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SBI Life - Smart Scholar Plan

SBI Life Insurance Co Ltd. is a famous insurance company in India that extends a wide range of insurance plans for several purposes. The company has individual plans, group plans, and online plans. SBI Life - Smart Scholar Plan is a unit linked plan. The risk of investing is absorbed by the policyholder. You will have to keep your funds in this plan without withdrawing them until the fifth policy year gets over. This plan is specially designed to protect the future of your child. With this policy, you can take care of your child perfectly by meeting all of his or her requirements.

Eligibility – Who is the SBI Life Smart Scholar Plan for?

This plan is suitable for any individual who wants protection for his or her family as well as security for his or her child’s well-being. This plan will give you dual protection which consists of base sum assured as well as premium payment or waiver benefit. Let us take a look at the eligibility criteria for this plan:

Minimum entry age Child: 0 years Proposer: 18 years
Maximum entry age Child: 17 years Proposer: 58 years
Minimum maturity age Information not provided
Maximum maturity age 65 years
Minimum policy period 8 years
Maximum policy period 25 years less the child’s entry age. When the policy matures, the child’s age has to be between 18 and 25 years.

Sum Assured and Premium Range – What you get and what it costs?

With the SBI Life - Smart Scholar Plan, you can become a very responsible parent by fulfilling every dream of your little one. The SBI Life - Smart Scholar Plan provides a great sum assured. The premiums for this plan are economical and well-thought out. These are the details regarding the sum assured and premium range of this plan:

In the following table, AP refers to Annualised Premium and PPT refers to Premium Payment Term.

Minimum sum assured For single premium: For all ages: 1.25 X SP For all other PPTs: More than 45 years: 10 X AP or ½ X T X AP Lesser than or equal to 45 years: 7 X AP
Maximum sum assured For single premium: More than 45 years: 5 X SP Lesser than or equal to 45 years: 1.25 X SP For all other premium payment terms (PPT): For all ages: 20 X AP
Minimum premium amounts (X100) Single premium PPT Single frequency: Rs.75,000 5 to 7 years PPT Half-yearly: Rs.25,000 Annually: Rs.50,000 Monthly: Rs.4,500 Quarterly: Rs.12,500 8 to 7 years PPT Half-yearly: Rs.16,000 Annually: Rs.24,000 Monthly: Rs.4,000 Quarterly: Rs.10,000
Maximum premium There is no limit.

Premiums vary based on age, location, plan term and other factors.

Plan Coverage – What the SBI Life - Smart Scholar Plan covers?

The SBI Life - Smart Scholar Plan offers both insurance benefit as well as market-linked return. You can invest your money in any of the 7 fund options that are provided by this plan. With this, you can build your savings comprehensively. When you have in-force policies, you will receive loyalty additions on a periodic level. It comes with liquidity as it allows you to take out money from your fund plan in parts. Let us take a look at the details regarding what this plan covers:

Benefit type Features of the benefit
Maturity benefit When the policy period is completed, you will receive the fund value from the company. This is the maturity benefit.
Death benefit When the policyholder dies, the nominee will get a lump sum benefit. This will be 105% of every premium that has been paid or the sum assured, whichever is higher. SBI Life Insurance will pay your remaining premiums for you and the full fund amount that accumulates will be paid when the policy matures. The nominee will receive an extra benefit which is like accident benefit sum assured. This is given when the policyholder dies because of an accident or suffers from total and permanent disability. When you take any single premium policy, you will not be provided with premium waiver benefit and accident benefit.

Exclusions – What the SBI Life - Smart Scholar Plan doesn’t cover?

Most life insurance plans typically come with exclusions where the plan will not cover a few instances. You can ask your insurance agent for complete information about what the SBI Life - Smart Scholar Plan does not cover.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

The SBI Life - Smart Scholar Plan comes with an assortment of great benefits that will help you in many ways. Let us take a look at the other significant characteristics of this plan:

Loyalty additions With this plan, when you complete certain periods, you will receive loyalty units when the plan is in force. At the end of a policy year, your loyalty addition will be 1% X (Average amount of the plan on the 1st day of the last 2 years)
Guaranteed surrender value You will get a certain value after the policy is surrendered by you. You can surrender the policy only after paying the premiums for a minimum of 3 years.
Grace period You will get a grace period of 15 to 30 days. During this period, you can pay your premiums if you miss your premium payment deadlines.
Nomination You can give authority to any other individual to get the money from your policy on your behalf if you are not around.
Redirection You can change the present allocation percentage for your contribution of your fund plan.
Assignment This will enable a policyholder to make a legal transference of the policy to another person.

Tax Benefits – How you can save with the SBI Life - Smart Scholar Plan?

When you go for the SBI Life - Smart Scholar Plan, you will get income tax deduction or benefits as per the Income Tax Act, 1961 under Section 80C. When the policy matures or is surrendered, you can enjoy income tax exemption according to the Income Tax Act, 1961 under section 10(10D).

Other Benefits – How you can save with the SBI Life - Smart Scholar Plan?

These are some of the other benefits of the SBI Life - Smart Scholar Plan:

  • SBI Life Insurance has a marvellous premium calculator which will give you details about the premiums that you will have to pay for each plan depending on the policy period that you choose.
  • You can make use of the Retirement Planner facility that is offered on the official website of the company.
  • You can also prepare your child for his or her exciting yet challenging future by using the Child Education Planner that can be found on the company’s website.
  • You can calculate your taxes for your specific insurance plan by utilising the Tax Calculator feature available on the website.
  • You can purchase the policy online conveniently.
  • You can get all your queries regarding the policy clarified by dialling the company’s toll-free number 1800 22 9090.

Why should you buy the Smart Scholar Plan from SBI Life Insurance?

SBI Life Insurance is constantly working to be the best insurance provider in the nation by delivering prompt and precise insurance services. This is the first life insurance company in India to have a multi-lingual feature. When you go for this plan from SBI Life Insurance, you and your family members can maintain a decent standard of living even when you are not around. The company is highly dedicated to resolving every policyholder’s claim depending on the features of the claim. The bonus rates offered by this company are very impressive and higher compared to other companies.