SBI Life Smart Scholar Plan

Key Features of SBI Life Smart Scholar Plan 

• It is a unit linked insurance plan 

• Double protection: In case of an unfortunate event, financial needs of your family members will be taken care of by payment of lump sum benefit and waiver of future premiums (if any). 

• Flexbility: Various options are flexible to meet your changing needs. 

• Liquidity: Liquidity through partial withdrawals 

• Loyalty Additions: Allocation (additional) of units through regular loyalty additions, providing periodically increase to the investments for active plans. 

• Fund options: The following 7 funds are available for investment:

• Equity Fund

• Top 300 Fund

• Equity Optimizer Fund

• Growth Fund

• Balanced Fund

• Bond Fund

• Money Market Fund

Benefits of SBI Smart Scholar 

Death Benefit :

• If the life assured passes away during the policy term while the policy is active, a lump sum benefit will be paid out. The amount will be the higher of the Basic Sum Assured or 105% of the total premiums received up to the date of death.

• In the unfortunate event of the death of a child, no sum assured will be payable. The life assured should notify the insurance company about the incident. At this point, they have the option to continue the policy or terminate the contract. If the contract is terminated, the fund value will be paid out without any surrender charges.

• If both the life assured and the child pass away during the policy term, the policy will automatically be terminated. All applicable benefits and the fund value will be paid out accordingly.

• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Maturity Benefit :

Upon reaching the end of the policy duration, the beneficiary will receive the maturity benefit, which is the total value of the fund, in a single payment.

The beneficiary will be: 

• The policyholder, if they survive. 

• Child, in case of death of the Life Assured during the policy term.

**In order to check returns on your investment in this plan, you can use the SIP calculator and get an idea about your returns on your investment for a systematic and disciplined financial planning. 

Investment

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₹10,000/Month

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₹1 Crore^*

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Product Specification:

Premium Details of SBI Life Smart Scholar Plan  

Illustration for SBI policy term and PPT of 20 years for a parent aged 30 years

Policy Details of SBI Life Smart Scholar Plan  

• Grace Period : 30 days grace period is allowed for payment of premium in every mode except monthly mode where 15 days’ grace period is allowed

• Policy Termination or Surrender Benefit : Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

• Free Look Period : If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• One free partial withdrawal is allowed every year which should be a minimum of Rs.5000 and maximum of 15% of the Fund Value as on the date of withdrawal

• Premium redirection is available from the 2nd policy year

• 2 free switches are allowed per policy year

Additional Features or Riders Available Under SBI Life Smart Scholar Plan  

• There is an inbuilt Premium Payor Waiver Rider which pays premium in the absence of the life insured

• There is also an inbuilt Accidental benefit rider including total and permanent disability where a lump sum amount is paid on accidental death or disability

Exclusions

• The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.

• For the Accidental Death Benefit Rider, accidents due to infection, drug abuse, self-inflicted injury, wam assured and the age of the person.

• Riot or civil commotion, criminal acts, aviation, etc. are excluded

Documents Required

Policyholders has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases. 

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