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 –
Survival Benefit –
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)
Sum Assured (in Rs.)
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)
Entry Age of Child (in years)
Age at Maturity of Parent (in years)
Age at Maturity of Child (in years)
Single, Yearly, Half-yearly, Quarterly, Monthly
The below illustration is for a healthy person opting for a Sum Assured = Rs. 1,00,000
Age of Parent= 30 years
Age of Child= 1, 5 and 10 years
Riders- There are 3 additional riders available with this plan-
And 1 in built rider available - Premium Waiver Benefit rider
You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse.
You want to surrender the policy – No information.
You want a loan against your policy - No information.
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