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Home › Retirement › SBI Life › Retire Smart Plus
SBI LifeRetirementPension / Retirement ULIP

Retire Smart Plus

A unit-linked (market-invested) pension savings plan where you build a retirement corpus across 7 fund choices over 10-35 years, then use it to buy an annuity or withdraw partially at vesting.

Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.

The truth card
PurposeRetirement / Pension
CategoryPension / Retirement ULIP
InsurerSBI Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot available in the current product data
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data

What this product is

A unit-linked (market-invested) pension savings plan where you build a retirement corpus across 7 fund choices over 10-35 years, then use it to buy an annuity or withdraw partially at vesting.

You might need this if…

  • You might need this if you want market-linked growth potential for your retirement corpus rather than a fixed guaranteed rate, and you're comfortable bearing the investment risk yourself.
  • You might need this if you want control over your asset allocation during the accumulation phase - 7 funds ranging from money market to 100% equity, with free switching.
  • You might need this if you want flexibility at retirement: commute up to 60% of the corpus as a lump sum, buy an annuity (from SBI Life or elsewhere), or extend the accumulation period instead.
  • You might need this if you may need emergency liquidity later in the policy - partial withdrawals are allowed after the 5-year lock-in for specific needs like education, medical treatment, or a home purchase.

How it actually works

  • Entry age 20-60 years, vesting (maturity) age 30-70; choose Regular Premium (10-35 yr term), Limited Premium (5-8 yr pay, 15-35 yr term), or Single Premium (min ₹1 lakh).
  • Money is invested in one or more of 7 pension funds (from Money Market to 100%-equity Optimiser), with unlimited free switching and premium redirection from year 2.
  • A mandatory 5-year lock-in applies - no surrender or withdrawal is allowed in the first 5 policy years.
  • At vesting, you get the fund value plus a 1.5% terminal addition; a further loyalty addition of 0.30% of average fund value is added annually from year 15 for longer-term policies.
  • Death benefit while in force is the higher of (fund value + terminal addition) or 105% of total premiums paid; the nominee can take it as a lump sum or use it to buy an annuity.
  • Charges include premium allocation charges (2.5%-6% depending on year), fund management charges (0.25-1.35% p.a.), and a monthly policy admin charge (capped at ₹500/month); no policy loan is available.

Worked example

For a 30-year-old paying ₹1,00,000/year for 25 years into the Equity Pension Fund, the brochure projects a maturity value (fund value + terminal addition) of roughly ₹35.5 lakh at an assumed 4% return or ₹63.1 lakh at an assumed 8% return - illustrative, not guaranteed, since returns depend on actual market performance.

Worth knowing before you decide

  • This is a unit-linked plan, so your fund value can go down as well as up - unlike SBI Life's guaranteed savings products, there's no minimum return promise on the invested amount.
  • No withdrawals of any kind (including surrender) are allowed during the first 5 years, regardless of circumstances.
  • No riders are available to add on to this product.
  • All fund and administration charges are deducted from your investment regardless of market performance, which drags on returns in flat or down markets.

Official source

⌟ Official product brochure

Learn about this category

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