SBI Life smart scholar policy Introduction
SBI Life Smart scholar policy is mainly used for the children.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 .
For that to fulfill your needs, SBI Life provide you with a flexible and all-encompassing solution: SBI Life Smart Scholar policy, a non participating Unit Linked Insurance Plan which Secures your children future by gaining from the financial markets. And its gives a protection to your child in your absence.
SBI Life Smart scholar Review
In case of your unfortunate death due to any reason other than accident:
• Company will pay a lump sum benefit equal to 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 excess of the Sum Assured will be paid from your Fund by dis investment of units.
• Company would continue 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 Company will pay:
• Additional benefit equal to Accident Sum Assured
The Accident Benefit and Premium Payor Waiver 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 term of the policy.
- The loyalty addition at relevant Policy Year end will be equivalent to – 1% x [Average Fund Value over the 1 day of the last 24 policy months]. For more information regarding Tax Benefits, visit www.taxqueries.in.
Loyalty additions are payable at the end of the year(s) as per the chart below
SBI Life Smart scholar Policy 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.
SBI Life Smart scholar Policy Eligibility Conditions
| 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 yearsMax: 25 years less child’s age at entryOn 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 | |
SBI Life Smart scholar Policy Benefits
Death benefits:
In the event of unfortunate death of life assured, a lump sum benefit equal to higher of the Sum Assured.
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 dis investment 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 can either continue the policy or terminate the contract. In case of termination of contract, the fund value will be payable.
Maturity Benefit:
On completion of the policy term, Maturity benefit = The fund value shall be paid to beneficiary in a lump sum or as per settlement option, If chosen.
The policyholder if he/she survives (or) child, in case of death of the Life Assured during the policy term.
Additional In-Built benefits:
Accident Benefit:
The Accident Sum Assured is equal to the base sum assured, This Accident Benefit shall be payable only once, i.e. in the event of death or disability whichever occurs first.
In case of claim towards Accident total permanent disability being accepted:
This is not applicable for single premium policies, Charges are recovered on a monthly basis
Monthly Charges = Accident Sum Assured x (Annual rate/12),where the Annual rate is Rs.0.50 per 1000 Accident Sum Assured.
Premium Payor Waiver Benefit:
In case of death of child the premium payor waiver benefit will cease and no further charge will be deducted.
SBI Life Smart scholar fund options:
Sbi life smart scholar has several types of funds like Index fund, Equity fund, Top 300 fund, Equity optimizer fund, P/E Managed fund, Growth fund, Balanced fund, Bond fund, Money market fund etc. for more information about funds you can get in brochure.
SBI Life Smart scholar Equity Fund
Equity Fund:
The objective of this fund is to provide high equity exposure targeting higher returns in the long-term.
| Assets | Minimum | Maximum | Risk profile |
| Equity and Equity related instuments Debt and money market instruments | 80%0% | 100%20% | High |
SBI Life Smart scholar Balanced Fund
Balanced Fund:
The objective of this fund is to provide accumulation of income through investment in both equities and fixed income securities with an attempt to maintain a suitable balance between return and safety.
| Assets | Minimum | Maximum | Risk Profile |
| Equity and equity related instrumentsDebt and Money Market Instruments | 40%40% | 60%60% | Medium |
SBI Life Smart scholar NAV
The NAV Computation under sbi life smart scholar the unit price shall be computed on whether the company is purchasing or selling assets in oder to meet the day-to-day transactions of unit allocations and unit redemption.
When Appropriation price is applied:
(Market value of investments held by the Fund + Expenses incurred in the purchase of assets + Accrued income net of fund management charges+value of any current assets-value of any current liabilities-provisions)/Number of units existing at the valuation date.
When Expropriation price is applied:
(Market value of investments held by the fund-Expenses incurred in the sale of assets+accrued income net of fund management charges+Value of any current assets-Value of any current liabilities-Value of any current liabilities-provisions)/Numbers of units existing at the valuation date.
SBI Life Smart scholar policy Calculator
You can calculate your premium with premium calculator, premium calculator will be embedded soon.
SBI Life Smart scholar policy Online Payment
SBI Life Smart scholar policy has an online payment options means you can buy your policy .
SBI Life Smart scholar Policy Customer care
Call Toll Free:
1800-22-9090
1800-425-9010
(Customer Service timings: 9:00 a.m. to 9:00 p.m., seven days a week)
Corporate Office:
Telephone No. : 022 – 6191 0000
Email us: info@sbilife.co.in
Corporate Address:
SBI Life Insurance Co. Ltd.,
“Natraj”,
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai – 400 069
SBI Life Smart scholar Policy Additional Information
Grace Period:
A grace period of 30 days will be allowed for Yearly, Half-yearly & Quarterly premium payment frequencies and a grace.period of 15 days will be allowed where premiums are paid monthly.
Free Look period:
you have the option to return the policy stating the reasons.
Surrender:
You can surrender your policy at any time during the Policy Term.If the surrender is requested any time after completion of 5 Policy Year, then the Fund Value will be paid immediately.
SBI Life Smart scholar Policy FAQs
1.What is meant by policy administration charges?
A.Policy Administration Charge:
A monthly Policy administration charge of Rs. 50 per month shall be deducted by cancelling units at the prevailing unit price on the first business day of each policy month.
2.What is Mortality charge?
A.Mortality Charge:
Mortality charges are deducted on the first business day of each policy month from Fund Value by way of cancellation of units. Mortality charges will be based on your age and Sum Assured.
SBI Life Smart scholar PDF
SBI Life smart scholar policy pdf
SBI Life Smart scholar Forms and Documents
SBI Life smart scholar policy brochure
SBI Life smart scholar policy document
SBI Life smart scholar claim form
SBI Life smart scholar buying form