SBI Life Retire Smart Plan Premium and Maturity Calculators
SBI Life Retire Smart Plan Premium and Maturity Calculators - SBI's Life Retire Smart insurance plan is a non-participating unit linked pure pension plan, which guarantees you minimum of 101% of all premiums paid, when policy is in force, on Maturity/Vesting; thus the downside risk in the market is protected to a great extent.
Key Features of SBI Life Retire Smart Plan Premium and Maturity Calculators
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Your Fund Value is boosted, through guaranteed (Conditions Apply*) additions of up-to 210% of Annual Premium
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Guaranteed Additions* of 10% of Annual Premium are paid regularly, starting from the end of 15th policy year and at the end of every year thereafter till the end of policy term.
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Get Terminal Additions of 1.5% of Fund Value, at maturity/vesting or on earlier death.
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No need to worry about your investments, as the same is managed on your behalf by SBI Life through
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‘Advantage Plan’. This plan guarantees a minimum of 101% of all premiums paid at maturity/vesting.
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Get a Guarantee of minimum 105% of all premiums paid on earlier death.
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Option to pay premiums regularly or for a limited period.
- Flexibility to postpone your vesting age.
Entry Age
- Minimum: 30 years
- Maximum: 70 years
Age^ at Maturity/Vesting
- Minimum: 40 years
- Maximum: 80 years
Policy Term: 10, 15 to 35 years (both inclusive)
Premium Paying Term:
- Regular Premium - Same as policy term
- Limited Premium: 5/8 years - Policy Term of 10 years, 5/8/10/15 years - Policy Term of 15 - 35 years (both inclusive)
Premium Frequency: Yearly / Half-yearly / Quarterly / Monthly
Benefits of SBI Life Retire Smart Plan Premium and Maturity Calculators
- Maturity/Vesting Benefit: On completion of policy term, you will receive the Higher of (Fund Value Plus Terminal Addition or 101% total premiums paid).
- You have the following options on Maturity / Vesting:
- To purchase immediate annuity, from the entire policy proceeds
- To purchase a single premium deferred pension product, from the entire policy proceeds
- To purchase immediate annuity with an option to commute up-to one-third of the policy proceeds, as per current Income Tax rules
- To extend the accumulation period or defer the vesting date provided you are below age of 55 years at vesting. The maximum extended period will be up to age 80 years.
Death Benefit:
- In the unfortunate event of death of the Life Assured, Higher of (Fund Value plus Terminal Addition or 105% of total premiums paid till the time of death), is payable.
- The beneficiary can use the death benefit amount, as per the below mentioned options:
- Receive the entire proceeds as lump sum
- Utilize the entire proceeds of the policy or part thereof for purchasing an annuity, at the then prevailing rate, provided eligibility criteria of the approved immediate annuity product is met (e.g. minimum annuity amount or age criterion).
Tax Benefits
- You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.
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