Following are the benefits of purchasing SBI Life Retire Smart Plan
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
As a policyholder, 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. You may visit our website for further details here. Please consult your tax advisor for details.
Note: For details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
