• SBI Life - Retire Smart Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    A unit linked non-participating pension plan offering life insurance coverage and options to invest in different funds with various risk-return scenarios. Along with the life cover provided by the plan, multiple fund options under this policy can steadily add to the growth of investment. This plan comes with regular and limited premium payment options and is meant for people who wish to build a corpus through investing their savings in a policy that offers a mix of various funds.

    Eligibility Conditions for SBI Life Retire Smart Plan

    The eligibility conditions for availing this policy can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Entry Age

    30 years

    70 years

    Maturity Age Life Option

    40 years

    80 years

    Key Features of SBI Life Retire Smart Plan

    This plan is meant for securing a post retirement corpus and has the following salient features -

    Parameters

    Details

    Plan Type

    Unit-linked non-participating pension plan

    Basis

    Individual policy

    Policy Term

    10 years and 15 to 30 years

    Policy Validity

    Will be for the chosen policy term in case all premiums have been paid

    Basic Sum Assured

    Depends on the premium payable

    Coverage

    Maturity/Vesting Benefit = Greater of Fund Value plus Terminal Addition or 101% of all premiums paid

    Death Benefit = Greater of Fund Value plus Terminal Addition or 105% of the premiums paid till the date of death

    Surrender Benefit = Fund value

    Deferred Vesting Benefit = Greater of Fund Value plus Terminal Addition or 101% of all premiums paid

    Free look Period

    30 days in case of online purchase. 15 days otherwise

    Grace Period and Notice Period

    30 days for annual payment mode, post which within the next 15 days, SBI Life will send a notice to revive the policy. 30 days from date of receipt of notice is the notice period.

    Fund Choice Selection

    Under the plan, premiums paid would be switched automatically within different funds as per the years left to the maturity of the plan

    Settlement Option

    Allows the Maturity Benefit to be availed in one of three available options -

    • Annuity plan from the policy proceeds

    • Single premium deferred pension product from policy proceeds

    • One third of proceeds commuted under an immediate annuity purchase

    Nomination and Assignment

    Nomination facility available

    Reinstatement or revival

    Policy, if not surrendered, can be revived within two years from the date of last unpaid premium

    Benefits and Advantages of Retire Smart Plan

    This plan from SBI Life utilizes different investment funds to aid in the growth of wealth and can be opted for by anyone aiming to achieve greater returns on long term savings. Life insurance provided by this policy throughout the policy term is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

    1. Life cover is present throughout the policy term

    2. Two long term policy options for an investment portfolio with variable risk and returns

    3. Applicable tax benefits can be availed as per Section 80CCC, 10(10A) and 10(10D) of the Income Tax Act

    4. Multiple fund options under a single plan and automatic switching reduces hassles of fund management

    The key benefits under this policy can be explained as below -

    1. Maturity Benefit - Paid once the policy reaches the maturity age, after the completion of the policy term, this amount can be paid to the policyholder or nominee. This amount includes a sum that is greater of fund value plus terminal addition or 101% of the premiums paid

    2. Death Benefit - In case of the death of the insured life, Death Benefit will be payable to the nominee. This sum includes the greater of fund value plus terminal addition or 105% of all premiums paid till the date of demise of the life insured

    3. Surrender Benefit - Policy has a lock-in period of 5 years. If surrendered within the lock-in period, funds move to Discontinuance Policy Fund and get paid after 5 years are complete. In case surrender is done after 5 years, fund value is paid out immediately

    4. Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Section 80CCC and the received benefits can fall under Section 10(10A) and 10(10D). Though these benefits are dependent on the prevailing tax laws

    Investment of Funds under SBI Life Retire Smart Policy

    This unit-linked plan from SBI Life comes with three active funds that offer a variable mix of risk and return and one discontinued policy fund. The premiums paid are used over all of the fund options and switched as per the years remaining to the maturity/vesting of the policy.

