SBI Life Smart Scholar
SBI Life Smart Scholar is a unit linked child insurance plan by SBI Life Insurance. Child insurance policies are very relevant in these days. There are a number of child insurance plans are available. SBI Life Smart Scholar is one of them. Loyalty additions are expected in this policy.
It is very difficult to predict the future. Right things in the present will bring wealth in the future. A lot of insurance policies are available in the market. They are Unit Liked policies, traditional policies and term policies. It is very difficult to choose the right plan at the right time. Your children are living by depending you. Your unfortunate death should not affect their life.
It is a Unit Linked Insurance Policy by SBI Life Insurance. This is a child protection plan. Your fund will be boosted by periodical loyalty additions in this policy. Loyalty additions mean additional allocation of units. Both equity advantages and insurance benefits are expected in this policy. Child up to 17 years can be joined in this policy. Minimum and maximum age of entry to the proposer is 18 years and 57 years respectively. Maximum age of maturity is 65 years. Minimum policy term is 8 years. Maximum policy term is the difference between 25 and the child’s age. Single and regular premium payment options are available in this policy.
Minimum single premium in this policy is Rs 75000. Minimum annual premium in this policy (term between 5 years to 7 years) is Rs 50,000. Minimum annual premium in the (term above 8 years) is Rs 24,000. There is no maximum limit in the premium. Minimum sum assured in the single premium option is 1.25 X Single premiums. Maximum sum assured in the single premium is 5 X Single premium (If the age is below 45) and 1.25 X Single premium (If the age is above 45). Minimum sum assured in the regular premium option is Higher of (10 X annual premium) or ½ X Term X annual premium (if the age is below 45). Minimum sum assured if the age is above 45 is (7 X annual Premium). Maximum sum assured will be (20 X Annual Premium). Partial withdrawals can be allowed form sixth year. Up to 15% of the fund value can be withdrawn from 6th year. Higher of (sum assured or 105% of the total premiums paid)
will be allowed on the death of the policyholder. Maturity benefit will be the fund value or settlement options if chosen.