March 7, 2013

SBI Life Insurance Scholar II Child Plan

Introduction:

A traditional participating plan, SBI Life Insurance Scholar II Child Plan has guaranteed benefits which are payable at the regular intervals during the term of the policy. In an unfortunate event, your nominee would receive full sum assured along with vested bonus, plus regular guaranteed survival benefit.

Key Features:

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Twin benefit of saving for your child’s education and securing a bright future despite the uncertainties of life.

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Full risk cover throughout the policy term irrespective of payment of survival benefits installments.

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Option to receive the installments in lump sum at the due date of first installment of Survival benefit.

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Rebate for Female lives and High Sum Assured.

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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)

* For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT

Benefits:

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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.

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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:

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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.

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Immediate Payment: The nominee receives the Sum Assured along with the bonus declared until that date.

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All future basic premiums need not be paid: Ensuring that your family is not financially burdened in your absence.

Tax Benefits:

	•	Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
	•	Tax deduction under Section 80 (D) is available for premiums paid towards Dhanvantri Supreme - Individual Critical Illness Rider.
	•	Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
	•	Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Brochure

You may view or download the official brochure of this plan from here.

Benefit Illustration

You may check the customized benefit illustration of this plan as per your premium, age, S.A. etc. from here.