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SBI LIFE – SMART SCHOLAR

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Give Wings To Your Child’s Dream

Life begins afresh when you become a Parent. Its a joy you never felt and a feeling you never experienced. And 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 unique, flexible and all-Encompassing Solution the SBI Life – Smart Scholar*.

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.

Why should I take Smart Scholar (UIN: 111L073V01)?

To 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-

a)Payment of base Sum Assured and

b) Inbuilt Premium Payor Walver 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.
  • Free allocation of units by way of regular Loyalty Unit Additions, giving periodic boosts to your investments.
  • Enhanced investment opportunity Through 9 varied Fund Options Including P/E Managed Fund, Index Fund& Top 300 Fund.
  • Twin Benefits of market-linked returns & Insurance Benefits.
  • Flexible Options to meet your changing requirement.
  • Liquidity through Partial Withdrawal(s)

What is Smart Scholar?

It is a Unit Child cum Life Insurance plan available for parents (Life Assured) Who have a child aged between 0-17 Years. You can Pay Premiums for a limited period whereas the policy benefits would continue till your child becomes an adult.

Your money can be invested in any of the available Nine Funds, as per your choice and risk appetite. At the end of the term, your accumulated Fund Value can be used for your child’s higher education, marriage, financial security or anything else, while withdrawals facility helps you to meet unplanned expenses

Protection for your child’s future in your absence:

In case of your unfortunate death due to any reason other than accident:

  •  Benefit 1: We pay a lump sum benefit equal to the maximum of Sum Assured and 105% of all basic premiums paid as on the date of intimation of death claim. If on the date of intimation of death, the Sum Assured is less than 105% of all Premiums paid, the amount in 

*SBI Life- Smart Scholar will be referred to as Smart Scholar hereafter.

  • Benefit 2: We continue to pay your future premium(s) on your behalf (inbuilt Premium Payor Walver 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 Sum Assured

The Accident Benefit and Premium Payor Waver Benefit are not available in the Single Premium Policies.

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 a 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]

The loyalty addition will be offered for all policy terms irrespective of premium frequencies. The same will be added through the allocation of units at the end of relevant policy years as mentioned in the above chart. Loyalty additions will continue in case of continuance of the policy after the death of the Life Assured. Loyalty additions once allocated shall remain attached till the remaining Policy Term.

Eligibility Criteria:

Age at Entry: Parent (Life Assured) : 18 years to 57 years

                        child:  0 years to 17 years

Age at Maturity*: Parent (Life Assures): Maximum:65 years

                      Child: 18 Years to 25  years

Plan Type: Limited Premium upto the Policy Term/Single Premium

Policy Term(PT)*: 8 years to 25 years

*Subject to the condition that at maturity age of the child should be 18 years or more (last birthday) and Policy Term is at least to or greater than the Premium Paying Term (PPT)

Premium Frequency: Single / Yearly / Half-yearly / Quarterly / Monthly

For monthly mode, 3 months premium to be paid in advance and renewal payment is allowed only through ECS, Credit Card, Direct debit and SI-EFT.

Premium Paying Term(PPT):

Single Premium

OR

5 years to 25 Years#

#Subject to the limits of the Policy Term.

Premium Range (in multiples of Rs. 100)

Plan TypePremium FrequencyMinimum (in Rs.)Maximum (in Rs.)
SingleSingle75,000No Limit
PPT greater than or
Equal to 8 years
Yearly
Half-yearly
Quarterly
Monthly
24,000
16,000
10,000
4,000
No Limit
PPT 5 years to 7 yearsYearly
Half-yearly
Quarterly
Monthly
50,000
25,000
12,500
4,500
No Limit

Sum Assured Range

Minimum (in Rs.)Maximum (in Rs.)

Limited
Premium
upto
Policy Term
Age below 45 yearsAge 45 Years or aboveAge below 45 yearsAge 45 Years or above

Limited
Premium
upto
Policy
Term

        Higher of
       [( 10 x AP )
          Or
       ( 0.50 x
    Term x Ap )]
  7 x Ap  20 x AP
  20 x AP
Single Premium1.25 x Single  Premium5 x Single Premium1.25 x Single Pemium

Where AP is ‘ Annualised Premium’

Benefits of Smart Scholar:

Basic Life 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.

If on the date of death, the Sum Assured is less than 105% of all premiums paid, the amount in excess of the Sum Assured will be paid from your Fund by disinvestment of Units.

In the event of death of child no Sum Assured is payable. Life Assured will inform the Company regarding the event. In such case he/she can either continue the policy or terminate the contract. In case of termination of contract, the Fund Value (without any Surrender Charges), will be payable.

If both the Life Assured and the child die during the term of the policy, the policy will be automatically terminated and all due benefits will be paid along with the Fund Value.

Maturity Benefit:

On completion of the Policy Term, Maturity i.e. the Fund Value shall be paid to beneficiary in a lump sum or as per settlement option, if chosen.

The beneficiary will be:

The Policyholder if he/she survives

OR

Child, in case of death of the Assured during the Policy Term

Settlement Option:

Settlement option helps to get periodic installments of maturity proceeds within five years (maximum) from the data of maturity. During the settlement period, the Fund Value will remain invested in the existing Funds as per the prior allocation. The investment risk is continued to be borne by Policyholder. No charges except Fund Management Charges will be applicable. Partial Withdrawals and Switches are not allowed during this period. At any point of time, If the Beneficiary asks for payment of remaining Fund Value, the same will be paid immediately. In case of death of Life Assured or child (if Life Assured is already dead) before the end of the settlement period, remaining Fund Value is payable immediately as a lump sum to child or legal heir of Life Assured, as the case may be. The following proportion of available Fund Value is paid over the term of the settlement option chosen:

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