Robinhood Insurance Broker Private Limited

Product Info

UIN

111L094V01

Status

Active

Launch Date

06/12/2013

Withdrawn Date

Product Overview

SBI Life - Retire Smart is a Unit Linked, Non-Participating which guarantees a minimum of 101% of all premiums paid, when the policy is in force, on Maturity/Vesting and thereby protects you from the downside risk in the market. This is a pure pension plan which helps you create a retirement corpus with systematic & disciplined investment.

Product Description

  • Fund Value is boosted, through guaranteed additions of up - to 210% of Annual Premium.
  • Guaranteed Additions are paid regularly for the Policy Term - 15 Years or more.
  • Get Terminal Additions od 1.5 % of Fund Value, Maturity / Vesting or on earlier death.
  • Flexibility to postpone your Vesting Age.
  • Advantage Plan guarantees a minimum of 101% of all premiums paid at Maturity / Vesting.

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Unique Features

  • Provides guaranteed addition from the end of the 15th year and every year thereafter of 10% of annual premium.
  • Provides a guaranteed terminal addition of 1.5% of fund value.
  • Provides a unique option called "Advantage Plan"-which, once opted, automatically keeps switching your money from risky fund to less risky fund depending on the number of years left for vesting.*

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 30 Years
Age at Entry (Max) 70 Years
Age of Maturity/Vesting 40 years to 80 Years
Premium Amounts(x100) Premium Frequency Regular premium Limited Premium
Yearly Rs. 24,000 Rs. 40,000
Half yearly Rs. 15,000 Rs. 20,000
Quarterly Rs. 7,500 Rs. 10,000
Monthly Rs. 2,500 Rs. 5,000
Max Premium Amount No limit
Mode Available Yearly / Half-yearly / Quarterly / Monthly
Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed
only through  ECS, Credit Card, Direct Debit and EFT.
Policy Term  10 years, 15 to 30 years (both inclusive)
Premium Paying Term Regular Premium  Same as Policy Term 
For LPPT
Premium Paying Term ( in Years) Policy Term (in Years)
5/8 Years for Policy Term 10 Years
5/8/10/15 Years for Policy Term 15-35 Years (both inclusive)

OneInsure App Benefits

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Product Benefit

  • Death Benefit: 
  1. In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of: Fund Value (including the Terminal Additions), or 105% of total premiums paid till death.
  2. The beneficiary can utilize the benefit received in the following ways: Receive the entire benefit in lump sum Or Purchase an Immediate Annuity Plan from the company with benefit amount.
  • Maturity Benefit/Vesting Benefit:
  1. On survival till the end of the policy tenure, the policyholder gets higher of: Fund Value (including Terminal Addition), or 101% of all premiums paid.
  2. The policyholder can utilize the proceeds to:

- 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 1/3rd of the corpus. By commuting, the policyholder can withdraw 1/3rd of the corpus in cash which will be tax-free.
- The policyholder may also choose to postpone the Vesting Age if he is less than 55 years of age up to age 80 years

Other Policy Features

Feature Description
Guaranteed Additions Guaranteed Additions of 10% of Annual Premium is credited to the Fund Value every year from the end of the 15th policy anniversary till the Vesting date.
Terminal Additions At the vesting date, an extra 1.5% of the Fund Value is added to the existing Fund Value.
Discontinuance of Premium Revive the policy within a period of 2 years from the date of discontinuance.
Convert the policy into paid - up policy ( option available only when 5 years full premium has been paid )
Revival If Premium is discontinued during first 5 policy years
Your Fund Value as on that date will be disinvested and credited to discontinued Policy Pension Fund, net of relevant discontinuance charge
If you revive the policy within 2 years time then, Revival procedure as stated in Revival conditions would be applicable.
If you do not revive within the revival period, then this section - Discontinuance / Surrender Compulsory Options' would apply at the end of the revival period or on the 1st business day of the 6th policy year, whichever is later
If Premium is discontinued after first 5 policy years
During the Revival Period, your policy is deemed to be in force, as per terms and conditions of the policy. FMC, Guarantee Charge, policy Administration Charges would continue to be deducted.
If you revive the policy, then the revival procedure as stated in the revival conditions, would be applicable.
If you do not revive within the revival period then section - Discontinuance / Surrender Compulsory Options ' would apply at the end of the revival period 
Paid - Up  You can choose to convert your policy to paid-up, Subsequent to the discontinuance of premium after 5 years. During the period in which the policy remains paid-up, all the charges except premium allocation charges, would be deducted.
If the policy is discontinued after the 1st five policy years and is in a paid up state or is in the revival period, and the fund value at the time falls below one Annual Premium, the policy will be terminated.
Surrender  You can Surrender your policy at any time during the policy term. Once policy is surrendered there will be no option to revive the policy.
If surrender is requested during the first 5 policy years, then
The lock-in condition applies
Your Fund value, after deduction of application Discontinuance charge(if any ), will be transferred to the 'Discontinued Policy Pension Fund'
Fund Management charge of discontinued policy pension fund shall be deducted. No other charge will be deducted.
Discontinuance / Surrender Compulsory Options' would apply
If the surrender is requested any time after completion of 5th Policy Year
Then we will disinvest your units in all the funds on the day we receive your request and ' discontinuance / surrender compulsory options would apply

Add-ons

Not Available

Charges

Charges
Fund Management Charges
Fund Name % of Fund Value 
Equity Pension Fund II 1.35%
Bond PensionFund II 1.00%
Money Market Pension Fund II 0.25%
Discontinued Policy Pension Fund 0.50%
Premium Allocation Charge:
Policy Year Premium Allocation  Charge (% of premium)
1 5.75%
2 4.25%
3 to 10 4.00%
11 & onwards 2.50%
Notes : *The Allocation of Unit is made after the deduction of this charges
Policy discontinuation charge
Policy discontinuance year For annual premium up to Rs.25,000 For annual premium above Rs.25,000
1 Lower of 20% of (AP or FV)
subject to max Rs.3,000
Lower of 6% of (AP or FV)
subject to max RS.6,000
2 Lower of 15% of (AP or FV)
subject to max Rs.2,000
Lower of 4% of (AP or FV)
subject to max Rs.5,000
3 Lower of 10% of (AP or FV)
subject to max Rs.1,500
Lower of 3% of (AP or FV)
subject to max Rs.4,000
4 Lower of 5% of (RP* or FV**)
subject to max Rs.1,000
Lower of 2% of (AP or FV)
subject to max Rs.2,000
5 onwards Nil
Policy Administration Charge 
Policy year Policy Administration  charge 
1 to 5 Rs. 45 per month
6 and onwards Rs. 70 per month
 Charges
Guarantee Charges 0.25% p.a of the Fund Value under the Advantage Plane.
Will be based on age and Sum at Risk at the time of charge deduction.
Miscellaneous Charge For issuance of an additional/duplicate copy of yearly fund statement Rs100 per statement will be charged.
Mortality Charges Nil
Advantage Plan 
No.of years till Maturity % of fund allocation under Equity Pension Fund II % of fund allocation under Bond Pension Fund II % of fund allocation under Money Market Pension Fund II
0 to 5 Years 0 to 30 % 40 to 100% 0 to 60%
6 to 10 Years 10 to 40%  35 to 90% 0 to 55%
11 to 15 Years  30 to 50 % 30 to70% 0 to 40%
16 Years and Above 40 to 75 % 10 to 60% 0 to 35%

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961

Claim Process

Know claim process of SBI Life Retire Smart Plan

Claim Process

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.

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