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SBI Life Retire Smart Pension Plan Reviews – Good or bad?

March 16, 2022 by assuredgain

SBI Life Retire Smart Pension Plan Reviews,SBI Life Retire Smart Pension , Financial planner Chennai

SBI Life Retire Smart Pension Plan reviews

Review about SBI life – Retire Smart plan as per official information on website

https://www.sbilife.co.in/en/individual-life-insurance/ulip/retire-smart

Policy Note – “IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

This clearly shows that SBI will not take any risk on the investment and there is no guarantee of return of capital or investment made by the policyholder.

Policy Note – “The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year”

No liquidity. Surrender only after 5 years

Policy Note: This is a Pension Product. Benefits by way of surrender, complete withdrawal, or maturity/vesting will be available in the form of annuities except to the extent of commutation of such benefits as allowed under the Applicable Regulations’

There is no option of getting a lump sum by the way of surrender, complete withdrawal, or maturity and the only option is to get an annuity.

Policy Note: Guaranteed additions of up to 210%*of Annual Premium. *This is applicable for a policy term of 35 years under a Regular/Limited Plan.

There is no guaranteed addition of up to 210% if the term is less than 35 years.  Eg: if you pay Rs.1 Lakh for 35 years, total guaranteed addition is 38.5 Lakhs, so total return guaranteed is 73.5 Lakh

Guaranteed Additions are paid regularly for the policy term of15 years or more, starting from the end of 15 policy years and at the end of every year thereafter till the end of the policy term.

No guaranteed addition for the first 15 years.

As per the pamphlet, it’s mentioned as Pay 1 lakh for 5 years and get Rs. 1 Lakh as pension for self and wife after 11th year.

As per the official policy document or website this no mention of a return of 1 Lakhs per year after the 11th year.

Our verdict: Stay away from such a product that does not allow you to retire smart. if you wish to take certain risks on your investment choose the right mutual fund from a qualified financial advisor. An advisor will say both pros and cons of the product. Our expert can be reached at 7200039282 for queries on any such product. You can also send your queries by Whatsapp to 7200039282

I hope you found this article on SBI Life Retire Smart Pension Plan Review helpful, and do share your thoughts in the comments section below.

If you are looking for answers from a Best Financial Planner professional, help is a click away at www.AssuredGain.com

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