Robinhood Insurance Broker Private Limited

Product Info





Launch Date


Withdrawn Date


Product Overview

SBI Life - Smart Scholar is a Unit Linked, 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 benefit would continue till your child becomes an adult.

Product Description

  • Dual Protection for your family:
  1. Payment of base Sum Assured
  2. Inbuilt Premium Payor Waiver benefit to ensure continuance of your Policy.
  • Flexible options to meet your changing requirement.
  • Liquidity through Partial Withdrawals.


I hereby authorize OneInsure to communicate with me on the given number for my Insurance needs.
I am aware that this authorization will override my registry under NDNC.


Unique Features

  • In the case of death of the life assured, base sum assured is paid and all future premiums are waived off. In addition, the periodic loyalty addition gives an additional boost to the fund value.
  • Free allocation of units by way of regular Loyalty Unit Additions.

Eligibility Criteria

Eligibility Criteria
  Child Proposer / Perent(Life assured)
Age at Entry (Min) 0 years 18 years
Age at Entry (Max) 17 years 57 years
Max age of Maturity 18 to 25 Years 65 years
Premium Amounts(x100) Minimum:
Premium paying Term Frequency Minimun (Rs)
Single Premium  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 * Single premium 5 * Single premium 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 
Notes:  *Where AP is ’Annualised Premium’. *All the references to age are age as on last birthday.
Mode Available Single, Yearly, Half - Yearly, Quarterly, Monthly
Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed
only through  ECS, Credit Card, Direct Debit and EFT.
Policy Term Min: 8 years
Max: 25 years less child’s age at entry
Notes: On Maturity, the age of child should be between 18 to 25 years)
Premium Paying Term Single Premium (SP) 5 to 25 years (subject to the limits of policy term)

OneInsure App Benefits

Store Digitally  |  Get Premium Reminders  |  Service and Claim assistances  |  Empower Nominee
Download OneInsure App :

Product Benefit

  • Maturity Benefit: Fund Value will be paid
  • Death Benefit:
  1. The Sum Assured is less than 105% of all premium paid
  2. In accidental death,  Additional benefit equal to Accident benefit Sum Assured will pay

Other Policy Features

Feature Description
Switching Rs.100 is applicable for every Switch In excess of 2 free Switches in the same Policy Year
Minimum Switch amount is Rs 5,000
Partial Withdrawal Rs.100 is applicable for every Partial Withdrawal
In excess of 1 free Partial Withdrawal in the same policy year
Notes: Partial Withdrawals are available from 6th Policy Year Onwards
Premium Redirection This facility is free of charge Allowed from 2nd Policy Year onwards
A Charge of Rs.100 will be levied per redirection request in excess of free redirection request in the same policy year.
Settlement Option
Term of Settlement Option (in Year) Proportion of Fund Value available at the time of each payment 
(Beginning of each payment year)
  Year 1 Year 2 Year 3 Year 4 Year 5
1 1/2 1      
2 1/3 1/2 1    
3 1/4 1/3 1/2 1  
4 1/5 1/4 1/3 1/2 1
Surrender You can surrender your policy at any time during the policy term. Once policy is surrendered there will be No option to revive the policy
If Surrender is requested during the first 5 policy years
Then Lock-in condition applies. Your Fund Value after deduction of applicable discontinuance charge  (if any), will be transferred to the 'Discontinued Policy Funds'
Fund Management Charge of Discontinued Policy Fund shall be deducted. No other charge will be deducted from the fund
If Surrender is requested any time after completion of 5th policy year
Then the Fund Value will be paid immediately
Loyalty Additions 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)
Notes: Loyalty additions depends on the term of the policy.


  • Accidental Death and Disability Benefit Rider:
    This is an in-built rider which provides an additional benefit for accidental death or accidental total permanent disability to an overall cap of 50 lac sum assured.
  • Premium Payor Benefit rider:
    This is also an in-built rider, which ensures payment of all future premiums in case of death of the life assured.


Fund Management Charges
Fund Name % of Fund Value 
Index Fund 1.25%
Equity Fund 1.35%
Top 300 Fund 1.35%
Equity Optimiser Fund 1.35%
P/E Managed Fund 1.35%
Growth Fund 1.35%
Balanced Fund 1.25%
Bond Fund 1.00%
Money Market Fund 0.25%
Discontinued Policy Fund 0.50%
Notes: These charges may be increased within the maximum limit allowed with notice to the Policy Holder Subject to prior IRDA approval.
Premium Allocation Charge:
Policy Year Limited Premium upto Policy Term Single Premium
1 6.00% 3
2 4.50% NA
3 4.50% NA
4 4.00% NA
5 4.00% NA
6 1.00% NA
7 1.00% NA
8 1.00% NA
9 1.00% NA
10 1.00% NA
11 onwards 0.00% NA
Notes: *The Allocation of Unit is made after the deduction of this charges
Policy discontinuation charge ( For Premium Paying Term 5 to 25 Years)
Policy discontinuance year For annual premium up to Rs. 25,000 For annual premium more than Rs. 25,000
1 Lower of 20% of (AP or FV )
subject to max Rs 3,000
Lower of 6% of (AP or FV)
subject to max Rs.6,000
2 Lower of 15% of (AP or FV)
subject to max Rs.2,000
Lower of 4% of (AP or FV)
subject to max Rs.5,000
3 Lower of 10% of (AP or FV)
subject to max Rs.1,500
Lower of 3% of (AP or FV)
subject to max Rs.4,000
4 Lower of 5% of (AP or FV)
subject to max Rs.1,000
Lower of 2% of (AP or FV)
subject to max Rs.2,000
5 and onwards Nil
Notes: *For Single Premium policies, no discontinuance charges apply.
Mortality Charges Are deducted on the First business day of each policy month from Fund Value by way of cancellation of unit
Will be based on Age and Sum Assured
Premium Payor Waiver Are deducted on the First business day of each policy month from Fund Value by way of cancellation of unit
This is Not applicable for Single Premium Policies
Accident This is Not applicable for Single Premium Policies
Monthly Charges= Accident Sum Assured x ( Annual rate / 12)
Notes : * The Annual rate is Rs 0.50 per 1000 Accident Sum Assured


If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Income tax benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.

Claim Process

Know claim process of SBI Life Smart Scholar Plan

Claim Process

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.


OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.

Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.


That’s a good decision!

By clicking on the “SUBMIT” button, I accept the Terms & Conditions and authorise OneInsure representatives to contact me via Call / SMS / Email


A OneInsure representative will call you shortly.

Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

That’s a good decision!

By clicking on the “SUBMIT” button, I accept the Terms & Conditions and authorise OneInsure representatives to contact me via Call / SMS / Email


A OneInsure representative will call you shortly.

Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.