SBI Life Retire Smart Plan

• Boost the fund value through guaranteed additions
• Get terminal additions
• Advantage Plan secures your investment
• Guarantees 105% of total premiums for death claim
• Limited & regular premium option
• Postpone the vesting/maturity age
• Enjoy tax benefits

This policy offers the following fund options:

• Equity pension fund II
• Bond pension fund II
• Money Market pension fund II

Your investments are managed on your behalf by SBI Life through ‘Advantage Plan’. It reallocates the assets among debt, equity and money market and thereby, protects your investment against market fluctuations, as you are closer to maturity under the plan.

Death Benefit

In case of death of the life insured provided the policy is in-force, the higher of 105% of total premiums paid or Fund Value plus Terminal Addition is payable.

The beneficiary or nominee can use the death benefit amount through the following ways:

• Withdraw the entire proceeds as a lump sum.
• Utilize the death benefit or part thereof to purchase an annuity at the then prevailing annuity rate.

Vesting/Maturity Benefit

On vesting, the higher of 101% of total premiums paid or Fund Value Plus Terminal Addition is payable.

The vesting benefit can be utilized in the following four ways:

• Purchase immediate annuity from the entire vesting benefit.
• Utilize the entire proceeds to purchase a single premium deferred pension product.
• Commute up to the extent allowed under the Income Tax Act and utilize the balance amount to purchase an immediate annuity at the then prevailing annuity rate.
• Extend the accumulation period.

Commutation Benefit

Under this plan, you can take up to 1/3^rd of the vesting benefit as tax-free lump sum as applicable under the current income tax regulations. The remaining amount can then be utilized to purchase an immediate annuity.

Deferment of Vesting Benefits

There is an option to defer the vesting date, provided the life insured is aged below 55 years at vesting. The maximum vesting period is up to age 80 years.

Guaranteed Addition

In-force policies can avail guaranteed additions of 10% of the annual premium. It commences from the end of the 15^th policy year and thereafter, at the end of every year till maturity of the policy.

Terminal Addition

Terminal Addition is paid at maturity or death, whichever is earlier. It is 1.5% of the fund value and it is payable for in-force policies, including fully paid-up policies.

In case of deferment of vesting date, the terminal additions are payable on the eventual vesting or death, whichever occurs earlier.

Switching/Premium Redirection

Switching & premium re-direction is not applicable under this plan.

Partial Withdrawal

Partial Withdrawal is not allowed under this plan.

Bonus

No bonus is applicable, as it is a non-participating retirement plan.

Loan Benefit

No policy loan is available under this plan.

Surrender Value

Upon surrendering the policy with-in the lock-in period of 5 years, the fund value after deducting Policy Discontinuance Charges is credited to the Discontinued Policy Pension Fund. The fund management charges are deducted. The proceeds of the discontinued policy along with the returns generated from a minimum interest rate is payable to the policyholder only upon completion of the lock in period.

Upon surrendering the policy after the completion of the lock-in period of 5 years, the fund value as on the date of receipt of the request for surrender is payable.

No rider can be opted under this plan.

Premium Allocation Charge: The Premium Allocation Charge is deducted from the premium amount prior allocation of units. It is 5.75%/4.25%/4%/2.5% for 1^st policy year/2^nd policy year/3^rd to 10^th policy year/11^th policy year onwards, respectively.

Policy Administration Charge: The policy administration charge is deducted through the entire term of the policy. It is Rs 45/Rs 70 per month levied during 1^st to 5^th policy year/6^th policy year onwards, respectively. The policy administration charge is capped at Rs 200 per month.

Fund Management Charges: The fund management charge for Equity pension fund II is 1.35% p.a, Bond pension fund II is 1% p.a, Money Market pension fund II is 0.25% p.a and Discontinued Policy Pension Fund is 0.50% p.a.

Guarantee Charges: A guarantee charge of 0.25% p.a  of the fund value is deducted from the fund prior computing the NAV.

Mortality Charge: No Mortality charges are levied.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Miscellaneous Charges: Rs 100 is levied for issuance of an additional/duplicate copy of the annual fund statement.

This policy provides tax benefit towards the premiums paid under section 80CCC of the Income Tax Act. Up to 1/3^rd of the vesting benefit taken as commutation benefit is also eligible to avail tax benefit under section 10(10A) of the Income Tax Act, 1961.

Aayush aged at 30 years is planning for his retirement and looking to buy a plan that can help him build the retirement corpus, so he can receive a regular income after retirement. He decides to buy SBI Life - Retire Smart with the policy term and premium payment term of 35 years with the annual premium of Rs 50,000.

Scenario A: Aayush Survives till Vesting

At vesting, the higher of 101% of total premiums paid or Fund Value Plus Terminal Addition is payable. Guaranteed Additions are also applicable till vesting/maturity of the policy.

Scenario B: Aayush dies within the Policy Term

In case of demise of Aayush while the policy is in-force, the higher of 105% of total premiums paid or Fund Value plus Terminal Addition is payable to the beneficiary.