SBI Life Scholar II Plan

SBI Life Scholar II Plan is a simple Money Back Child Plan. This is a Traditional Plan with Bonus facility. In this plan, the life of the parent is insured for the benefit of the child’s future.

In this plan, the Policy Term is (21 years – Age at entry of the Child) and premium needs to be paid for (18 years – Age at entry of the Child). In this plan, 25% of the Sum Assured is paid out every year after the child attains 18 years of age and the last instalment is paid on maturity when the child is 21 years or age along with the vested bonus. However if the parent dies within the policy tenure, then the entire Sum Assured is paid irrespective of the fact whether any Survival Benefit has been paid or not. The future premiums are waived but the policy continues till the entire Survival Benefit has been paid as per schedule.

There are 3 additional riders in this plan.

Death Benefit

Income Tax Benefit

Riders

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Key Features

In this plan money is returned every year after the child attains 18 years of age

the Policy Term is (21 years – Age at entry of the Child) and premium needs to be paid for (18 years – Age at entry of the Child).

Death Benefit is Sum Assured is paid irrespective of the fact whether any Survival Benefit has been paid or not.

Future premiums are waived off by an inbuilt rider in case of death of the parent.

In this plan 25% of the Sum Assured is paid out every year after the child attains 18 years of age and the last instalment is paid on maturity when the child is 21 years or age along with the vested bonus.

Bonus is available on maturity or on earlier death.

There is a special rebate for women policyholders and for large Sum Assured.

There are 3 additional riders in this plan

Benefits

Death Benefit

The nominee receives the Sum Assured and the accrued Bonus as Immediate Payment
All future premiums are waived off and paid by the insurer
The Survival and Maturity Benefits are paid in due course of time.

Survival Benefit

When the child attains 18 years of age, 25% of the Sum Assured is paid
When the child attains 19 years of age, 25% of the Sum Assured is paid
When the child attains 20 years of age, 25% of the Sum Assured is paid

Maturity Benefit

The remaining 25% of Sum Assured + Vested Bonus is paid when the child is 21 years old.

Income Tax Benefit

Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

Riders

There are 3 additional riders available with this plan-

Individual Critical Illness rider
Accidental Death and Permanent Disability rider
Premium Waiver Benefit rider- for total and permanent disability

And 1 in built rider available - Premium Waiver Benefit rider

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	50000	Rs 1 Crore
Policy Term (in years)	21 years – Age at entry of the Child
Premium Payment Term (in years)	18 years – Age at entry of the Child
Entry Age of Life Insured (in years)	18	60
Entry Age of Child (in years)	0	15
Age at Maturity of Parent (in years)	-	70
Age at Maturity of Child (in years)	21
Payment modes	Single, Yearly, Half-yearly, Quarterly, Monthly