SBI Life is one of the reputed and reliable insurance providers in India. It has a wide range of insurance plans to cater to the requirements of the customer. The SBI Life Smart Scholar Plan is an excellent education plan for fulfilling the education and future expenses of your child. In this article, I am going to discuss this plan

SBI Smart Scholar insurance

Features and advantages of this plan:

Features:

1. At maturity, you will get a lump sum amount

2. 9 fund options are available

3. If eventuality occurs, the premiums are waived off

4. From the 6th year of the policy, partial withdrawal option is available

5. When the specific duration of in-force policies are completed, regular loyalty options are available based upon the term of the policy

Advantages:

1. Tax benefits are available

2. Regular loyalty additions are available for boosting your funds

3. Premium waiver option is available with which you can give protection to the dream of your child if eventuality occurs.

4. You can make investments in funds according to your choice.

5. Whenever you require money by facing unexpected expenses, you can withdraw partially

6. This flexible plan provides excellent security to the future of your child

Eligibility for SBI Smart Scholar plan:

Minimum entry age Age of the life assured – 18 years Age of the child – 0 years
Maximum entry age Age of the life assured – 57 years Age of the child –  17years
Maximum maturity age Age of the life assured – 65 years Age of the child –  25 years
Minimum maturity age Age of the child – 18 years
Term of policy ( 8 – 25 ) years
Frequency of premium Single or yearly or monthly or half-yearly or quarterly
Premium paying term ( 5 – 25 ) years, single premium  

Benefits of SBI Smart Scholar Plan:

1. On maturity, i.e. when the term of your policy will be completed you will get the fund value as lumpsum

2. According to the laws of income in India, benefits or exemptions on income tax is available. You may be eligible for this.

3. If unfortunately the life assured dies, the company will pay a lump sum benefit (= higher of the sum assured). Or they will pay 105 % X total premiums paid up to the death date

Premium Waiver benefit is available, that means in case of death, you do not have to pay the future premiums. The company will pay these on behalf of you. You will get the accumulated fund value on maturity

4. If accidental death or permanent and total disability due to an accident occurs, the company will pay an additional benefit

Conclusion: I have discussed the SBI Life Smart Scholar Plan in detail. For more details visit their official website

10 Best education plan

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