A traditional participating plan, SBI Life – Scholar II has guaranteed benefits which are payable at the regular intervals during the term of the policy. In an ill-timed event, your nominee would receive full sum assured along with vested bonus, plus regular guaranteed survival benefit.
Key Features:
• Twin benefit of saving for your child’s education and securing a bright future despite the uncertainties of life.
• Full risk cover throughout the policy term irrespective of payment of survival benefits installments.
• Option to receive the installments in lump sum at the due date of first installment of Survival benefit.
• Attractive rider options.
• Attractive rebate for Female lives and High Sum Assured.
• 15 days Free Look Period.
Product Snapshot:
|
Term |
|
| Premium Payment Term ( PPT) | 18 – Childs Age at entry |
| Policy Term | 21 – Childs Age at entry ( You are covered till the child attains 21 years of age) |
|
Premium |
|
| Premium Mode | Monthly / Quarterly / Half Yearly / Yearly ( Single Premium also available) |
|
Age ( As on Last Birthday) |
|
| Entry Age ( Life Assured ) | Minimum: 18 years ; Maximum: 60 years |
| Entry Age ( Child) | Minimum: 0 years ; Maximum:15 years |
| Maximum Age at Maturity (Life Assured) | 70 years |
|
Sum Assured |
|
| Minimum Sum Assured | Rs 50,000/- |
| Maximum Sum Assured | Rs 1 Crore |
|
Riders Available |
|
|
SBI Life – Dhanavantri Supreme – Individual Critical Illness (CI Rider) (UIN : 111C004V02) |
|
|
SBI Life – Accidental Death and Permanent Disability (AD & PD ) Rider (UIN: 111C001V01) |
|
|
SBI Life – Premium Waiver Benefit (PWB) Rider ( Individuals) ( UIN : 111B005V01) |
|
Benefits:
• Guaranteed payment at regular intervals
when the child attains 18 years of age, the parent has an option of:
Receiving the Sum Assured in 4 installments:
| Age | Guaranteed Benefit Payment |
| 18 years | 25 % of Sum Assured |
| 19 years | 25 % of Sum Assured |
| 20 years | 25 % of Sum Assured |
| 21 years | 25 % of Sum Assured + Vested Bonus * |
Receiving the Survival Benefits in a single installment along with the Vested Bonus* (Policy terminates thereafter)
- Vested bonus is the total amount of bonus accrued till date, under the policy.
• DEATH BENEFIT : In the event of unfortunate incident of your early death during the term of the plan, your child’s future remains secured in 3 ways:
• Child future educational needs: 25% of Sum Assured is payable in 4 equal installments when the child attains the age 18 years to 21 years. This ensures the child’s higher educational needs are met.
• Immediate Payment: The nominee receives the Sum Assured along with the bonus declared until that date.
• All future basic premiums need not be paid: Ensuring that your family is not financially burdened in your absence.
Tax Benefits:
• Tax benefit u/s 80C and 10(10 D) of the Income Tax Act
• Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D
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Tags: SBI Life, SBI Life Scholar II