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  • SBI Life - Smart Scholar

    SBI Life

    Overview

    Life is never easy for a responsible parent. There cannot be anything more important than ensuring that your children are safe and secure. While your may not protect your loved ones from everything that life throws at them, there are certain things within your control. If your plan ahead and opt for smart scholar SBI-life insurance policies, you need not fear about providing your child’s education, wedding and any other life event.

    SBI Life- Smart Scholar is a unit-linked plan which offers multiple benefits such as payment of base sum assured when you are not around in addition to a waiver of in-built premium and continuation of policy. This plan also provides accidental death benefit and accidental total and permanent disability benefit. SBI Life - Smart Scholar offers nine different fund options, market-linked returns, liquidity through partial withdrawals and loyalty unit additions.

    Eligibility Conditions of SBI Life - Smart Scholar

    Age

    (Entry)

    Minimum: 18 years

    Maximum: 57 years

    Child: 0 to 17 years

    Age (Maturity)

    Parent or life assured: 65 years (maximum)

    Child: 18 to 25 years

    Key Features of SBI Life - Smart Scholar

    Type

    Unit-linked child-cum-life insurance plan

    Basis

    Limited premium (till policy term)

    Policy Term

    8 years to 25 years

    Premium

    The range of premium is listed in the table below:

    Type

    Frequency

    Minimum*

    Single

    Single

    Rs.75,000

    Premium paying term equal to or greater than 8 years

    Yearly

    Half-yearly

    Quarterly

    Monthly

    Rs.24,000

    Rs.16,000

    Rs.10,000

    Rs.4,000

    5 years to 7 years

    Yearly

    Half-yearly

    Quarterly

    Monthly

    Rs.50,000

    Rs.25,000

    Rs.12,500

    Rs.4,500

    *no limit for maximum

    Premium Frequency

    Single/Yearly/Half-yearly/Monthly/Quarterly

    Premium Paying Term

    Single premium or 5 years to 25 years

    Sum Assured

    The range of sum assured is listed in the table below:

    Limited premium up to policy term

    Single premium

    Minimum

    Below 45 years

    Higher of [(10xAP)*

    7xAP (above 45)

    45 and above

    Maximum

    Below 45 years

    20XAP(above 45)

    5X single premium

    45 and above

     

    1.25X single premium

    1.25X single premium

    *annualised premium

    Coverage

    • Life Benefit

    In the event of the death of the life assured, a lump sum benefit equal to higher of sum assured or 105% of the premiums paid till death. In the event of the death of child, no sum assured is paid. If both the child and the life assured expire during policy term, the policy will be terminated and all due benefits will be paid besides the fund value.

    • Maturity Benefit

    Fund value is payable to beneficiary (surviving policyholder or child in the event of the death of the life assured) as a lumpsum or according to the settlement option.

    Settlement Options

    Periodic instalments of maturity proceeds within five years from the maturity. In the event of the death of child or life assured before the end of the settlement period, fund value is paid as a lumpsum to legal heir of the life assured.

    Funds

    The various fund options are listed out in the table below:

    Type of Fund

    Risk Profile

    Index Fund

    High

    Equity Fund

    High

    Top 300 Fund

    High

    Equity Optimiser Fund

    High

    P/E Managed Fund

    High

    Growth Fund

    Medium to high

    Balanced Fund

    Medium

    Bond Fund

    Low to medium

    Money Market Fund

    Low

    Switching

    Policyholders can switch their investments from the nine available funds. Minimum switch amount is Rs.5,000. Two switches are allowed free of cost in a policy year. Free switches which go unused cannot be carried forward.

    Partial Withdrawal

    Available from 6th policy year. One partial withdrawal is allowed free of cost in a year. Minimum amount allowed is Rs. 5,000. Partial withdrawal is allowed up to 15% of the fund value.

    Premium Redirection

    Allowed from second policy year onwards

    Freelook period

    15 days

    Grace period

    30 days

    Reinstatement

    2 years from the date of discontinuance

    Surrender

    If a policyholder requests for a surrender below 5 years, lock-in is applicable.

    If a policyholder requests for a surrender after 5 years, the fund value will be paid immediately.

    Benefits of SBI Life - Smart Scholar

    Tax Benefits

    Tax benefits under section 80C and 10D are available. If the premium is above 10% of the sum assured, the tax benefit will be 10% of the sum assured. Policyholders should consult their advisors.

    Advantages

    • Accident Benefit

    Accident sum assured = base sum assured, subject to a maximum of Rs.50 lakh. Accident sum assured will remain constant during the policy term. Accident benefit is paid only once either in the event of disability or death.

    • Premium waiver benefit

    SBI will pay all future premiums at a future date. The child will get the fund value upon maturity. In the event of the death of the child, all benefit will cease.

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