Retire Smart Plus SBI Life Insurance
Highlights of Retire Smart Plus - SBI Life Insurance
Claim settlement Ratio - 98.39%
Tax Benefits - Available as per prevailing tax laws
Critical Illness Coverage - Available
Accidental death benefit - Available
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Pros & Cons Retire Smart Plus - SBI Life Insurance
This is a market linked return plan that helps to create a corpus for retirement to the insured by offering a choice of 7 varied fund options.
The plan allows flexibility to cater to your changing needs
Extra offers like loyalty additions and terminal additions are other elements to boost fund value under this plan.
The plan also allows the insured to access funds by means of partial withdrawals if there is a financial emergency. However, you have to complete the lock-in period before you could withdraw.
You can get the option to pay premium as – single pay, regular pay or pay for a limited period among the various options of premium payment.
If the life assured dies within 12 months of buying the policy or revival of the policy by committing suicide, the nominee of the policyholder will receive the fund value that is available on the date of intimation of death to the insurer.
Also, if there are any charges other than Fund Management charges that are recovered following the death of the insured, it will also be added back to the fund value .
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SBI Life
Insurance Company
SBI Life Insurance, founded in the year 2000, is a leading life insurance conglomerate in India. The company was established as a collaborative scheme between State Bank of India (SBI) and a French Financial Institution called BNP Paribas Cardiff where SBI holds about 55.50% stake, while 0.22% stake is owned by the French company. Over the years, SBI Life insurance has been serving millions of people in India with its diverse insurance products on investments, savings, protection, health, pension and so on. With a claim settlement ratio of 93.09%, SBI Life is one of the most trusted insurers in the country.
Founded in
2000
Incurred Claim Ratio
78.73%
Turnover (GWP)
10,828.40 Crores
JV Partners
State Bank of India and BNP Paribas Cardif S. A.
Claims Experience
Claim Settlement Ratio (No. of claims) What % of the claims received were paid?
98.39%
% of Complaints received on overall claims % customers unhappy with claims experience
Less
Partner Branches
143+
Benefits of Retire Smart Plus - SBI Life
| Key Benefits | |
| Death benefit |
Nominee receives policy's death benefit |
| Maturity/Vesting benefit |
Survival results in maturity benefit. |
| Tax Benefits |
Tax benefits subject to change. |
| Other Benefits | |
| Loyalty and Terminal Additions |
Boost fund value options. |
| Benefit of flexibility |
Adaptable insurance plan options. |
| Options Available | |
| Fund Options |
Diverse fund options available. |
Top Health Insurance Plans by Retire Smart Plus - SBI Life
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The key benefit of the plan is that it guarantees the return of premiums paid by the policyholder on maturity. Also, it protects the retirement fund from any kind of market volatility.
The best benefit is that all the premiums paid under the plan and the claims received at maturity are eligible for tax deductions under different sections of the Income Tax Act.
The plan allows 7 different fund options to choose from.
The plan doesn’t allow the insured to appoint any ‘Assignee’.