SBI Life Retire Smart Plus

SBI Life Retire Smart Plus is a unit-linked pension plan offered by SBI Life Insurance. It is designed to help you accumulate a corpus for your retirement through investment in market-linked funds. SBI Retire Smart Plus is a suitable option if you are looking for a market-linked investment plan to build your retirement corpus and enjoy the flexibility to manage your investment strategy and access funds when needed.

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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
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What is SBI Life Retire Smart Plus?

SBI Life - Retire Smart Plus is an individual, unit-linked, non-participating pension savings product designed to help you financially prepare for your retirement. It allows you to build a retirement corpus through regular investments. SBI Life - Retire Smart Plus plan offers you the flexibility to choose from various fund options to align your investment strategy with your risk appetite. The accumulated amount is then used to provide you with a regular income stream in the form of annuities after retirement. This helps you maintain your desired lifestyle even after you stop working.

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Features of SBI Life Retire Smart Plus 

The features of the SBI Retire Smart Plus plan are: 

  • Maturity Benefit: This benefit provides a lump sum payout at the end of the policy term, helping you create the financial foundation for your golden years.

  • Diverse Fund Options: Choose from 7 different investment funds to match your risk appetite and financial goals.

  • Free Switches: Switch between funds strategically at no additional cost, allowing you to adapt your investment strategy as needed.

  • Partial Withdrawals: Meet unexpected financial emergencies through partial withdrawals from your accumulated funds, but only after the lock-in period.

  • Premium Payment Plans: Select the payment option that works best for you - pay a single premium, regular premiums throughout the policy term, or limited premiums for a set period.

  • Loyalty Additions (from the 15th year): Receive loyalty additions every year starting from the end of your 15th policy year, boosting your overall fund value.

  • Terminal Addition (1.5%): Get an additional 1.5% of your fund value as a terminal addition upon maturity, further increasing your retirement savings.

  • Increase Policy Term: Extend the policy term for single premium policies, allowing your investment to grow for a longer period.

  • Adjust Premium Payment: Increase the premium paying term or the entire policy term for regular and limited premium plans to suit your financial situation better.

  • Change Payment Term: Switch from a limited premium payment term to a regular premium payment term for long-term investment consistency.

  • Defer Vesting Date: Postpone the date you start receiving your retirement income to better align with your retirement plans.

Eligibility Criteria for the SBI Life Retire Smart Plus

Particulars  Minimum  Maximum
Age at Entry  20 years 60 years
Age at Maturity  30 years  70 years
Premium Payment Option Regular/Limited/Single Premium 
Premium Payment Term and Corresponding Policy Term
Premium Payment Option Premium Payment Term Policy Term (years) 
Single  One-time/single payment at the start of the policy 10 to 35 (both inclusive) 
Regular  Same as the policy term 
Limited  5 to 8 10 to 35
10 15 to 35
15 20 to 35
Premium Range
Premium Payment Option Minimum  Maximum 
Regular Premium  Yearly: ₹30,000 No Limit
Half Yearly: ₹15,000
Monthly: ₹3,000
Limited Premium  Yearly: ₹40,000
Half Yearly: ₹20,000
Monthly: ₹5,000
Single Premium  ₹1,00,000
Premium Frequency  Single/Yearly/Half-Yearly/Monthly 

Benefits of the SBI Life Retire Smart Plus

Here are the key benefits of the SBI Retire Smart Plus plan: 

  1. Death Benefit

    • Provides financial security for your loved ones in case of your unfortunate demise while the policy is active.

    • The nominee receives the higher amount between:

      • Fund value (accumulated units) + Terminal Addition (1.5% of fund value), or

      • 105% of total premiums paid (minus any partial withdrawals in the last 2 years)

    • Discontinuation within 5 years: Fund value is paid.

    • Discontinuation after 5 years: Fund value is paid if the revival option isn't exercised within 3 years.

  2. Maturity/Vesting Benefit

    • Receive a lump sum amount on policy maturity or vesting date (reaching the end of the policy term):

      • Fund value on maturity date + Terminal Addition (1.5% of maturity fund value)

  3. Flexible Usage of Maturity Corpus

    • Choose how you want to utilize the maturity benefit:

      • Purchase an Annuity (Income Option): Get regular income payments throughout your retirement. You can either buy an annuity from SBI Life or another insurer (up to 50% of the corpus).

      • Partial Commutation (Lump Sum): Withdraw up to 60% of the corpus as a lump sum and use the remaining amount to purchase an annuity.

      • Extend Accumulation Period (Deferment): Continue growing your corpus within the policy until you reach 60 years old (maximum extension).

  4. Tax Benefits

    • SBI Life Retire Smart Plus offers tax benefits under current Indian income tax regulations. However, these are subject to change.

  5. Additional Features

    • Investment Choice: Invest in different fund options based on your risk appetite.

    • Loyalty Additions: Get bonus additions to your fund value after the 15th policy year (subject to conditions).

    • Partial Withdrawals: Access your funds partially after the lock-in period in case of emergencies.

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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
Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

Policy Details of the SBI Life Retire Smart Plus

  • Switching: You have the flexibility to switch between different funds within the policy at any time during the policy term. The switch amount can be any percentage of the fund value, with a minimum switch amount of INR 5,000. There are no restrictions on the number of switches you can make.

  • Revival: If your policy is discontinued due to non-payment of premiums, you have a period of 3 consecutive policy years to revive it. The revival process includes restoring the risk cover and shifting the fund as per your chosen allocation. Loyalty additions are applicable upon revival.

