SBI Life Retire Smart Pension Plan Introduction
SBI Life-Retire Smart Pension Plan is a non-participating unit linked Insurance plan.Retirement is the beginning of your new life, to make your retirement life colourful SBI Life Insurance introduced SBI Life Retire Smart pension Scheme.
In SBI Life retire Smart Pension plan you can get the benefit of Surrender,Complete withdrawal or vesting / maturity in the form of annuity(a fixed sum of money paid to someone each year, for the rest of their life).SBI Life Retire Smart pension plan gives 101% of all premiums paid by you on vesting / maturity.
SBI life Retire Smart Pension Scheme is a perfect and discipline pension plan to save your money systematically during your earning years.
SBI Life Retire Smart Pension Plan Eligibility conditions
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SBI Life Retire Smart Pension Plan Premium Range
For Regular Premium
| Premium frequency | Minimum | Maximum |
| yearly | Rs.24,000 | No Limit |
| Half-Yearly | Rs.15,000 | |
| Quarterly | Rs.7,500 | |
| Monthly | Rs.2,500 |
For Limited Premium
| Premium frequency | Minimum | Maximum |
| Yearly | Rs.40,000 | No Limit |
| Half-Yearly | Rs.20,000 | |
| Quarterly | Rs.10,000 | |
| Monthly | Rs.5,000 |
SBI Life Retire Smart Pension plan Key Features
- Downside risk in the market is protected to a great extent.
- By investing in SBI Life Retire Pension scheme you do not need to worry about your investments,because your investments are managed by SBI life on behalf of yours.
- Advantage plan protects you against adverse market fluctuation,minimum of 101% of all premiums will be paid on vesting / maturity under this plan.
- Guaranteed additions are paid regularly for the policy term of 15 years or more.
- Your fund value is boosted through guaranteed additions of up-to 210% of annual premium.
- Minimum of 105% of all premiums paid till the date of intimation of death,in case of earlier death.
- In SBI Life Retire Smart Pension plan you can pay premium regularly or for a limited period.
- SBI Life Retire Smart Pension plan allows you to postpone your vesting age.
SBI Life Retire Smart Pension plan Benefits
Death Benefit:
- In case of unfortunate death of insured person during policy period,Fund value plus 105% of the total premiums will be paid as death benefit till the date of intimation of death claim.
- You can take the entire amount as lump sum or you can purchase an annuity with some part of the benefit money.
Vesting / Maturity Benefit:
On completion of policy term you will receive Fund value plus Terminal value or 101% of total premium as maturity benefit.
You have following options to use this benefit
- To purchase immediate annuity from the benefits paid by the company.
- To purchase single premium annuity deferred pension plan from the entire benefits.
- You can extend the accumulation period or vesting date,if your age is below 55 years at the time of vesting.
- To purchase an Immediate Annuity plan and commute 1/3rd of the policy proceeds as per the current income tax rules.
Income Tax benefit:
- In Life insurance you can pay up to 1,00,000 as premium every year without paying any tax under Section 80CCC.
- A tax-free death benefit is also available under Service 10(10D)).
- On vesting or Surrender / Discontinuance the policyholder can commute up to 1/3 rd of the policy proceeds as per the Income tax act 1961. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
SBI Life Retire Smart Pension Policy Buying Procedure
Documents needed to apply SBI Life Smart Pension Policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
SBI Life Retire Smart Pension Plan Policy Document
SBI Life Retire Smart Pension Policy Claim Procedure
List of documents to be submitted during claim procedure.
- Death certificate
- Duly filled claim form
- Policy document
Required claim procedure documents are attached below.
SBI Life Retire Smart Pension Plan Claim Form
Additional features available in SBI Life Retire Smart Pension Plan
Guaranteed additions:
- A fully paid-up policies are rewarded through guaranteed additions after completion of 15 years of your policy till the end of your policy.
- 10% of your annual premium will be paid as guaranteed addition.
Terminal Addition:
- Terminal Addition is paid after maturity of your policy.
- 1.5% of the fund value will be paid as Terminal addition.
- In case of extending vesting date terminal addition will be paid on eventual vesting / maturity or on earlier death.
Advantage plan:
- Advantage plan reallocates the assets between equity,debt and money market.
- Due to this funds flow from risky assets to less risky assets,thus your investments will be protected from short term fluctuations in equity market.
Investment fund options:
There are three investment fund options available in SBI Life Retire Smart Pension plan
- Equity pension fund I
- Bond Pension fund II
- Money Market Pension fund II
The percentage of investments that are invested in Equity pension fund1,Bond Pension fund 2,Money market pension fund 2 range is depending on the remaining investment term to maturity.
The percentage of fund allocation under these three schemes will be available in the brochure.
