SBI Life Scholar II Plan

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SBI Life Scholar II Insurance 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.

 

 

Key Features of SBI Life Scholar II Insurance Plan

 

  • 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 you get from SBI Life Scholar II Insurance Policy

 

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)

 

 

Eligibility in SBI Life Scholar II Insurance Policy

 

 

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

 

 

Sample illustration of premium amount in SBI Life Scholar II Plan

 

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

SBI Life Scholar II Child Insurance Plan Sample Premiums

 

 

Additional Features and Benefits of SBI Life Scholar II Plan

 

Riders- There are 3 additional riders available with this plan-

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

And 1 in built rider available - Premium Waiver Benefit rider

 

 

What happens if?

 

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.

 

 

Alternate traditional child money back plans from different insurance companies

 

Met Junior MB

ING Creating Life Money Back Plan

LIC Komal Jeevan

 

 

Other child insurance plans from SBI Life Insurance Company Limited

 

SBI Life Smart Scholar Plan - ULIP

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the SBI Life Scholar II Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable SBI Life Scholar II Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

SEND MY PREMIUM POLICY AND GIVE ALL DETAILS OF MY PLAN

By Satyawan Khatri on Dec 28, 2013 Reply

Dear Satyawan, to get details of your policy you will have to contact SBI life direclty. The details of your plan would not be aviallable with us.

The company can be contacted as follows:

Phone: Toll Free Numbers
 1800 22 9090
 1800 222 123
 1800 425 9010
 (Service timings - 9am to 9pm, 7 days a week)


Email: info@sbilife.co.in

Replied By Admin (MIC Staff) on Dec 30, 2013 Reply

In this plan present FD interest rate also equal after 12yrs, only difference is that FD IS MUCH SAFER THAN THIS PLAN

By Jaswant Brar on Dec 25, 2013 Reply

i had already took this plan

By Himmat Gusain on Jul 15, 2013 Reply

Great Himmat, hope you benefit from it.

Replied By Admin (MIC Staff) on Jul 17, 2013 Reply

i want to know sbi life 50000 sa premium sheet

By Vcvcv on May 17, 2012 Reply

Send premium payment details of my policy & status of policy
Policy no 17001360504

By Vinod Khapne on Mar 14, 2012 Reply

Know more about this policy

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