  • Grace Period: The policy offers a grace period of 15 days for the monthly premium payment mode and 30 days for all other premium payment modes. If no premium is paid during this grace period, the policy will lapse.

  • Discontinuance of Policy: Discontinuance of the policy can occur during the lock-in period due to non-payment of premiums. Depending on the type of policy (regular or single premium), specific conditions apply for revival, surrender, or proceeds payment after the lock-in period.

  • Free Look Period: Upon receiving your policy document, you have a free look period of either 15 days (for policies sourced through non-distance marketing channels) or 30 days (for policies sourced through distance marketing or electronic means). During this period, you can review the policy terms and conditions. If you disagree with any terms, you have the option to return the policy for cancellation and receive a refund based on a specified formula.

  • Premium Redirection: Starting from the 2nd policy year onwards, you can redirect your premiums without any charges. This means you can alter the allocation percentages for future premiums by informing SBI Life in writing at least two weeks before the due date of the relevant premium. This redirection applies to all future premiums but does not affect existing units.

Exclusions Under the SBI Life Retire Smart Plus

If the life assured passes away due to suicide within 12 months from the policy's start or revival, the nominee or beneficiary will receive the fund's current value as of the death notification date. Additionally, any charges, except Fund Management Charges, collected after the death date will be returned to the fund value as of the death notification date.

FAQs

  • Is it possible to cancel my SBI Life Retire Smart Plus policy?

    You can choose to surrender the policy at any point during the lock-in period. Upon receiving your surrender request, the fund value minus applicable discontinuance charges will be transferred to the discontinued policy pension fund.
  • Are riders available for this product?

    No, riders are not available under this product.
  • How can I calculate returns on the SBI Life Retire Smart Plus plan?

    You can use the SBI Life Retire Smart Plus calculator to calculate your returns on investments.
  • Can I increase the Policy Term for Single Premium Policies?

    Yes, you have the option to increase the Policy Term for Single Premium Policies, subject to certain conditions:
    • The policy must be in force.

    • The increase in Policy Term becomes effective from the Policy Anniversary date, provided there is at least a 2 months notice prior to the maturity date and up to the maximum Policy Term available under the product.

    • Once increased, the Policy Term cannot be decreased.

    • The increase in Policy Term must comply with the product boundary limits approved by the IRDAI.

  • Is there an option to increase the Premium Paying Term and/or Policy Term for Regular and Limited Premium paying term?

    Yes, you can increase the Premium Paying Term and/or Policy Term for Regular and Limited Premium paying term, subject to these conditions:
    • The policy must be in force.

    • You can choose one of the following options:

      • Increase in the Policy term, with no change in Premium Payment Term.

      • Increase in Premium Payment Term, with no change in Policy Term.

      • Increase in both Policy Term and Premium Payment Term simultaneously.

    • The increase must be notified at least 2 months before the end of the original term.

    • Once increased, the terms cannot be decreased.

    • The increase in terms must comply with the product boundary limits approved by the IRDAI.

*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

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SBI Life Retire Smart Plus Reviews & Ratings

4.3 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Jyoti
Kolkata, October 10, 2016
Retirement policy
Services of sbi life insurance company is fantastic and on time too. I took pension policy plan from them for me and my family. Investment requirement is less and the returns are much more. Premium are low and the policy coverage is high. Claiming process is simple which can be done by anybody. Online facilities reduces the paperwork and load of wasting time in queue.
Prabhjot
Garifa, July 26, 2016
Trustworthy Plan
SBI pension plan is the insurance i have in low investment. Good service facilitate by sbi life insurance company members and executives. Plan can be online renewed by using easy few steps at website which can be operated by anybody.
Tanmay
Saidabad, July 26, 2016
Pension Scheme
My national pension scheme sbi is the best in market. Service is quick and benefits are many. Policy coverage is ~89% and claims are normal which can be easily sanctioned by the staff members. Easy renewal using online portal which can be operate by anyone. Very good insurance policy sbi life.
Harshit
Kiratpur, July 12, 2016
Pension Policy
My pension plan is very nice which secure my future. Policy covers maximum expenditures spent in future. The policy premium is less too and the claiming section is easy due to quick service facilitate by the members of company staff.
David
Ajmer, June 29, 2016
Good
The pension plan i have is good and the premium is low. Policy coverage is high and the claims are good. Service provided is fantastic facilitate by the company members. The internet service is easy to operate and everyone can easily access it.
Naveen
Varanasi, April 21, 2016
Fantastic
I own the sbi life insurance pension plans. The investment is low and the returns is huge. Policy coverage is high 96% and claims are even better. The service is awesome with very calm behaviour of executives and team. Good future investment and it saves taxes also.
Lovish
Udyapur, April 21, 2016
Perfect Plan
I have a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 92% and service is fast. Really good job guys, you policy is best, sbi life pension plans. Nice future investment which save taxes also.
Prashant
Kota, April 21, 2016
Super Policy
I found the best pension plan for old age with sbi life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 88% and return is ~Rs.39 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now.
Karan
Mussorie, April 21, 2016
Excellent Work
I got a very fine policy from sbi life insurance. Now, I'm tension free for future because of great pension policy plan. The coverage is good around 95%, service is great and fast too, even the claims are easily sanctioned because of the fine services provided by the executives and staff members. Great policy.
Raghav
Guwahati, April 21, 2016
Satisfactory
Recently took life insurance with sbi life insurance. Great retirement plans with low premiums and nice policy coverage ~93%. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
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