SBI Life Smart Scholar

The SBI Life Smart Scholar Investment plan is one of the best-selling child insurance plans in India. The plan offers many advantages including the waiver of premium, regular money back and death benefit. Take a look at this article to know more about the very useful SBI Life Smart Scholar plan and how you can make the best use of it.

Features of the SBI Life Smart Scholar Investment Plan

Let us begin by looking at the features of the SBI Life Smart Scholar:

Effective child plan - Your child is perhaps the most important and precious person in your life. You would want to offer every comfort and luxury to your child at all steps of life. This is why you need to get a good child plan like the SBI Life Smart Scholar Investment plan. This plan has all the qualities you expect in a child plan such as timely payouts, death benefit and maturity benefit, waiver of premium and so on. Once you buy this plan, your child’s financial future is comprehensively secured.

Participating plan - This is a unit-linked participating plan. As a result, you earn higher dividends and the corpus you build up for your child also grows. There is some risk involved in this, but you get to make good profits in the long run. This is a very good way to secure your child’s financial future and offer them the help that they may need at important junctures of life.

Regular payouts - The plan is a money back plan. As a result, you can get amounts of money back at fixed intervals of time. For instance, you can get 25% of the maturity benefit when your child turns 18 years old. You can then use this money to pay for his college admission. Similarly, you can plan your finances in such a way that the payouts from the SBI Life Smart Scholar plan can take care of your child’s major life goals.

Waiver of premium - Did you know that in case you die, the future premiums of the plan will be waived off? Yes, you read that correct! After the policyholder’s demise, the insurance provider takes on the responsibility to pay all future premiums. The plan remains active and the child continues to receive all the benefits the plan has to offer.

Death benefit and maturity benefit - The SBI Life Smart Scholar Investment plan offers a death benefit if you die before the policy matures. Your child, who is the beneficiary in the plan, gets the death benefit immediately after. The regular payouts continue as usual. However, if you outlive the tenure of the policy, you get a maturity benefit, over and above the regular payouts. This is the dual advantage you get when you invest in the SBI Life Smart Scholar Investment child plan.

Tax benefit - The offers the usual tax benefit of Rs 1.5 lacs per year for the premium you pay, as this is essentially a life insurance policy. The provision is available under Section 80 C of the Indian Income Tax Act. the maturity benefit you receive may be taxable under the prevalent taxation norms of the country at the time. So be a little careful of this.

The assurance of SBI Life - Buying a child plan for your child’s financial wellbeing is not enough. You need to buy the plan from a good insurer who will support you and deliver all the promises when there is a requirement. SBI Life is a very old and reputed life insurance company. When you buy the SBI Life Smart Scholar plan, you are completely guaranteed of receiving all the benefits promised. The company has a high claim settlement ratio so you can be very secure when you buy this plan from this insurer.

These are the beneficial features of the SBI Life Smart Scholar Investment plan that make it very popular and much-sought-after in India.

How to buy the SBI Life Smart Scholar Investment Plan

A plan that is loaded with features is obviously very popular with the Indians. If you too want to buy this plan, you can go online and buy it. Here are some tips for you:

Log on - You need to begin by logging on to the website of SBI Life Insurance Company. You can also make the purchase on the insurer’s mobile app or through a trusted insurance aggregator’s website.

Assess your needs - As mentioned above, the highest available cover is Rs 1 crore. But not everyone may need a cover that high. This is why you need to evaluate your needs before you make a purchase. See what your life goals are, how much money your child may need and then get an appropriate cover. Also, you need to keep your financial capacities in mind and choose an affordable cover so that you can pay the premium with ease. Else, the plan will become a financial liability for you.

Enter your details - Once you have decided upon the coverage amount, you simply need to enter the details about yourself and your child. Make sure you don't make any errors in this step as errors, whether voluntary or involuntary, can cause many problems later on.

Make a payment - Cross check the coverage amount and your details. Once you are satisfied, you can make the payment online. It is very safe to do so.

Get the plan - The plan will be issued to you. You will get an instant digital confirmation. The physical copies of the policy documents will be sent to you in a few days as well.

It is actually that simple to get the SBI Life Smart Scholar Investment plan.

The bottom line

Consider getting the SBI Life Smart Scholar Investment plan if you want to secure your child’s financial future. He or she will have a financial backing for all the major life milestones. You will also have your life secured and enjoy the other benefits such as the tax benefits. Keep the points mentioned above in mind and get the plan without any further delay.

I am Tanuja Koshy working with one of the leading online insurance aggregators as a General Manager. I manage and drive online investments, short term and long term insurance like home insurance, travel insurance, health insurance, term insurance.