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SBI Life Smart Scholar Plan

SBI Life Smart Scholar Child Insurance Plan is a non-participating unit linked insurance plan which offers the twin benefit of market-linked returns on your invested money and the security of life cover for your children.

Note: All information has been sourced from the official website of SBI Life.

Features of SBI Life Smart Scholar Child Insurance Plan

The key features of this plan are:

  • Offers a flexible and all-encompassing financial solution
  • Inbuilt premium waiver option
  • Regular loyalty additions
  • Option to invest in a fund of your choice
  • Option to make partial withdrawals post 5th policy year
  • Option to select from 7 funds
  • Lump sum amount is released upon maturity

Benefits of SBI Life Smart Scholar Plan

The benefits of this plan are:

  • Maturity Benefit - The entire fund value will be paid on completion of policy term.

  • Death Benefit - In case of death of the parent/policyholder, a lump sum benefit equal to the higher of the Sum Assured or 105% of all premiums will be paid till date of death. The insurance company will continue to pay any future premiums on behalf of the policyholder (inbuilt Premium Payor Waiver Benefit) and the accumulated fund value will be paid at maturity. In case of accidental death or accidental total and permanent disability, the insurer will pay an additional benefit equal to accident benefit sum assured.

Eligibility Criteria

The eligibility criteria for this plan is:

Age at Entry *Child: Min: 0 yearsMax: 17 years
Proposer: Min: 18 yearsMax: 57 years
Max. Age* at Maturity65 years
Policy Term
Min: 8 years
Max: 25 years less child’s age at entry
On Maturity, the age of the 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:
PPTFrequencyMinimum(Rs)
SPSingle75,000
5 years to 7 yearsYearly50,000
Half Yearly25,000
Quarterly12,500
Monthly4,500
8 years or moreYearly24,000
Half Yearly16,000
Quarterly10,000
Monthly4,000
Maximum :MonthlyMonthly

How to Invest in SBI Life Smart Scholar Child Insurance Plan?

You can invest in an SBI child education plan by visiting any of the bank branches nearest to your residence and request to apply for a child education plan.

Documents Required for SBI Life Smart Scholar Plan

The documents required for SBI Child Education Plan are:

  • KYC of both Parent and Child - Proof of ID
  • Proof of Address
  • Income Statement
  • Proof of Age - Both Parent and Child
  • Application Form

Additional Features and Riders for SBI Scholar Plan

  • Accident Benefit - In this benefit, the accident sum assured is equal to the base sum assured, subject to an overall cap of Rs. 50 lakhs. In case of accidental death, the amount is paid as a lump sum. In case of Accidental TPD, the sum assured is paid in 10 equal annual installments.

  • Premium Payor Waiver Benefit - Under this benefit, the SBI Life Insurance Company will pay all the future premiums in case of death of the policyholder. Upon maturity, the fund value will be entitled to the children.

  • Fund Options - You can invest in any one or combination of the below mentioned funds (in multiple of 1%)

    • Equity Fund
    • Top 300 Fund
    • Equity Optimizer Fund
    • Growth Fund
    • Balanced Fund
    • Bond Fund
    • Money Market Fund
  • Switching Options - You can switch your investments among the available 7 funds mentioned above. The minimum switch amount is Rs. 5000 and two free switches are allowed in a policy year.

  • Premium Redirection Option - Premium redirection facility is allowed from 2nd policy year onwards.

  • Partial Withdrawal - Partial withdrawals are allowed from the 6th policy year onwards. No more than 5 partial withdrawals are allowed in the entire policy term in case the policy term is less than 10 years. 10 partial withdrawals are allowed for a policy term above 10 years.

  • Grace Period - The policy offers a 30 days grace period from the premium due date for yearly/half yearly/quarterly premium frequency and 15 days for monthly premium frequency. A lapsed policy can be revived within 2 years from the date of the first unpaid premium.

  • Free-Look Period – The policy comes with a free look period of 15 days from the date of receipt of policy. For policies sourced through any channel other than distance marketing, the free look period is 30 days.

Why should you buy SBI Life Smart Scholar Child Insurance Plan?

If you have a children between the ages of 0-17 years, then SBI Life Smart Scholar Child Insurance Plan is an ideal investment option. Under this plan, you have the option to pay premiums for a limited period and the policy benefits continue till your child becomes an adult. In addition, at the end of the policy term, your accumulated fund value can be utilised for your child’s higher education, marriage, financial security or anything else. The withdrawal facility helps you to meet unplanned expenses.

Exclusions under SBI Life Smart Plan

The exclusions under this plan are:

  • Suicide Exclusion - If the life insured commits suicide within one year from the risk commencement date, whether insane or sane at that time, the policy will be void and no death benefit will be payable.

  • ATPD Benefit - The Accidental Total and Permanent Disability Benefit will not be payable in case of accident arising from the following events:

  • Infection

  • Drug Abuse
  • Self-inflicted injury
  • Criminal Acts
  • War and Civil Commotion
  • Nuclear Contamination
  • Aviation
  • Hazardous Sports and Pastime
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