An Individual, Unit-linked, non-participating Pension Savings Product
"The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year"
This is a Pension Product. Benefits by way of surrender, complete withdrawal or maturity / vesting will be available in the form of annuities except to the extent of commutation of such benefits as allowed under the Applicable Regulations'
Make your retirement, a 'no compromise' phase of your life. Plan smart and early to make it financially liberating, while you sit back and enjoy. With SBI Life - Retire Smart, build a guaranteed corpus by safeguarding against market volatility.
A non-participating unit linked pure pension plan
Enter the required information in the form fields below, and see how you too can save enough to retire happily with SBI Life – Retire Smart.
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Premium Amount 2,500 500000000 Premium Payment Option Regular LPPT Single Premium Payment Term
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Email address: Submit Close^This is applicable for policy term of 35 years under Regular/ Limited plan and provided the policy is in-force.
On completion of policy term, provided the policy is in-force, you will receive the Higher of (Fund Value as on the date of maturity/vesting Plus 1.5% of the maturity/vesting fund value would be paid as Terminal Addition) or (101% total premiums paid).
You have the following options on Maturity / Vesting:For (i) and (ii) above, the purchase of annuity shall be subject to terms and conditions under the product. In case the proceeds of the policy is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy shall be paid to the you or beneficiary as lump sum.
The maximum extended period will be up to age 70 years, subject to maximum term allowable under the product of 35 years. On extension of accumulation period or deferment of the vesting date, the entire proceeds will be invested in the Money market Pension Fund II.
Higher of (Fund Value as on the date of intimation of claim plus 1.5% of the fund value as Terminal Addition) or (105% of total premiums received up to the date of death), is payable to eligible nominee/beneficiary.
The nominee or beneficiary can use the death benefit amount, as per the below mentioned options:After payment of the Death Benefit, no further benefits are payable and all rights under the policy will cease.
For more details on risk factors, terms and conditions of SBI Life – Retire Smart, read the following documents carefully.
**Assumed rates of returns @4% and @8% p. a., are only illustrative scenarios at these rates after considering all applicable charges. These are not guaranteed and they are not higher or lower limits of returns. Unit Linked Life Insurance products are subject to market risks. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans and their future prospects or returns.
Unit Linked Life Insurance products are different from the traditional products and are subject to market risks. The premium paid in Unit Linked policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions.
SBI Life Insurance Co. Ltd. is only the name of the insurance company and SBI Life – Retire Smart is the name of the unit linked Life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risk and applicable charges from your Insurance Advisor or the intermediary or the policy document from the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects or returns.
Past performance of the Fund Options is not indicative of future performance. All benefits payable under this policy are subject to tax laws and other fiscal enactments in-effect from time to time, please consult your tax advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
*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. For further details click here. Please consult your tax advisor for details.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
As stipulated by IRDAI in its circular F&I-CIR-INV-173-08-2011 dated July 29, 2011 the computation of Net Asset Value for Linked funds stands modified. Click here to Know more
The Asset Allocation of unit-linked funds, has been revised with effect from 1st November 2013. Please refer the 'Fund Performance'Section for details.
Beware of fraudulent websites, call and e-mails. To read more, Please Click Here | Anti Fraud Policy
Business Continuity Management(BCM) of SBI Life. Know more
SBI Life Insurance Limited and SBI are separate legal entities.
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
To read more, please click here - IRDAI Public Notice
Issued on 29th March 2001. Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license.
SBI Life Insurance Co. Ltd, Natraj, M.V. Road & Western Express Highway Junction, Andheri (East),
Mumbai - 400 069.
CIN: L99999MH2000PLC129113
© 2024 SBI Life Insurance Company Limited. All rights reserved.
As stipulated by IRDAI in Annexure 2 of its circular F&I-CIR-INV-173-08-2011 dated July 29, 2011 & restated in IRDAI (Linked Insurance Products) Regulations, 2013, Ref. IRDA/Reg./15/73/2013 dated February 16, 2013, the computation of Net Asset Value for Linked funds stands modified.
We wish to inform all our policyholders / beneficiaries that in line with the recent changes introduced by IRDAI, the computation of Net Asset Value for Linked funds stands modified.
Old formula:
Market value of investment held by the fund +/- Expenses incurred in the purchase/sale of the assets + The value of any current assets + Any accrued income net of fund management charges - The value of any current liabilities less provisions, if any
Divided by the number of units existing at the valuation date (before any new units are allocated)
New formula:
Market Value of investment held by the fund + Value of Current Assets - Value of Current Liabilities & Provisions, if any
Divided by the number of Units existing on Valuation Date (before creation / redemption of Units)
Please note that SBI Life complies with the above mentioned changes w.e.f. August 17, 2011 and confirms that there will be no change in the number of units allotted to policyholders. Also, the policy documents shall stand modified accordingly.
Equity Valuation:
"As stipulated by IRDAI in its circular IRDAI/F&I/INV/CIR/213/10/2013 dated October 30, 2013, insurer shall select from National Stock Exchange (NSE) and BSE Ltd (BSE) as primary and secondary exchanges and the valuation of equity shares shall be made on the closing price of the primary exchange selected. If such security is not listed/ not traded on the primary exchange, Insurer shall use the closing price of the secondary exchange.
SBI Life Insurance Co. Ltd. has adopted NSE as the primary exchange and BSE as the secondary exchange for valuation of equity shares effective November 26, 2013.
The revised equity valuation policy of SBI Life is as follows:
"Listed equity shares will be valued at the closing price at the primary exchange i.e. National Stock Exchange (NSE) on valuation day.
If NSE price is not available on a particular valuation day, closing price of the secondary exchange i.e. BSE will be used for valuation.
If the security is not traded on both NSE and BSE on a particular valuation day, then the price at which the security is traded on the primary exchange and secondary exchange, as the case may be, on the earliest previous day will be used for valuation, provided such previous date is not more than 30 days prior to valuation date."
