SBI Life Smart Scholar
Product Info
UIN
111L073V01
Status
Withdrawn
Launch Date
03/12/2010
Withdrawn Date
01/10/2013
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:
- Payment of base Sum Assured
- Inbuilt Premium Payor Waiver benefit to ensure continuance of your Policy.
- Flexible options to meet your changing requirement.
- Liquidity through Partial Withdrawals.
COMPARE & BUY SIMILAR PLANS
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. |
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| 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
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Product Benefit
- Maturity Benefit: Fund Value will be paid
- Death Benefit:
- The Sum Assured is less than 105% of all premium paid
- 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) |
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| 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. | ||||||
Add-ons
- 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.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 | |||||
Exclusions
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
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.
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