Home |Life Insurance | An LIC agent told me that if I invest 5 lakh per year for 5 years in SBI Life Retire Smart scheme, then from 10th year onwards I will get 40000 per month pension for rest of my life. And after our expiry (me and my spouse), nominee will get the Corpus amount. Is it true or Am I missing something? How to verify it?

An LIC agent told me that if I invest 5 lakh per year for 5 years in SBI Life Retire Smart scheme, then from 10th year onwards I will get 40000 per month pension for rest of my life. And after our expiry (me and my spouse), nominee will get the Corpus amount. Is it true or Am I missing something? How to verify it?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on October 13,2021

Dear 

You have been given wrong information through mis-selling .

Facts are stated below :

  1. SBI Retire Smart is a Unit Linked Plan . Which means your money is invested in market as per fund chosen by you . You buy units whose rates depends on market performance .
  2. After five years , you are guaranteed to receive 101% of invested money i.e Rs25.25 lakh . Your fund value will be calculated on the basis of no of units multiplied by Nett Asset value or NAV .
  3. After 5 year , This fund would buy another Annuity Plan . If  fund give you excellent return of 12% then you will receive approx Rs 35 lakh after 5 year .
  4. If you choose monthly annuity then you would receive annuity @5.5% i.e Rs 15000 per month . 
  5. After death , your family will get Rs 35 lakh .

Under no circumstances , you will receive Rs 40000 per month .

Hope this clarifies 

Shailesh 

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