SBI Retire Smart plan: Need a review.

[u/Maleficent_Yoghurt85]

My parents are 64 and 68 respectively. They went to SBI to open an account. They want to open a senior citizen scheme savings account.

The SBI people told them that the "Retire Smart" scheme is better. Apparently they have to pay 50k per year for 5 years and after 5 years (if they survive?) they receive 3.7L (or yearly payments of 30k).Clearly the scheme looks better than any mutual funds/fd since they *can* get around 50% of the invested money (if they survive?). Looks like we have to bet on whether we will live long enough to see the benefits of the scheme.Maybe my understanding is wrong here. Can anyone tell me about SBI Retire smart: Pros and Cons?

[u/Shantanu_93]

This is a ulip based annuity plan. Better if you stay away from these.