SBI Life Retire Smart has both advantages and disadvantages, so it depends on your individual needs and risk tolerance.  Below are the reasons why SBI Life Smart Retirement Plan can be a good choice for you: 

  • It offers the combined benefit of growing your retirement corpus through market-linked investments and providing life cover.

  • You can choose how you pay premiums (regular, limited, or single) and invest in various funds based on your risk appetite.

  • You can potentially avail tax deductions on premiums paid under sections 80CCC and 10(10D) of the Income Tax Act (subject to change).

  • Even if the market performs poorly, you'll receive at least 101% of premiums paid on maturity.

SBI Life Retire Smart can be a good option for those seeking a disciplined, long-term approach to retirement planning with the benefit of life insurance. However, carefully consider the market risks and associated charges.

FAQs

  • What are the options available upon maturity/vesting?

    You can choose to utilize the entire proceeds to purchase the annuity from SBI Life at the prevailing rate or from another insurer for up to 50% of the policy proceeds after commutation.

    Alternatively, you can commute up to 60% of the proceeds and use the remaining amount to purchase an annuity, with the same option to choose an insurer for up to 50% of the remaining proceeds.

    There's also an option to extend the accumulation period or deferment period if you're below 60 years old, maintaining the same policy terms.

  • How to calculate returns on the SBI Life Retire Smart plan?

    To calculate returns on the SBI Life Retire Smart Return plan, you can use the SBI Life Retire Smart Calculator available on their website. This calculator is a convenient tool that helps you estimate the potential returns and benefits of the Retire Smart plan based on your investment amount, chosen funds, and investment duration.
  • What happens if the policy proceeds are insufficient for the minimum annuity purchase?

    If the proceeds are not enough to meet the minimum annuity defined by IRDAI regulations, the remaining amount will be paid out as a lump sum to you or your beneficiary.
  • What is the annuity amount provided by SBI Life's annuity product?

    The annuity amount is determined based on the terms and rates available at the time of vesting of the pension policy.
  • When do I need to choose an annuity option?

    You are required to choose an annuity option at the time of purchasing the pension policy.
  • Can I change my annuity option after purchasing the pension policy?

    Yes, you can change your annuity option up to 90 days before the vesting of the policy.
  • What documentation is required to change the annuity option?

    You would need to provide the necessary documentation, including a fresh proposal form, as required when changing the annuity option.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Insurers Offering Pension Plans

Tata AIA

Max Life

Bajaj Allianz

SBI Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

Aditya Birla Sun Life

Aviva

Ageas Federal

Bandhan Life

Canara HSBC

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
Divyang Pension Yojana

01 Jul 2024

The Divyang Pension Scheme (DPS) is a government initiative in
Read more
Aasara Pension

01 Jul 2024

Aasara Pension is a social welfare scheme by the Government of
Read more
Atal Pension Yojana Statement

25 Jun 2024

Atal Pension Yojana is a government-backed pension scheme aimed
Read more
Madhubabu Pension Scheme

24 Jun 2024

The Madhubabu Pension Scheme is a social welfare initiative by
Read more
e-Pension

20 Jun 2024

e-Pension refers to an electronic pension management system
Read more
SBI Annuity Deposit Scheme Calculator 2024
  • 08 Jun 2021
  • 21793
SBI Annuity Deposit Scheme Calculator 2024 is an online tool that helps you figure out your fixed annuity
Read more
Top 15 Pension Plans in India
  • 14 Feb 2023
  • 6734
The Pension Plan, also known as a Retirement Plan is the best investment instrument allowing individuals to build
Read more
Sevarth Mahakosh
  • 24 May 2023
  • 10214
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
Vridha Pension
  • 23 Feb 2023
  • 4749
Vridha Pension is a social welfare initiative implemented by the Uttar Pradesh government in India. It aims to
Read more
NPS Calculator for Government Employees
  • 09 Dec 2021
  • 15265
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more

SBI Life Retire Smart Plan Reviews & Ratings

/ 5 (Based on 23 Reviews)
(Showing Newest 10 reviews)
Sumit
Rajasthan, July 22, 2024
Incredibly Easy
PolicyBazaar website made it incredibly easy to understand the different types of insurance and what each policy offered.
Mana
Maharashtra, July 22, 2024
Very Impressed With Impressed
I brougtht a term plan from the Policybazaar website and what impressed me most was the transparency and the detailed information of available at the platform.
Kabir
Maharashtra, July 22, 2024
Perfect and Simple
Found a perfect and simple plan from Kotak Life on Policybazaar. The detailed comparison made it easy to decide.
Adnan
Maharashtra, July 22, 2024
Detailed and Reliable
Policybazaar truly offers some of the most affordable premiums on term insurance plans online.
Shafibul
Andhra Pradesh, July 22, 2024
Affordable and Comprehensive
With HDFC Lifes C2P Super Term Insurance, I found an affordable and comprehensive solution to safeguard my family. As a single mother, its crucial to have high sum assured at an affordable premium. HDFC Life delivered exactly what I needed.
Akkash
Uttar Pradesh, July 22, 2024
Comprehensive and Trustworthy
Choosing HDFC Lifes Click 2 Protect Super was the best decision. The comprehensive coverage, including disability and disease protection, made it a trustworthy choice.
Yognder
Uttar Pradesh, July 22, 2024
Easy Application Process
Aegon iTerm Prime Term Plan had an easy application process, and the support team was very helpful. Now I feel my familys future is secure.
Gulab
West Bengal, July 22, 2024
Perfect for Growing Families
As our family grows, Aditya Birla term plan provided the extensive coverage we needed. The additional benefits like accidental death cover were very reassuring.
Rajiv
Gujarat, July 22, 2024
Easy Comparison
The comparison tool is very effective and easy to use at PB.
Raghunath
Rajasthan, July 22, 2024
User Friendly and Affordable
PNB MetLifes Online Term Plan was user-friendly and offered affordable premiums. It was the perfect choice for someone like me, balancing multiple financial responsibilities.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL