Insurance

Life Retire Smart Plus

A unit-linked retirement plan with market-linked fund choices, flexible contributions and retirement-corpus benefits.

Policy typeUnit-linked retirement/pension insurance plan Entry and vesting ageEntry age: 20 to 60 years. Maturity/vesting age: 30 to 70 years (age last birthday).Key coverageRetirement corpus through 7 market-linked funds, loyalty additions and a terminal addition

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✓ Manually checked 23 Aug 2026 · active

Offered byState Bank of India

India, subject to Life underwriting and policy terms

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Policy typeUnit-linked retirement/pension insurance planView source

Life places Retire Smart Plus under retirement plans and describes it as a market-linked retirement solution.

Source: Life Retire Smart Plus
Page / section: Product overview
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Minimum premiumRegular: ₹30,000 yearly, ₹15,000 half-yearly or ₹3,000 monthly. Limited: ₹40,000 yearly, ₹20,000 half-yearly or ₹5,000 monthly. Single: ₹1 lakh. Maximum: no limit, subject to SBI Life's board-approved underwriting policy.View source

The current product page publishes minimum premiums by payment option and frequency, with no stated maximum other than underwriting.

Source: Life Retire Smart Plus
Page / section: Who Can Buy — premium range
Accessed: 27 Aug 2026
Confidence: high

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Entry and vesting ageEntry age: 20 to 60 years. Maturity/vesting age: 30 to 70 years (age last birthday).View source

The eligibility table gives entry age 20–60 and maturity/vesting age 30–70.

Source: Life Retire Smart Plus
Page / section: Who Can Buy — age at entry and maturity/vesting
Accessed: 27 Aug 2026
Confidence: high

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Key coverageRetirement corpus through 7 market-linked funds, loyalty additions and a terminal additionView source

The official page lists seven fund options, loyalty additions and terminal addition.

Source: Life Retire Smart Plus
Page / section: Key Benefits
Accessed: 23 Aug 2026
Confidence: high

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InsurerSBI Life Insurance Company LimitedView source

Life's official catalogue lists these individual and group products under Life Insurance Company Limited.

Source: Life online plans and group insurance catalogue
Page / section: Life plan catalogue
Accessed: 23 Aug 2026
Confidence: high

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Policy and premium-payment termsSingle premium: 10–35 years. Regular premium: premium-payment term equals the policy term. Limited premium: 5–8 payment years for a 10–35-year term; 10 payment years for a 15–35-year term; or 15 payment years for a 20–35-year term.View source

The official table gives option-specific payment and policy-term combinations.

Source: Life Retire Smart Plus
Page / section: Who Can Buy — premium-payment term and corresponding policy term
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Product codeUIN 111L135V02 | Product code 2YView source

The current official page identifies the plan as 111L135V02, product code 2Y.

Source: Life Retire Smart Plus
Page / section: Know about Life Retire Smart Plus
Accessed: 27 Aug 2026
Confidence: high

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Maturity / vesting benefitFund value at maturity/vesting plus a terminal addition of 1.5% of that fund value. Up to 60% may be commuted; the balance buys immediate or deferred annuity. Up to 50% of the proceeds net of commutation may currently buy annuity from another insurer, subject to the competent authority's rule.View source

The page states fund value plus 1.5% terminal addition and describes the current commutation and annuity-use choices.

Source: Life Retire Smart Plus
Page / section: Plan Benefits — Maturity/Vesting Benefit
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Death benefitHigher of (a) fund value on death-claim intimation plus a 1.5% terminal addition, or (b) 105% of total premiums paid including any top-up premiums.View source

The official page gives the higher-of fund-value and 105%-of-total-premiums-paid formula.

Source: Life Retire Smart Plus
Page / section: Plan Benefits — Death Benefit
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

ULIP lock-inNo surrender or partial withdrawal during the first 5 years of the contract.View source

The prescribed disclosure says no liquidity by surrender or withdrawal, complete or partial, until the fifth year ends.

Source: Life Retire Smart Plus
Page / section: Know about Life Retire Smart Plus — liquidity disclosure
Accessed: 27 Aug 2026
Confidence: high

Open official source ↗

Sum insured / coverDeath cover is the higher of the Fund Value plus a 1.5% Terminal Addition or 105% of Total Premiums Paid (including eligible top-ups). On maturity/vesting, the cover is the Fund Value plus a 1.5% Terminal Addition; proceeds are used for annuity/commutation as permitted by regulations.View source

The current page publishes Fund Value plus 1.5% Terminal Addition for maturity/vesting and the higher of Fund Value plus Terminal Addition or 105% of total premiums paid for death benefit.

Source: Life Retire Smart Plus — official product page
Page / section: Plan Benefits — Maturity/Vesting Benefit and Death Benefit
Accessed: 29 Aug 2026
Confidence: high

Open official source ↗

Key exclusionsSuicide exclusion applies when death occurs within 12 months from policy commencement or revival: the nominee receives the Fund Value at death-intimation date and eligible post-death charges other than Fund Management Charges are added back. ULIP market-risk and regulatory conditions also apply.View source

The official page states the 12-month suicide condition and the Fund Value treatment, and separately warns that unit-linked investment risk is borne by the policyholder.

