SBI Life Insurance Company, a joint venture between the State Bank of India and Cardif SA of France, has launched Scholar II, a protection plan that provides the twin benefit of saving for the child's education and securing a bright future, despite the uncertainties of life.
The plan provides life cover to the parent and ensures regular cash inflow to meet the education expenses of the child between the age of 18-21 years.
Scholar II has been introduced with the objective to help parents build funds to finance the education of their children, irrespective of any unforeseen events in the life of the parents.
S Krishnamurthy, Managing Director and CEO, SBI Life Insurance, said: "Securing a child's education is always a priority of every parent. One has to even consider the rising cost of education. Scholar II has been uniquely designed to ensure that guaranteed benefits are received at the right time; i.e. when the child attains the age of 18 years to 21 years."
"In an event of a claim, all future premium payments need not be paid and the additional advantage is that Guaranteed Benefits will be paid to the nominee as per the original schedule even if the sum assured along with vested bonus is paid earlier," said Krishnamurthy.
The policy targets parents in the age group of 18-60 years with children in the age group of 0-15 years.
The Sum Assured can be between Rs 50,000 to Rs 1 crore (in multiple of Rs 10,000). The premium payment term depends on the age of the child and ends when the child attains the age of 18 years.
The life cover remains valid till the child attains 21 years of age.
Premiums can be made through twooptions: regular payment mode and single premium payment mode.
In regular premium payment the premium can be paid in yearly, half yearly, quarterly and monthly premium modes.
Payments can also be made by giving standing instructions to the bank, through credit card, through SBI ATM's or even online at www.onlinesbi.com.
Scholar II also has special optional benefits in the form of riders that give additional benefits for a small premium; these are:
1. Critical illness rider
2. Accidental death and accidental total permanent disability rider
3. Premium waiver benefit rider for accidental total permanent disability
Maturity Benefit:
When the child attains 18 years of age, the parent/ guardian will receive:
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 |
Option of receiving the survival benefits in a single installment, along with vested bonus, at 18 years.
Death Benefit:
In an unfortunate event during the term of the plan, the savings accumulated for the child's future remains secured in three ways.
-
The nominee receives the sum assured along with the bonus declared till that date immediately.
-
All future basic premiums need not be paid. This ensures that the family is not financially burdened
-
Sum assured payable in 4 annual installments of 25 per cent each when the child attains 18 years till 21 years of age. This ensures that the child's education needs are met at the right time.
Features of Scholar II
- Twin benefit of saving and securing despite the uncertainties of life.
- Sum assured is payable in 4 annual installments of 25% each after the child attains 18 years till 21 years of age.
- All future basic premiums are not payable in an event of death claim.
- Attractive tax benefits.
- 5% rebate for female lives.
- Option of 3 attractive riders.
- 15 days of free look period.
