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Investment Plans 6799 views March 27, 2020
The State Bank of India’s life insurance wing known as SBI Life has numerous insurance products to satisfy the insurance needs of its customers at various stages of life. SBI Life is one of the leading and largest insurance providers in India offering innovative insurance plans to its customers. One such important insurance plan is the SBI Life Smart Scholar designed to meet the financial needs of the child’s future.
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Unit-linked plans as the name suggest are the capital market-linked insurance products designed to offer two-fold benefits to its customers. the two benefits offered by unit-linked plans are insurance coverage and market-linked returns on the invested money. Market-linked insurance plans have a higher potential of delivering higher returns on the invested money.
The SBI Life Smart Scholar plan is a unit-linked, non-participating child plan that offers an opportunity to the parents to create a corpus to satisfy the future financial needs of children along with market-linked returns on the invested money and life cover. The plan is specially designed for individual customers to grow their wealth and secure the child’s future dreams. This plan will ensure that your child is financially protected from all the unseen and forthcoming uncertainties of life. SBI Life Smart Scholar plan, being a unit-linked plan, comes with a 5 year lock-in period wherein the policyholder will not be able to completely or partially, surrender or withdraw the invested money from the plan.
Eligibility Criteria | Minimum | Maximum |
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Entry Age | Child: 0 Years; Adult: 18 Years | Child: 17 years; Adult: 57 Years |
Maximum age at maturity | Child: 18 Years | Child: 25 years, Parent: 65 Years |
Policy Tenure | 8 years to 25 Years |
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Premium Paying Term | For limited premium policies minimum: 5 years and maximum: 25 Years depending upon policy term; or Single-Premium |
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Premium payment frequency | Single-Premium, Monthly, Quarterly, Half-yearly, Annually | |
Plan Type | Single-Premium Plan or Limited Premium Plan | |
Basic Sum Assured | For Single Premium Plan: 1.25 * the amount of single premium For Limited Premium plan: 10 * the annualized premium up to the policy term |
Smart Scholar Plan is one of the best child plans offered by SBI Life insurance company. This plan is best for any individual or parents looking for market-linked investment planning for the future of their children. This plan is specifically designed to secure the child’s educational needs and to protect their future in the event of uncertainties.
Smart Scholar being a child insurance plan, it is best to buy the plan before the child attains 17 years of age. However, investing in market-linked plans is beneficial if the investment is done at the earliest as market-driven plans tend to offer a higher return in the long run.
The prospective policyholder needs to submit the following documents to buy SBI Smart Scholar Plan
SBI Life Smart Scholar Child Plan is one of the best comprehensive insurance coverage policies offered by SBI Life to secure the child’s future education needs and to secure them financially in the event of any uncertainty.