    Fund allocation details throughout the policy term can be mentioned as follows -

    Years to Maturity

    Fund Allocation (in percentages)

    Equity Pension Fund II

    Bond Pension Fund II

    Money Market Pension Fund II

    0-5 years

    0-30

    40-100

    0-60

    6-10 years

    10-40

    35-90

    0-55

    11-15 years

    30-50

    30-70

    0-40

    16 years and above

    40-75

    10-60

    0-35

    The details about the available funds have been mentioned in the table below -

    Fund Name

    Asset Categories

    Risk and Return Rating

    Equity

    Debt

    Money Market

    Govt. Securities

    Fund Ratios

    Equity Pension Fund II

    80-100%

    N/A

    N/A

    N/A

    High

    Bond Pension Fund II

    N/A

    60-100%

    0-40%

    N/A

    Low to Moderate

    Money Market Pension Fund II

    N/A

    0-20%

    80-100%

    N/A

    Low

    Discontinued Policy Pension Fund

    N/A

    N/A

    0-40%

    60-100%

    Low

    Charges in SBI Retire Smart Policy

    Being an insurance plan that relies on various funds to generate wealth on the investment made, the policy entails charges on quite a few aspects of itself. The applicable charges on this policy are as follows -

    Charge

    Particulars

    Premium Allocation Charge

    Charges are as follows -

    1. Year 1 - 5.75% of premium

    2. Year 2 - 4.25% of premium

    3. Years 3-10 - 4.00% of premium

    4. Year 11 onwards - 2.50% of premium

    Fund Management Charge

    Charges based annually and charged daily can be outlined as follows -

    1. Equity Pension Fund II - 1.35% per annum

    2. Bond Pension Fund II - 1.00% per annum

    3. Money Market Pension Fund II - 0.25% per annum

    4. Discontinued Policy Pension Fund - 0.50% per annum

    Policy Administration Charge

    INR 45 per month for Years 1-5, INR 70 per month for Year 6 onwards

    Guarantee Charge

    0.25% per annum charged daily on the fund value

    Miscellaneous Charges

    Rs. 100 for policy alteration

    Policy Discontinuance Charge (calculated on Annualised Premium (AP) or Fund Value (FV) and for the first four years only, zero from fifth year onwards)

    Year of Policy

    Premium <= INR 25000

    Premium > INR 25000

    Year 1

    Lower of 20% of AP or FV <= Rs. 3000

    Lower of 6% of AP or FV <= Rs. 6000

    Year 2

    Lower of 15% of AP or FV <= Rs. 2000

    Lower of 4% of AP or FV <= Rs. 5000

    Year 3

    Lower of 10% of AP or FV <= Rs. 1500

    Lower of 3% of AP or FV <= Rs. 4000

    Year 4

    Lower of 5% of AP or FV <= Rs. 1000

    Lower of 2% of AP or FV <= Rs. 2000

    Premium Payment for SBI Life Retire Smart Policy

    The details of premium payment for this plan can be summarised in the table below -

    Premium Parameter

    Details

    Premiums

    Regular Pay - INR 24,000 annually, INR 15,000, half yearly, INR 7500 quarterly and INR 2500 monthly is the minimum amount

    Limited Pay - INR 40,000 annually, INR 20,000 half-yearly, INR 10,000 quarterly and INR 5000 monthly is the minimum amount

    Premium Paying Term (PPT)

    Regular Pay - Equal to the Policy Term

    Limited Pay - 5 or 8 years for a policy term of 10 years and 5, 8, 10 or 15 years for a policy term of 15 to 35 years

    Premium Paying Frequency

    Premiums can be paid in annual frequencies

    Premium Paying Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

    Premium Discontinuation Scenario for Retire Smart

    Post the mentioned grace period, if in case premiums for the policy are not paid and the policy lapses, the risk cover will cease to exist after the policy discontinuation and the fund value (as on the date of policy discontinuance) minus the discontinuance charge will be shifted into a Discontinued Policy Pension Fund. This fund shall attract an FMC of 0.50% per annum. If this scenario happens within the first five policy years, the funds shall be paid out at the end of the lock-in period of five years. If the discontinuance happens after 5 policy years, one can convert the policy into a paid-up policy or ask for a time extension of up to 2 years to revive the policy, else one can withdraw from the policy without any risk cover and the fund value will be paid out immediately.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    SBI Life Retire Smart Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have take life insurance from Sbi life . Am satisfied with the premium amount . This policy covers accidental coverage and critical illness . Every 3 month i had to pay through cheque. They gave the tenure period of 13 years with 55years of policy coverage. Their customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2018
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
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