Source: Life Retire Smart Plus — official product page
Page / section: Exclusions — Suicide Exclusion; risk disclosure
Accessed: 29 Aug 2026
Confidence: high

Open official source ↗

Geographic limitsRetirement corpus through 7 market-linked funds, loyalty additions and a terminal additionView source

The manually reviewed product record states: “Retirement corpus through 7 market-linked funds, loyalty additions and a terminal addition”.

Source: Life Retire Smart Plus — official product page
Page / section: Published product metadata
Accessed: 23 Aug 2026
Confidence: high

Open official source ↗

Benefits and features

Retirement corpus
Seven market-linked funds
Loyalty and terminal additions

Eligibility

Minimum entry age 20 years

Passing a listed condition does not mean the bank will approve an application.

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Life-cover needs estimate

See whether your current cover and savings may leave a gap for your family. This does not calculate an insurance premium.

Yearly household income to replaceThe income your family may need to replace.₹ten lakh rupees₹1,00,000₹1,00,00,000Years of income neededHow long your family may need that replacement income. years1 years30 yearsLoans still to be paidHome loans and other debts the cover may need to clear.₹twenty lakh rupees₹0₹5,00,00,000Cover and savings already availableExisting life cover and money already set aside for the family.₹five lakh rupees₹0₹5,00,00,000

Possible cover gap₹1,15,00,000one crore fifteen lakh rupees

Income your family may need₹1,00,00,000one crore rupees

Cover and savings already counted₹5,00,000five lakh rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

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TablePayment optionChoose column

Single premium · Payment / policy termOne payment; policy term 10–35 years

This value is copied from Retire Smart Plus — eligibility and contribution matrix. Check the table notes before relying on it.

Source: Life Retire Smart Plus · Who Can Buy — age, payment-term, policy-term and premium matrices Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 5 rows · 3 columnsRetire Smart Plus — eligibility and contribution matrixCurrent age, policy-term and minimum-contribution terms from SBI Life's product page.View tableHide table

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Retire Smart Plus — eligibility and contribution matrix
Payment option	Payment / policy term	Minimum contribution
Single premium	One payment; policy term 10–35 years	₹1 lakh
Regular premium	Payment term equals policy term	₹30,000 yearly · ₹15,000 half-yearly · ₹3,000 monthly
Limited premium — 5–8 years	Policy term 10–35 years	₹40,000 yearly · ₹20,000 half-yearly · ₹5,000 monthly
Limited premium — 10 years	Policy term 15–35 years	₹40,000 yearly · ₹20,000 half-yearly · ₹5,000 monthly
Limited premium — 15 years	Policy term 20–35 years	₹40,000 yearly · ₹20,000 half-yearly · ₹5,000 monthly

Entry age is 20–60 years and vesting age is 30–70 years. Maximum premium is subject to Life's board-approved underwriting policy.
This is a unit-linked pension product: investment risk in the investment portfolio is borne by the policyholder.

Life Retire Smart Plus · Who Can Buy — age, payment-term, policy-term and premium matrices · accessed 27 Aug 2026Open official source ↗

Table 2 · 7 rows · 3 columnsRetire Smart Plus — cover and liquidity termsKey numeric cover and access rules transcribed from the current product page and V02 brochure.View tableHide table

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Retire Smart Plus — cover and liquidity terms
Term	Published rule	Source context
Death benefit	Higher of Fund Value + 1.5% Terminal Addition or 105% of Total Premiums Paid	Policy in force; total premiums include eligible top-ups
Maturity/vesting benefit	Fund Value + 1.5% Terminal Addition	Subject to policy being in force
lock-in	5 years from policy start; no complete or partial surrender/withdrawal before the end of year 5	This is a liquidity lock-in, not a waiting period
Suicide condition	Within 12 months of commencement or revival: Fund Value at death-intimation date plus eligible charge add-back	Product-page exclusion
Partial withdrawals	Available only after completion of lock-in and for specified financial-emergency reasons	Policy and brochure terms apply
Annuity/commutation	Up to 60% may be commuted; balance is used for annuity, subject to applicable regulations	Maturity/vesting utilisation options
Extension	Accumulation/deferment can extend up to age 70, subject to maximum product policy term of 35 years	Extension option and age condition

Fund values and assumed 4%/8% illustrations are not guaranteed; market risk is borne by the policyholder.

Life Retire Smart Plus — official product page · Plan Benefits; Exclusions; disclosure · accessed 29 Aug 2026Open official source ↗

Life Retire Smart Plus

What the official sources publish

Benefits and features

Eligibility

Related official documents

Try the numbers

Life-cover needs estimate

Find the exact published value

Complete rates, limits and schedules

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What the official sources publish

Benefits and features

Eligibility

Related official documents

Try the numbers

Life-cover needs estimate

Find the exact published value

Complete rates, limits and schedules

Related products

SBI General Arogya Top-Up Policy

SBI General Bharat Griha Raksha

SBI General Car Insurance

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Life Retire Smart Plus