Child insurance – SBI Life Smart Scholar Plan

SBI Life Smart Scholar Plan is a unit linked insurance plan. In this best child insurance plan, the life insured is of the parent, but it is for the child’s security. In case, the parent whose life is insured dies within the tenure of the policy, the child who is the nominee will receive higher of sum assured or 105% of the paid premiums till date as the Death Benefit. This is given to address the family needs immediately.  The advantage of this policy is that the remaining premiums are waived off but is paid by the company. Thus, this best child investment plans in India continues and the Fund Value is also paid, if the child is alive when the payment is due.

SBI Life Smart Scholar Plan


SBI Life Smart Scholar Plan – Eligibility conditions

  • This child plan eligibility conditions are 0 years for a child and the 17 years as maximum. While the proposer may be minimum 18 years and maximum 57 years.
  • The policy term is for 8 years minimum and the child’s age should be 25 years or less and on maturity the child should be between 18 and 25 years.
  • It may be a single premium or 5 to 25 years, depending on the policy term.

SBI Life Smart Scholar Plan-Key Features

SBI Life Smart Scholar Plan Key features include:

  • Dual protection, in your absence, such as payment of sum assured and the remaining premium waived off, yet paid as an inbuilt premium by the company to ascertain the continuance of your policy.
  • Loyal additions are paid periodically, depending on the policy term.
  • Accident Benefit includes Accidental Death benefit, Accidental Total and the benefit of Permanent Disability as an integral part of the policy plan.
  • Liquidity through partial withdrawal(s).
  • Investment opportunity enhanced through 9 fund options.
  • Twin benefits of insurance benefit and market linked return.

 SBI Life Smart Scholar Plan-Benefits

SBI Life Smart Scholar Plan offers benefits such as:

  • Death Benefit – In case the Life Insured dies, the Nominee receives the higher of the Sum Assured or 105% for the premiums paid till date. The future premiums are waived off. In fact, the company continues paying and so eventually Fund Value is also paid, provided the child is surviving. Even if there is an accident causing permanent disability, an additional benefit is paid equaling the Accident benefits sum assured. But, if, unfortunately, within the policy tenure, the child also dies, all the benefits are paid and the policy is completely terminated.
  • Maturity Benefit – The Fund Value is the maturity benefit paid to the policyholder.
 SBI Life Smart Scholar Plan-Tax Benefit
  •  The tax benefit for premiums paid up to Rs. 1, 00,000 under section 80C from the taxable income every year. Yet, if the premium exceeds 10% of sum assured in the financial year, the benefit is restricted to 10%.
  • Under Section 10(10D) tax exemption is available at the maturity/surrender time, provided the premium does not exceed 10% of the assured sum during the policy term in any of the years. However, death proceeds are exempt completely.Partial withdrawals up to 15% Fund Value may be withdrawn every year. 1 free partial withdrawal for Rs.5000 is allowed in each year.


Insurancebash  isn’t affiliated with any insurance company. We are simply sharing our opinions and review about the said products. We don’t take any responsibility if you buy these insurance policies.

9 Comments on “Child insurance – SBI Life Smart Scholar Plan”

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