SBI Life - Retire Smart: Reviews & Features - SBI Pension Plan

SBI Life - Retire Smart is a retirement pension plan which assists pensioners to save systematically and to make enough retirement corpus. It's a unit-linked plan that takes care of the fund accumulations of policyholder at maturity.

  • 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
+91
Secure
We don’t spam
Please wait. We Are Processing..
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
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

 

Minimum

Maximum

Age limit (Entry)

30

70

Maturity/Vesting age

40

80

Policy Term

10

35

Premium Range

For Regular Premium:

Monthly: Rs 2,500

Quarterly: Rs 7,500

Half-yearly: Rs 15,000

Yearly: Rs 24,000

 

For Limited Premium:

Monthly: Rs 5,000

Quarterly: Rs 10,000

Half-yearly: Rs 20,000

Yearly: Rs 40,000

No limit

Helpful Resources : Types of Annuity | Annuity Calculator

SBIPension Plan - Features:

  • The fund value of the policyholder is boosted through guaranteed additions of up to 210% of Yearly Premium.
  • A regular pay to the policyholder of Guaranteed Additions of 10% of Yearly Premium starting from the end of 15th policy year and at the end of every year thereafter till the end of the policy.
  • Terminal additions of 1.5% of Fund Value at vesting or maturity or on earlier death
  • Through 'Advantage Plan', SBI life will manage the investments of the policyholder. It guarantees a minimum of 101% of all premiums at maturity or vesting.
  • Minimum 105% of all the premiums paid in case of earlier death.
  • Options of regular and limited period premium are available.
  • Policyholder can postpone his vesting age.

SBIPension Plan  - Benefits: 

Maturity Benefit: The policyholder will receive the Fund value plus Terminal addition or 101% of total premiums paid. There are following options on Maturity/Vesting:

  • Purchasing immediate annuity from the entire policy proceeds
  • Purchasing a single premium deferred pension product from the entire policy proceeds
  • Purchasing immediate annuity with an option to commute up-to one third of the policy proceeds as per the current Income Tax rules.
  • Extension of the accumulation period. The maximum extended period will be up to 80 years of age.

Death benefit: Higher of the fund value plus terminal addition or 105% of total premiums that are paid till the time of death is payable. There are following options for beneficiary to use the death benefit amount:

  • Receive the entire proceeds as a lump sum amount
  • Purchase an annuity by utilizing the entire proceeds or part of it provided eligibility criteria of the approved immediate annuity product is met.

Tax Benefits: Paid premiums under the policy are eligible for tax deduction under section 80CCC of the Income Tax Act, 1961. On discontinuing the policy or on vesting, the policyholder can commute upto one third of the policy proceeds as per the Income Tax Act.  

*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
~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
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 0 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
Best Mutual Funds for Retirement

21 Sep 2023

Planning for a secure and comfortable retirement is a financial
Read more
Mahila Samman Savings Certificate (MSSC)

04 Sep 2023

The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
Read more
Single-Premium Pension Plan

28 Aug 2023

Single-Premium Pension Plan is a type of pension plan in which
Read more
Inflation Impact on Pension

12 Jul 2023

Inflation is an economic process that affects various aspects of
Read more
NPS Contribution

11 Jul 2023

Contribution refers to the funds deposited by individuals or
Read more
NPS Calculator 2023
The NPS calculator helps you calculate the pension, lump sum, or annuity amount that you will receive (as a
Read more
How to Get a 50K Pension Per Month?
Retirement planning should form an essential part of your financial decision-making. As we grow older, job
Read more
Post Office NPS Calculator 2023
National Pension System is a scheme launched by the Government of India that offers stability to all Indian
Read more
NPS Calculator for Government Employees
National Pension Scheme or National Pension System (NPS) is launched by the Government of India for all its
Read more
National Pension Scheme (NPS) – Govt Approved Pension Scheme
National Pension Scheme or NPS scheme is an investment cum pension plan launched by the Indian Government. This
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL