SBI Life Retire Smart Plan

SBI Life Retire Smart is a Unit Linked pure Pension plan which provides increased annuity payouts through participation in capital markets thus taking care of retirement needs.

  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
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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 
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Invest ₹10K/Month YOU GET ₹1.5 LAKHS* MONTHLY PENSION View Plans
Invest ₹7K/Month YOU GET ₹1 LAKHS* MONTHLY PENSION View Plans
standard T&C Apply *

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  • The death benefit can be withdrawn in lump sum or used to buy an annuity plan form the company.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: 




Entry Age (Last Birthday)

30 years

70 years

Vesting Age (Last Birthday)

40 years

80 years

Policy term (in years)



Premium Paying Term (in years)



Premium paying frequency

Annual, half-yearly, quarterly, monthly


Regular pay:

Yearly – 24,000

Half-yearly – 15,000

Quarterly – 7500

Monthly – 2500

Single Pay:

Yearly – 40,000

Half-yearly – 20,000

Quarterly – 10,000

Monthly - 5000

No limit

Sum Assured


No limit

Details about Premium

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


50 years

60 years


20 years

20 years




Fund Value on Vesting @ 4%



Fund Value on Vesting @ 8%



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. 


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 SBI life 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. 

You may also like to read: SBI Life Pension Plans


  • Q.What are the provisions for nomination under the plan?

    Ans: This plan allows nominations under itself under section 39 of the Insurance Act, 1938 as per the changes from time to time. 
  • Q.What are the provisions for assignment under the plan?

    Ans: This plan does not allow the policyholder to appoint any ‘Assignee’ under the plan options. 
  • Q.What are the premium allocation charges under the plan?

    Ans: The premium allocation charges shall be deducted from the premiums at the time of their payment, before the allocation of units every time a premium amount is received, and shall be as follows:
    • On the first policy year, the premium allocation charges shall be 5.75% of the premium amounts.
    • On the second policy year, the premium allocation charges shall be 4.25% of the premium amounts.
    • On the third to tenth policy year, the premium allocation charges shall be 4.00% of the premium amounts.
    • From the eleventh year onwards, the premium allocation charges shall be 2.50% of the premium amounts 
  • Q.  What are the policy administration charges under the plan?

    Ans: The policy administration charges shall be as mentioned below, which will be charged for the complete policy term. The policy administration shall be recovered by cancelling the units at the current unit price on the first of every month.
    • On the policy years from1 to 5, the policy administration charges shall be Rs 45 per month
    • From the 6th policy year onward, the policy administration charges shall be Rs 70 per month.

*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
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