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SBI Life Retire Smart
SBI Life Retire Smart




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Retire Smart Plan Benefits

1 Loan And Benefits
1.1 Loan
8% Pension Plans Life insurance plans have it !
1.2 Surrender
83% Pension Plans Life insurance plans have it !
1.2.1 Surrender Value
Fund Value minus discontinuance charge
1.3 Benefits
1.3.1 Tax
92% Pension Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Premiums paid are eligible for tax deduction
1.3.3 Service Tax
Applicable
1.3.4 Maturity
79% Pension Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Higher of fund value plus bonus or 101% of total premiums paid
1.3.6 Death
96% Pension Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Higher of fund value plus bonus or 105% of total premiums paid
1.3.8 Annuity
75% Pension Plans Life insurance plans have it !
1.4 Bonus
Terminal Bonus

Retire Smart Plan Loan

Retire Smart Plan loan is an amount that is borrowed from the insurance company which has to be returned with interest within fixed time. Policy loan, surrender value, bonus, benefits are included under SBI Life Retire Smart loan and benefits. SBI Life Retire Smart Terms and Conditions for policy loan are specified by the company. This insurance policy does not provide loan. If any insurance policy provides loan then this amount will be some percentage of surrender value.

Retire Smart Plan Surrender

Retire Smart Plan surrender value is an amount which you receive from the insurance company in case you want to terminate your policy before maturity. Usually for a regular premium policy, you can get surrender value if you have paid SBI Life Retire Smart Premium for three continuous years. Surrender value is also known as cash surrender value or cash value.

SBI Life Retire Smart Bonus

SBI Life Retire Smart bonus is an additional or extra sum given to a policyholder. When an insurance company makes profits then it shares the profits in the form of bonus with the life insured. Insurance policy bonus includes terminal bonus, reversionary bonus, interim bonus etc. Bonus, if available, can also be considered as one of the SBI Life Retire Smart benefits. Bonus provided under this plan: Terminal Bonus.

Reversionary bonus is the one that is based on performance of the insurance policy. You'll get terminal bonus upon termination i.e. maturity of the policy. Dates of terminal bonus are usually announced by the insurance company. If the maturity date of your policy lies within two terminal bonus dates then in its stead, you get an interim bonus.

Benefits Under Retire Smart Plan

Benefits under Retire Smart Plan include tax benefit, death benefit, maturity benefit and annuity benefit. Tax is applicable for this plan. Maturity can be availed under this policy. This insurance plan assures Death. Annuity is applicable for this plan.

  • Tax benefit amount: Premiums paid are eligible for tax deduction
  • Maturity benefit amount: Higher of fund value plus bonus or 101% of total premiums paid
  • Death benefit amount: Higher of fund value plus bonus or 105% of total premiums paid

If SBI Life Retire Smart offers tax benefit, then the premiums you pay are eligible for deduction on tax returns and so is a part of the money you get on maturity of the policy. Maturity benefit is the amount of money you get at end of the policy term. Because of death benefit, family of the policy holder receives all the returns in the event of demise of the policy holder. With annuity benefit, you have an opportunity to secure your life financially after retirement. Annuity provides a regular source of income after retirement.

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