Child Plans in SBI

A Participating Traditional Plan   Introduction:   A traditional participating plan, SBI Life - Scholar II 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:
•	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.
•	Rebate for Female lives and High Sum Assured.
•	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:
•	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.
•	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.
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.