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SBI Life - Smart Scholar

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Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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