SBI Life Smart Scholar Plan – Features, Review & Returns Calculation

SBI Life smart scholar plan is a typical Unit linked plan from SBI life. This is a non-participating ULIP from SBI life. This plan is basically targeting to parents who are aspiring to give their kid a better future by investing money for their future goals. ULIPs are good products for them who are expecting a moderate return and less risk. And this product may help you to create huge corpus for your child’s future education or marriage purpose.

In this article I will be sharing everything about sbi life smart scholar plan, complete review of sbi life smart scholar plan, premium calculation, key benefits, features, surrender clauses, maturity value, death benefit, eligibility criteria and many more at one place.

SBI life smart scholar plan – features & benefits

This plan will suit for parents with kids age between 0 -17 years old. You can choose from 7 various types of funds as per your risk taking capability and then invest accordingly. This is also a limited period premium payment policy that means you don’t have to pay premium till the end of the policy term. Here are the key highlights of major benefits of this policy.

  • You will get choice from 7 funds decided by experts of SBI life team to make sure you are going to get desired return as per your risk appetite.
  • The accumulated money at the end of the policy will help the kid to continue for higher studies, marriage or any other financial support.
  • You will also get dual protection under this policy. In case of unfortunate death, your kid will get sum assured value paid or 105% of total premium paid till date which ever is higher. Not only that your policy will continue till the end with the feature called Inbuilt Premium Pay or Waiver benefit.
  • There are additional riders available under thi polisy and they are Accidental Death benefit and Accidental Total and Permanent Disability (Accidental TPD) benefit. You have to pay additional premium as per the policy term.
  • This policy will also provide loyalty addition after completion of certain period of premium payment. But this pay not be allowed for single premium payment option. Read the policy document carefully to know more about this.
  • Your fund value at the end of policy year will be the maturity value.
  • You will also get income tax benefit under section 80C & 10 (10D).
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Eligibility of sbi life smart scholar plan

Age at Entry * Child: Min: 0 years Max: 17 years
Proposer: Min: 18 years Max: 57 years
Max. Age* at Maturity 65 years
Policy Term
Min: 8 years
Max: 25 years less child’s age at entry
On Maturity, the age of child should be between 18 to 25 years)
Premium Payment 
Terms (PPT)
Single Premium (SP)
5 to 25 years (subject to the limits of policy term)
Premium Amounts(x100) Minimum:
PPT Frequency Minimum(Rs)
SP Single 75,000
5 years to 7 years Yearly 50,000
 Half Yearly 25,000
 Quarterly 12,500
Monthly 4,500
8 years or more Yearly 24,000
 Half Yearly 16,000
 Quarterly 10,000
Monthly 4,000
Maximum : No Limit
Sum Assured For Single Premium:
Minimum Maximum
 Across all ages Age<45 years Age=>45 years
1.25 * SP 5 * SP 1.25 * SP
For other PPTs:
Minimum Maximum
Age<45 years Age=>45 years Across all ages
Higher of: 10 * AP or ½ * T * AP 7 * AP 20 * AP

How to Buy sbi life smart scholar plan

If you want to buy SBI Life – Smart Scholar policy for your kid’s future then you have to contact SBI life agents or visit nearest SBI life branch office, This is not a online policy so that you can easily buy from home itself. Better you contact the branch and ask for the necessary documents required, application form, KYC form etc to get this policy.

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Do you think your child need a life insurance to accumulate money for future expenses like education, marriage, future aspiration etc? Generally this kind of product will promise to provide dual benefits of insurance & return on investment. But when the target of investment is for your kid to accumulate huge money then one can look for other alternatives for high risk & high return. Besides that get an term insurance for yourself with enough life cover.

But SBI Life – Smart Scholar plan may suite the need of people who don’t want to get involve in high risk products and already have enough life insurance and also want to save income tax. If you have purchased this policy then why don’t you share about your experience or how did you buy SBI Life – Smart Scholar plan by writing a simple comment below.

SBI Life Smart Scholar Plan – Features, Review & Returns Calculation
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About the Author: Santanu

I am a passionate blogger and personal finance enthusiast. Mostly share about investment tips, insurance guide, banking how to guides and various personal finance hacks through my blog. Checkout my first YouTube Channel on Personal Finance Guide.

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