SBI Life Smart Scholar Plan

SBI Life Smart scholar policy is mainly used for the children. To fulfill your child’s needs, SBI Life provide you with a flexible and all-encompassing solution: SBI Life Smart Scholar policy, a non-participating Unit Linked Insurance Plan which Secures your children future by gaining from the financial markets. And its gives a protection to your child in your absence.

Key Features

  • Death Benefit is higher of Sum Assured or 105% of all premiums paid and future premiums are waived off to pay Maturity Benefit as well
  • Loyalty Additions is also provided in this policy according to the Policy Term
  • This policy has 2 inbuilt riders, namely Accidental Death and Disability Rider and Premium Payor Benefit rider

Benefits

  • Maturity benefit
On maturity, the Fund Value is paid to the policyholder.
  • Death benefit
IIn case of death of the Life Insured, the Nominee would get the higher of the Sum Assured or 105% of all premiums paid till date.
  • Income Tax benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 0(CHILDREN) AND 18(PARENTS) 17(CHILDREN) AND 57(PARENTS)
POLICY TERM 8 25
AGE OF MATURITY 18(CHILDREN) 25(CHILDREN) AND 65(PARENTS)
PREMIUM PAYEMENT TERM 5 25
PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

What if?

  • I am unable to pay on time
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund.
  • I stop the payment
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund.
  • I wish to take a loan
There is no loan available under this plan.

Exclusions

  • If the Life Assured, whether sane or insane, commits suicide, within one year from the date of issue of the policy, the policy shall be void. In such event, the Fund Value, shall be payable and all benefits under the policy will cease.