As a caring parent you would always want your child to get the very best. Is there a way to protect your children against life’s risks? Is there a way to make tomorrow safe for them? Therefore this is the time when careful financial planning can help you fulfill the aspirations that you have for your children’s.
We at SBI Life can help you ensure that your children’s future is secure and prosperous.
SBI Life - Scholar II is designed to protect your child’s future educational needs.
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 type:
It is a traditional participating plan.
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:
Please click on the snapshot for a better view 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.
Other Optional Benefits:
SBI Life - Accidental Death and Accidental Total Permanent Disability Rider
In case of death due to an accident, the nominee gets the additional rider Sum Assured.
If the policyholder is involved in an accident, resulting in total permanent disability, he/she will get Sum Assured under this rider in 10 equal annual installments; He/she will exit from all the rider covers thereafter, but continue to be covered for basic cover on receipt of further premium due, if any.
SBI Life - Premium Waiver Benefit Rider: Under this rider the policy holder need not pay future premiums for the base product, if he/she suffers from total and permanent disability due to an accident after the rider is opted for.
SBI Life - Critical Illness Rider:
On diagnosis of any of the 6 critical illnesses and you survive for more than 30 days from diagnosis; the Critical Illness Cover Amount is paid in a lump sum. No more claims will be admitted under this cover. The Basic policy remains in force for all the other benefits.
Tax Benefits
Tax benefit u/s 80 C and 10 (10 D) of IT Act*
Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*
What is the policy term?
The premium payment term depends on the age of the child and ends when the child attains the age 18 years. You are covered till the child attains the age 21 years.
Who can buy this product?
Anyone between 18 to 60 years of age(as on last birthday) with a child between 0 to 15 years..
What is the sum assured?
Minimum Maximum
Rs. 50,000 Rs. 1 Crore
Riders available
SBI Life - Premium Waiver Benefit Rider
SBI Life - Accidental Death and total permanent disability rider
SBI Life - Critical Illness Rider
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