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Home > Unit Linked Plans > SBI Life - Smart Scholar

SBI Life - Smart Scholar
(UIN : 111L073V02)

(Product Code : 51)
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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
"The Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of fifth year"
 
Mortality Rates for SBI Life - Smart Scholar
Introduction
Key Features
Product Snapshot
Benefits
 

Introduction:
 
Life begins afresh when you become a parent. It’s a joy you never felt and a feeling you never experienced. When your child takes baby steps towards you, nothing seems more blissful.

With this divine happiness comes a new sense of responsibility that’s close to your heart. You want to make your child’s life a bed of roses or a tender cushion.

At SBI Life, we understand your needs and provide you with a flexible and all-encompassing solution: SBI Life - Smart Scholar, a non participating Unit Linked Insurance Plan.

Secure your child’s future by gaining from the financial markets. Our specially crafted Smart Scholar Plan is as accommodating as you are to your child.
 
 
Key Features:
 
Secure your child’s future by gaining from the financial markets and much more.
 
Dual protection for your family, in case you are not around -
  Payment of base Sum Assured and
  Inbuilt Premium Pay or Waiver benefit to ensure continuance of your policy
 
In addition, Accident Benefit which includes Accidental Death benefit and Accidental Total and Permanent Disability (Accidental TPD) benefit, is an integral part of the plan
 
Depending upon the term of the policy, Loyalty Additions would be paid periodically, for in-force policies.
 
Enhanced investment opportunity through 7 varied fund options
 
Twin benefits of market linked return & insurance benefit
 
Liquidity through partial withdrawal(s)
 

Product Snapshot :
 
Age at Entry * Child: Min: 0 years Max: 17 years
Proposer: Min: 18 years Max: 57 years
Max. Age* at Maturity 65 years
Policy Term
Min: 8 years
Max: 25 years less child’s age at entry
On Maturity, the age of child should be between 18 to 25 years)
Premium Payment
Terms (PPT)
Single Premium (SP)
5 to 25 years (subject to the limits of policy term)
Premium Amounts(x100) Minimum:
PPT Frequency Minimum(Rs)
SP Single 75,000
5 years to 7 years Yearly 50,000
 Half Yearly 25,000
 Quarterly 12,500
Monthly 4,500
8 years or more Yearly 24,000
 Half Yearly 16,000
 Quarterly 10,000
Monthly 4,000
Maximum : No Limit
Sum Assured For Single Premium:
Minimum Maximum
 Across all ages Age<45 years Age=>45 years
1.25 * SP 5 * SP 1.25 * SP
For other PPTs:
Minimum Maximum
Age<45 years Age=>45 years Across all ages
Higher of: 10 * AP or ½ * T * AP 7 * AP 20 * AP 

  • All the references to age are age as on last birthday
 
  • Where AP is ’Annualised Premium’
 
Loyalty Additions, by way of free allocation of units:
During the term of the policy loyalty units would be given for in-force policies on completion of specific durations. Loyalty additions depend on term of the policy. The loyalty addition at relevant policy year end will be equivalent to- 1% x [Average fund value over the 1st day of the last 24 policy months]

Loyalty additions are payable at the end of the year(s) as per the chart below
 
 

Benefits:
 
Maturity Benefit: On completion of Policy Term, Fund Value will be paid
Death Benefit:
 
In the event of unfortunate death of life assured, a lump sum benefit equal to higher of the Sum Assured or 105% of all premiums paid till date of death will be payable.
 
 
The company continue’s to pay your future premium(s) on your behalf (inbuilt Premium Payor Waiver Benefit) and the accumulated fund value will be paid at maturity
 
 
In case of your unfortunate accidental death or accidental total and permanent disability we pay:
 
   
Additional benefit equal to Accident benefit Sum Assured
 
 
The Accident Benefit and Premium Payor Waiver Benefit are not available in the Single Premium policies.
 
Tax Benefits
 
  Tax deduction under Section 80C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured
 
  Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt
 
  Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details
 
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. Insurance is a subject matter of solicitation
51.ver.01-03/14 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS.IRDA clarifies to public that • IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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