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SBI Life Retire Smart Plan- Top Insurance Plan for your Golden Retirement Years

Updated on July 10, 2024 , 40870 views

Well, youth is a great time to enjoy life. But, have you ever thought about what life can be after retirement? How are you planning to pay your Taxes and have a steady monthly Income? If you haven’t thought about these questions yet, now is the right time. The wisest thing to do during your prime working years is to plan for your retirement and save for it.

SBI Life Retire Smart Plan

According to the American Psychiatric Association, over 70% of adults worry about finance. This causes a mental breakdown and ruins one’s physical health. Did you know that stress about finances can also cause headaches, diabetes, insomnia and more? Retirement without proper planning is bound to bring such issues.

Therefore, the best way to plan and save for your retirement is to buy an insurance plan that allows you to remain stress-free both in your pre-retirement and post-retirement years. With a proper insurance plan, you will be receiving a monthly income even after retirement. With your savings, you can lower your Taxable Income post-retirement. You can enjoy better relationships with your spouse and family when you remain tension-free today. You can enjoy life without having to depend on your children and avoid running out of cash.

To help you with fulfilling your needs, the State Bank of India’s (SBI) Life Retire Smart Plan offers some great features and benefits.

SBI Life Retire Smart

This is a unit-linked non-participating pension plan that offers guaranteed returns. It offers both Life Insurance cover and multiple fund options to help your investments grow. SBI Life Retire Smart fund performance has been great over the years.

1. Guaranteed Additions

With SBI Life Retire Smart you will get guaranteed additions of up to 210% of the annual premium. This addition will begin from the 16th year of the policy until maturity.

2. Maturity

On maturity, you will get the higher of the fund value as on date of the maturity along with 1.5% of the maturity fund value as terminal addition. Or you will get 101% of total premiums paid.

3. Death Benefit

In case of death of the insured, the Heir/nominee e will receive the higher of find value including terminal benefits or 105% of the total premiums paid. The insured will receive the entire amount as a lump sum for or the amount can be used to buy another annuity plan.

4. Free Look Period

SBI Life Retire Smart Plan comes with a free look period of 15 days. You can cancel your plan if you want and also get a refund.

5. Surrender benefit

The plan comes with a lock-in period of 5 years. If you wish to surrender with the lock-in period, funds get to move to discontinuance policy fund and get paid after a tenure of 5 years. However, if you surrender the plan after five years, you will get the fund value immediately.

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6. Grace Period

If you feel to renew your policy on time you will be offered a grace period where you can pay the required amount. The grace period for the planets 15 days of monthly premium frequency and 30 days for quarterly, half-yearly and yearly frequencies.

7. Rider Benefits

Along with this plan, you get an accidental death benefit rider. You will get a lump sum benefit 12 times the analyse premium amount incase the death due to an accident.

8. Tax Benefits

Under this plan, you will get a tax benefit as per section 10(10A) and 10(10D) of the income tax Act, 1961.

Eligibility Criteria

The eligibility criteria for the plan are mentioned below.

The minimum premium payment is Rs. 2500.

Details Description
Entry Age Minimum- 30 Years and Maximum- 70 Years
Maturity Years 80 Years
Policy Tenure Regular Premium, Limited Premium and Single Premium
Premium Frequency Single, yearly, half-yearly and monthly
Minimum Premium Payment Rs. 2500


1. Does a plan allow loan against policy?

No, the SBI Life Retire Smart Plan does not allow loan against the policy.

2. Can I undertake partial withdrawal with SBI Life Retire Smart plan?

No, you cannot undertake partial withdrawal. In case you need the money, you can surrender the policy.

3. What are the various modes of premium payment with SBI Life Retire Smart Plan?

You can pay your premiums through online or offline mode. If you opt for the online mode, you are allowed to pay your premiums to cheque, cash, ECS, credit and debit cards. For offline mode of payment, you can visit the nearest branch office and pay with cash.

SBI Life Retire Smart Customer Care Number

Call their toll-free number 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at


SBI Life Retire Smart is just the plan you need if you wish to have a stress free retirement time. It offers a wide Range of benefits along with various options that make it one of the best plans for retirement in India. Furthermore, it comes with different risk-reward ratings to suit various needs.

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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Rated 4.3, based on 11 reviews.

Abhiman Jagannath Adlinge, posted on 5 Aug 22 1:35 AM

I appreciate the sbilife retire smart policy. I am a holder of the this policy since 23 July 2020.Thank you sir .

Rakesh Singhal , posted on 6 Jul 22 7:09 PM

I am 63 years old, can I invest in SBI retirement mutual fund, is it beneficial?

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