Investment Plans 4002 views March 11, 2020

SBI Life Retire Smart Plan

It is a known fact that post-retirement lifestyles can be challenging if financial independence is not taken into serious consideration during initial stages of monetary planning. Just for this reason, specially designed Retirement Plans have been developed to aid building a retirement corpus through systematic investments during your earning years.


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SBI’s Life Retire Smart plan is a smart shield plan that helps secure your future with an assured maturity benefit that is secured from market volatility. The systematic investments in the form of premiums are accrued to build a solid retirement corpus. Besides this, the policy has sufficient interesting features such as the Advantage Plan, choice in the fund option, choice of risks and rewards to choose from as per your preference.

More About SBI Life Retire Smart Policy

Here’s some more information about the SBI Life Retire Smart plan that you should know:

  1. It is an individual, unit-linked, non-participating Pension Savings insurance product.
  2. There is no liquidity offered in the initial five year period.
  3. In the form of annuities, this Pension Product has available benefits by the way of surrender or a complete withdrawal, maturity or vesting benefits to the extent agreed upon in the regulations of the policy.

What Does SBI Life Retire Smart Plan Offer?

Life Retire Smart Plan by SBI provides the following:

  1. Security: this is because it safeguards your retirement plans financially and otherwise.
  2. Flexibility: from the mode of premium payable to the timeframe there is complete flexibility provided to the policyholder.
  3. Reliability: an assured maturity benefit in the form of sum assured from the retirement corpus.

Features of SBI Life Retire Smart Plan

This retirement plan by SBI has the following features:

Free Look Period

In case of disagreement or objection to the policy, it can be returned within a specified time period with the reason of objection. If purchased traditionally then a time period of 15 days is given and in case of online purchase, 30 days is provided.

Grace Period

A grace period of 15 days for monthly payment mode and 30 days for quarterly, half-yearly, and yearly modes are provided. This is if the policyholder fails to renew the plan within the given time period, the grace period provided will allow them to do so without losing any accrued benefits.

Mode of Premium Payment

This policy comes with two modes of premium payment and they are Regular and LPPT. Premium Payment options provided are can be chosen from as deemed fit.

Premium Range

For LPPT Premium Payment option it is categorized in the following manner:

  1. Monthly- Rs. 5,000
  2. Quarterly- Rs. 10,000
  3. Half-yearly- Rs. 20,000
  4. Yearly- Rs. 40,000

For Regular Premium Payment option it is categorized in the following manner:

  1. Monthly- Rs. 2,500
  2. Quarterly- Rs. 7,500
  3. Half-yearly- Rs. 15,000
  4. Yearly- Rs. 24,000

Surrender Policy

In case you decide to surrender the policy within the first five years then the accrued fund value will be divested and arranged in a discontinued policy fund. This will be done after deducting a penalty fee – Surrender Penalty. During the sixth year, the money would be eligible for surrender compulsory option. The nominees are paid the sum assured in case of the unfortunate demise of the insured.


Under this plan the facility to nominate is available and this is based on Section 39 of the Insurance Act.

Benefits and Coverage of SBI Life Retire Smart Plan

The following benefits and coverages are promised under SBI Life Retire Smart Plan:

  1. Vesting/ Maturity Benefit and Death benefit are compulsorily provided.
  2. In addition to the aforementioned advantages like security, reliability and flexibility SBI Life Retire Smart also helps with hassle-free investment through Advantage Plan. These investments are managed by SBI.
  3. An assured benefit of up to 210% of the annual premium is provided at the discretion of the company. This will help boost your retirement corpus.
  4. Under this insurance plan, the vesting age is flexible and is changed as required.
  5. Tax Benefits provided can be availed under the Income Tax Act but are applicable for a policy term of 35 years under the Regular/Limited plan, provided the policy is in force.

Age Eligibility Parameters

  1. Minimum Entry age of 30 years and a maximum entry age of 70 years is allowed
  2. Minimum Age at maturity of 40 years and maximum age of maturity of 80 years is allowed.


Retire Smart Plan by SBI Life is a non-participating, unit-linked pure pension plan. Therefore, the returns under this plan are guaranteed and ideal for post-retirement coverage. Under this plan, investment benefits offered are plentiful which help you secure your life and of your loved ones. These investment and savings benefits can later be enjoyed for a small premium regularly paid in a specified timeframe. Choose your fund option on the basis of your appetite for risk from three available fund choices so as to cater to your requirement of returns.

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