SBI Smart Scholar Plan Details
SBI Smart Scholar Plan is an Individual, Unit Linked, Non-participating Life Insurance Product. It is an insurance plan that provides a security cover for the future of the child. Through this, parents who have children in the age group of 0 to 17 years can secure the future of their children through this insurance plan.
In SBI Smart Scholar Plan, you get the option of paying premium for a limited period while you can enjoy the benefits of the policy till your child attains the age of majority.
In SBI Smart Scholar Plan, you get the option to invest your money in 9 fund options as per your choice and risk appetite. At the end of the policy term, you can use the accumulated fund value for your child’s higher education, marriage, financial security or anything else. In this you also get the facility of withdrawal through which you can easily meet your unplanned expenses.
Features Of SBI Smart Scholar Plan
Features of SBI Smart Scholar Plan are as follows-
- In this, a lump sum sum assured is provided to the nominee in case of death of the policyholder during the policy term.
- Future premiums to be paid are waived off in case of death of the life assured.
- In this, you are also provided with the benefit of Accidental Death Benefit and Accidental Total and Permanent Disability Benefit.
- In this, you are also provided with the benefit of loyalty addition.
- In this you get 9 fund options to invest your money. You can invest your money in any fund as per your convenience. In this you get double benefit. You can get market linked returns along with getting the insurance cover.
- In this, you get the option to change your life insurance as per your requirement.
- You can make partial withdrawals from the 6th policy year if required.
- Read Also SBI Life Retire Smart Plan
Benefits Of SBI Smart Scholar Plan
- Maturity Benefit:
In SBI Smart Scholar Plan, if the policyholder survives till the completion of the policy term, he will be paid a lump sum of the fund value.
- Death Benefit:
In the event of death of the life assured, a lump sum sum assured equal to higher of basic sum assured or 105% of the total premiums received till the date of death is given.
In the event of death of the life assured, the insurance company continues to pay future premiums (inbuilt premium payment waiver benefit) on behalf of the life assured and the accumulated fund value will be paid on maturity. In case of unfortunate accidental death or accidental total and permanent disability of the life assured, an additional benefit equal to the Accident Benefit Sum Assured is provided.
- Tax Benefits:
In SBI Smart Scholar Plan , you get income tax benefits/exemptions as per the income tax laws applicable in India. These benefits are subject to change from time to time.
SBI Smart Scholar Plan Eligibility
SBI Smart Scholar Plan Eligibility is as follows-
| Age at Entry | Minimum: Parent (Life Assured): 18 Years Child: 0 Years Maximum: Parent (Life Assured): 57 Years Child: 17 Years |
| Age at Maturity | Minimum: Child: 18 Years Maximum: Parent (Life Assured): 65 Years |
| Plan Type | Limited Premium up to the policy term / Single Premium |
| Policy Term | 8 years to 25 Years |
Documents Required For SBI Smart Scholar Plan
The documents required for SBI Smart Scholar are as follows-
- application
- age proof
- Income ratio
- Recognition rate
- address proof
SBI Smart Scholar Plan Premium
SBI Smart Scholar Plan Premium is as follows-
| Plan Type | Limited Premium up to the policy term / Single Premium |
| Premium Paying Term (PPT) | SP or 5 to 25 years |
| Premium Range (In multiples of 100) | Maximum: No Limit |
| Basic Sum Assured | Limited Premium up to the policy term: 10 x Annualised Premium Single Premium: 1.25 x Single Premium |
How To Buy SBI Smart Scholar Plan?
You can buy SBI Smart Scholar Plan through both online or offline as per your convenience.
To buy through online medium, you have to buy this plan by visiting the official website of SBI Life. You can easily buy this plan sitting at home in few minutes in easy steps there. Through offline medium you can buy this plan through insurance agents. You can also buy it easily by visiting the nearest branch of SBI Bank.