SBI Life Retire Smart – Key Features
This is a non-participating Unit Linked pension plan with Regular or Limited Premium payment options. 101% of premiums paid is guaranteed on Vesting thereby reducing the impact of market risk. Guaranteed Additions and Terminal Additions augment the Fund Value.
Likewise, people ask, what is SBI smart pension plan?
SBI Life Retire Smart Plan is a non-participating Unit Linked Insurance Plan. Thus, it is a Non-Traditional Pension Plan without Bonus facility but it guarantees 101% of all premiums paid on vesting thus protecting your funds from market volatility.
In this way, how can I surrender my SBI smart retirement?
Surrender Benefit: The policy comes out with a lock-in period of 5 years. If you surrender within the lock-in period, funds get to move to discontinuance policy fund and get paid after a tenure of 5 years. In the case where you surrender the plan after 5 years, you will get the fund value immediately.
Can I have 2 pension plans?
There are no restrictions on the number of different pension schemes that you can belong to, although there are limits on the total amounts that can be contributed across all schemes each year, if you’re to receive tax relief on contributions.
How the pension is calculated?
Effective from September 1, 2014, the contribution will be made as follows: 8.33% of Rs 15,000 = Rs 1250. Kasturirangan says, “The formula to calculate the EPS pension is as follows: Monthly pension amount= (Pensionable salary X pensionable service) /70.”