Retire Smart Plus SBI Life Insurance

4.5

Paybima Rating

Policy Brochure

Policy Wording

Claim Form

For most people, the second phase of life begins after retirement. It brings new excitement, a new day-to-day routine, and new hopes as well. However, the primary element that keeps everything stable, even during the retirement phase, is money. Your financial stability during retirement years is essential to maintain the lifestyle you had so far and fulfil goals and plans that have been waiting for so long. A life insurance policy that offers a regular income benefit is often an ideal choice in such a situation. One such example is the SBI Life Insurance Retire Smart Plus policy.

As a ULIP (Unit-linked Insurance Policy), the SBI Life Insurance Retire Smart Plus has a 5-year lock-in period. The policy offers life coverage to the life assured and a maturity benefit upon the policy's survival. You may invest the maturity benefit according to your preference for a regular retirement income.

Highlights of Retire Smart Plus - SBI Life Insurance

A unit-linked insurance policy that offers investments + insurance

The policy has a lock-in period of 5 years

A maturity benefit can be further invested in annuity plans to generate a regular income.

Add-ons to further enhance the policy's coverage.

Get all your insurance related queries answered

Features and Benefits of the SBI Life Insurance Retire Smart Plus

SBI Life Insurance Retire Smart Plus policy offers a range of benefits. Check out the features and benefits of the policy given below:

Regular Income

As a retirement and life insurance plan, SBI Life Insurance Retire Smart Plus also offers a regular income benefit. All you have to do is invest the maturity/death benefit in annuity plans as per your preference. This investment provides you with a regular income to cover your various expenses.

A Financial Protection for the Family

A life insurance policy is primarily purchased to ensure the family has financial support even when the life assured is no longer around. This is especially important if the life assured is the primary breadwinner of the family.

Maturity Benefit

SBI Life Insurance Retire Smart Plus not only offers a death benefit but also a maturity benefit. This is offered if the life assured outlives the policy tenure. The maturity benefit is the fund value on the date of maturity, plus the terminal addition, which is 1.5% of the maturity or vesting fund value.

The policyholder may choose to invest only with SBI or up to 50% with another insurer. If the lump-sum amount is too low, a complete withdrawal can be made without an annuity investment. The nominee may also invest the death benefit in an annuity for regular income.

Tax Benefits

Life insurance policies, such as Unit Linked Insurance Plans (ULIPs), also offer tax benefits. Section 10(10D) of the Income Tax Act of 1961 exempts the death benefit of a life insurance policy, such as SBI Life Insurance's Retire Smart Plus, from tax. Additionally, one can also claim a tax benefit of up to ₹1.5 lakhs under Section 80C of the Income Tax Act, 1961.

Partial Withdrawals

SBI Life Insurance's Retire Smart Plus is a Unit Linked Insurance Plan (ULIP). So, the policy has a mandatory lock-in period of 5 years. Until the lock-in period is served, no withdrawals can be made. After 5 years, you may withdraw up to 25% of the funds under specific conditions, such as the wedding of children, higher education, or illness.

Only 3 partial withdrawals can be made during the policy tenure.

Free Look Period

SBI Life Insurance's Retire Smart Plus plan offers a 30-day free look period. After purchasing the policy, you have 30 days to cancel or terminate it.

Mental Peace

As a primary breadwinner of the family, it is a huge financial and mental relief to have a financial backup. In case of the unfortunate demise of the life assured, the family does not have to suffer financially. Your insurer is there to provide the much-needed financial support in the form of a life insurance benefit.

SBI Life Insurance Retire Smart Plus Highlights

Specific policy details are briefed in the table given below. Check out a quick glimpse of the SBI Life Insurance Retire Smart Plus policy:

Particulars	Details
Policy Name	SBI Life Insurance Retire Smart Plus
Insurance Company	SBI Life
Benefits	Death Benefit Maturity Benefit Regular Income Benefit
Add-ons	No add-ons available
Free Look Period	30 days
Premium Payment Option	Regular Premium / Limited Premium / Single Premium
Frequency of Premium Payment	Single / Yearly / Half-yearly / Monthly
Partial Withdrawal	Permitted after the 5-year lock-in period is over
Entry age	Minimum: 18 years Maximum: 60
Age at Maturity	Minimum: 30 years Maximum: 70 years

SBI Life Insurance Retire Smart Plus: Eligibility Criteria

Ensure you check the policy's eligibility criteria before purchasing. The eligibility criteria for purchasing SBI Life Insurance Retire Smart Plus are as follows:

Entry Age

Minimum: 18 years
Maximum: 60 years.