Switching:
Since the funds are systematically allocated towards the different funds under the ‘Advantage Plan’ Option, switching is not applicable.
NAV(Net Asset Value) Computation:
NAV of the Fund shall be computed as (market value of investment held by fund plus value of current assets minus value of current liabilities & provisions.) divided by (number of units existing in valuation date).
Free look period:
- You can review the terms and conditions of the policy within 15 days for the policies sourced through any of the channel mode other than distance marketing and 30 days for distance marketing.
- You have the option to return the policy by stating the reasons for objection.
Discontinuance of premium:
On discontinuance of premium you can either
- Revive your policy within a period of 2 years from the date of discontinuance
- Surrender policy
- Convert policy into paid-up policy(this option is available only if 5 years premium has been paid).
The detailed information about discontinuing premium is available in the Brochure.
Charges for the SBI Life Retire Smart Pension plan
Premium allocation charge:This charge is deducted from the Premium Paid by you.
Policy administration charge: This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
| Policy year | Policy Administration charge |
| From year 1 to 5 | Rs.45 per month |
| From Year 6 on wards | Rs.70 per month |
Fund management charges:A certain fixed percentage of fund before calculating the NAV will be charged on daily basis.
| Fund Name | Fund Management Charges |
| Equity pension fund 1 | 1.35% p.a |
| Bond pension fund 2 | 1.00% p.a |
| Money market pension fund 2 | 0.25% p.a |
| Discontinued Policy pension fund | 0.50% p.a |
Guarantee charges:There is a guarantee charge of 0.25% per annum of the fund value available under the advantage plan.The charge would be apply on fund before calculating NAV on daily basis.
Mortality charges:NO Mortality charges available under SBI Life retire Smart Pension Plan.
Discontinuance charges:Discontinuance charges are applicable if you discontinue your policy before vesting / maturity.
| Year of discontinuance | For annual premium up to Rs.25,000 | For annual premium above Rs.25,000 |
| 1 | Lower of 20%*(annual premium or fund value) to a maximum of Rs.3,000. | Lower of 6%*(Annual premium or fund value) to a maximum of Rs.6,000. |
| 2 | Lower of 15%*(Annual premium or fund value) to a maximum of Rs.2,000. | Lower of 5%*(Annual premium or fund value)to a maximum of Rs.5,000. |
| 3 | Lower of 10%*(Annual premium or fund value) to a maximum of Rs.1,500. | Lower of 3%*(Annual premium or fund value)to a maximum of Rs.4,000. |
| 4 | Lower of 5%*(Annual premium or fund value) to a maximum of Rs.1,000. | Lower of 2%*(Annual premium or fund value) to a maximum of Rs.2,000. |
| 5 on wards | NIL | NIL |
Miscellaneous Charges:To issue an additional / duplicate copy of fund statement an amount of Rs.100 per statement will be charged.
SBI Life Retire Smart Pension plan Riders
There are no Additional Riders are available in SBI Life Retire Smart Pension plan.
SBI Life Retire Smart Pension Plan Premium calculator
By using SBI Life Retire Smart Pension Plan Premium calculator you can find the minimum premium has to be paid to buy SBI Life Retire smart pension plan by giving below required information.
- Proposer name.
- Date Of Birth.
- Gender.
- Premium frequency mode.
- Policy term.
- Premium amount.
- Premium paying Term.
- No.of years elapsed since inception.
- Premium payment option.
Contact details of SBI Life Retire Smart Pension plan
- Call center number:1800 22 9090.
- Email id:info@sbilife.co.in
- Contact address:
SBI Life Insurance company Ltd,
Registered & corporate office:Natraj,
M.V Road & western express highway junction,
Andheri(east),mumbai-400 069.
FAQ on SBI Life Retire Smart Pension Plan
1.What happens If I stop paying the Premium?
- If you stop paying the premium before completion of 5 policy years,your policy will be treated as a surrendered policy.
- If the policyholder dies before the vesting period,the fund value will be paid to the nominee.
- If you stop paying the premium after five years you can surrender your policy.
- If the fund value is less than annual premium your policy will be terminated.
2.What happens if I surrender my Policy?
Ans: If you discontinued your policy before 5 years the fund value net of discontinuance charges will be credited to the discontinued policy.
3.What happens if i want a loan against your policy?
Ans: There is no loan facility available in this plan.
4.Are there any Riders Available in this plan?
Ans: No Riders are available in SBI Life Retire Smart Pension plan.
5.What are Some unit linked Retirement plans from other companies?
- Max Life Forever Young Pension Plan.
- Reliance Classic II Plan.
- Birla Sun Life Insurance Empower Pension Plan.
DoCuments and Forms Available in SBI Life Retire Smart Pension Plan
SBI Life Retire Smart Pension Plan Brochure