4,000, Lower of 5% * (Annual Premium or Fund Value) to a maximum of Rs. At the end of that period the policyholder can, You want a loan against your policy – Loan facility is not available in the plan, India's 1st IRDAI Approved Insurance Web Aggregator, COMPARE THIS PLAN WITH OTHER PENSION PLANS, Important: Insurance is the subject matter of solicitation | © 2009-2020 MyInsuranceClub.com. They can choose to use the total and partial proceeds to purchase an annuity plan, which should be done at the prevailing rate. Guaranteed Additions and Terminal Additions increase the Fund Value to give maximum returns. A unit linked non-participating pension plan offering life insurance coverage and options to invest in different funds with various risk-return scenarios. 1,00,000 are allowed as a deduction from the taxable income each year under section 80CCC. 2,000, Lower of 4% * (Annual Premium or Fund Value) to a maximum of Rs. The commuted part of the Maturity Benefit is i.e. Thus, it is a Non-Traditional Pension Plan without Bonus facility but it guarantees 101% of all premiums paid on vesting thus protecting your funds from market volatility. If the discontinuance happens after 5 policy years, one can convert the policy into a paid-up policy or ask for a time extension of up to 2 years to revive the policy, else one can withdraw from the policy without any risk cover and the fund value will be paid out immediately. There are plenty of benefits offered by this plan, which help you secure yours and the lives of your loved ones, once you hit the twilight years of your life. SBI Life Retire Smart helps you build your retirement corpus & provides income stability after retirement. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. Insurance is the subject matter of solicitation. © Copyright 2020 bankbazaarinsurance.com. Disclaimer:"Visitors are hereby informed that A&A Dukaan Insurance Web Aggregator Private Limited (bankbazaarInsurance.com) has surrendered its Insurance Web Aggregator License and therefore insurance products are no longer available for comparison and/or purchase on this website. The Retire Smart plan offers a policyholder with guaranteed additions, wherein the insurer will reward in-force policies with up to 10% of the annual premium. On survival till the end of the policy tenure, the policyholder gets higher of: Fund Value (including Terminal Addition), or, Purchase an Immediate Annuity Plan from the company, or, Purchase a Single Premium Deferred Annuity Plan from the company, or, Purchase an Immediate Annuity plan and commute 1/3. Life Insurance premiums paid up to Rs. Thus, it is a Non-Traditional Pension Plan without Bonus facility but it guarantees 101% of all premiums paid on vesting thus protecting your funds from market volatility. - at the vesting date, an extra 1.5% of the Fund Value is added to the existing Fund Value. The policyholder may also choose to postpone the Vesting Age if he is less than 55 years of age up to age 80 years. These benefits are mentioned below: The Smart Shield Plan comes from SBI Life Insurance, which happens to be the largest banks in the country. There are three different fund options to choose from which come with varied risk and returns rating, and caters to a varied group of people based on their risk appetite. Nomination facility is available under this policy based on Section 39 of the Insurance Act. It also guarantees 101% of all premiums paid on Vesting. Increase the vesting date or accumulation period up to 80 years as long as the beneficiary is less than 55 years of age. Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of : o    Fund Value (including the Terminal Additions), or, o    105% of total premiums paid till death. Thus, it is a Non-Traditional Pension Plan without Bonus facility but it guarantees 101% of all premiums paid on vesting thus protecting your funds from market volatility. 6,000, Lower of 15% * (Annual Premium or Fund Value) to a maximum of Rs. Select City Benefits and Advantages of Retire Smart Plan. Here’s everything mentioned in a table: There are no exclusions as such under the SBI Life Retire Smart Plan. — This charge is for discontinuing the plan before the end of the Policy Tenure. Canara HSBC Oriental Bank of Commerce Life Insurance, Post Office Savings Monthly Income Scheme, Life Insurance for Senior Citizens in India, Top 10 Factors Affecting Life Insurance Premium, How To Avoid Rejection of your Life Insurance Claim, Single premium deferred pension product from policy proceeds, One third of proceeds commuted under an immediate annuity purchase, Two for an investment portfolio with variable risk and returns, Applicable tax benefits can be availed as per Section 80CCC, 10(10A) and 10(10D) of the Income Tax Act, Multiple fund options under a single plan and automatic switching reduces hassles of fund management. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information. Privacy Policy. Premium Allocation Charge – This charge is deducted from the Premium Paid by you.

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