Maturity Age

Minimum: 30 years
Maximum: 70 years

SBI Life Insurance Retire Smart Plus: What is Not Covered?

The policy covers uncertain life events, such as the natural death of the life assured. So, any case of suicidal death shall not be covered under the policy. In such a case, the nominee is not eligible to receive a death benefit.

Pros & Cons Retire Smart Plus - SBI Life Insurance

This is a market linked return plan that helps to create a corpus for retirement to the insured by offering a choice of 7 varied fund options.

The plan allows flexibility to cater to your changing needs

Extra offers like loyalty additions and terminal additions are other elements to boost fund value under this plan.

The plan also allows the insured to access funds by means of partial withdrawals if there is a financial emergency. However, you have to complete the lock-in period before you could withdraw.

You can get the option to pay premium as – single pay, regular pay or pay for a limited period among the various options of premium payment.

If the life assured dies within 12 months of buying the policy or revival of the policy by committing suicide, the nominee of the policyholder will receive the fund value that is available on the date of intimation of death to the insurer.

Also, if there are any charges other than Fund Management charges that are recovered following the death of the insured, it will also be added back to the fund value .

Our verdict

SBI Life Insurance Retire Smart Plus is a unit-linked insurance policy. In this policy, you get the dual benefit of a death benefit and a maturity benefit. Policyholders can enjoy a regular income even after retirement with SBI Life Insurance's Retire Smart Plus. A part of the maturity benefit can be invested in annuity plans for regular returns. The choice of the annuity investment amount with SBI lies with the policyholder. So far, SBI has already gained massive popularity and trust of its customers through outstanding services and modern solutions.

If you haven’t done it already, get your health insurance policy from Paybima today!

Speak to an Advisor

SBI Life
Insurance Company

SBI Life Insurance, founded in the year 2000, is a leading life insurance conglomerate in India. The company was established as a collaborative scheme between State Bank of India (SBI) and a French Financial Institution called BNP Paribas Cardiff where SBI holds about 55.50% stake, while 0.22% stake is owned by the French company. Over the years, SBI Life insurance has been serving millions of people in India with its diverse insurance products on investments, savings, protection, health, pension and so on. With a claim settlement ratio of 93.09%, SBI Life is one of the most trusted insurers in the country.

Founded in

2000

Incurred Claim Ratio

78.73%

Turnover (GWP)

10,828.40 Crores

JV Partners

State Bank of India and BNP Paribas Cardif S. A.

Claims Experience

Claims Experience Rating 4.7

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

98.39%

% of Complaints received on overall claims
% customers unhappy with claims experience

Less

Partner Branches

143+

Benefits of Retire Smart Plus - SBI Life

Key Benefits
Death benefit	Nominee receives policy's death benefit
Maturity/Vesting benefit	Survival results in maturity benefit.
Tax Benefits	Tax benefits subject to change.
Other Benefits
Loyalty and Terminal Additions	Boost fund value options.
Benefit of flexibility	Adaptable insurance plan options.
Options Available
Fund Options	Diverse fund options available.

Top Health Insurance Plans by Retire Smart Plus - SBI Life

e-Shield Next

Smart Platina Plus

Hand-hold by our expert advisor till making the right choice

Meet In Person Talk to an Advisor

70% of customers choose our advisor support for better coverage clarity.

Paybima Trusted by Millions of Customers

4.5

40+ Insurers

Wide range of trusted providers

560+ Advisors

Expert guidance at every step

31 Stores

Personalized service across India

Ask Anything as We Have Answers to Everything in Insurance

The key benefit of the plan is that it guarantees the return of premiums paid by the policyholder on maturity. Also, it protects the retirement fund from any kind of market volatility.

The best benefit is that all the premiums paid under the plan and the claims received at maturity are eligible for tax deductions under different sections of the Income Tax Act.

The plan allows 7 different fund options to choose from.

The plan doesn’t allow the insured to appoint any ‘Assignee’.

SBI Life Insurance Retire Smart Plus is a unit-linked insurance policy (ULIP). So, it lets you invest the maturity/death benefit for regular retirement income

Yes, partial withdrawal is permitted under the policy, but only after serving the 5-year lock-in period.

The minimum entry age for the SBI Life Insurance Retire Smart Plus policy is 18 years.