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The SBI Life Smart Scholar ULIP is a unit-linked life insurance plan that provides life insurance coverage to a child in the unfortunate event that the parent passes away. This policy works in a rather straight forward way, the policyholder will have to make regular premium payments and the insurance company will invest the same in per-determined stock market funds. These funds will be disbursed to the beneficiary in the event of maturity or death of the life insured.
The life insured is generally a child that can then use these funds to further his education, marry, or engage in other activities that will benefit him or her. Let us now look at some of the most important factors of this plan, such as:
The workings of the plan are as follows:
Death caused due to self-harm
Disability caused due to self-harm
1 free partial withdrawal
Death or disability due to war
Premium redirection facility
2 Fund switches / year
Parent – 18 years
Child – 0 years
Parent – 57 years
Child – 17 years
Child – 18 years
Parent – 65 years
Child – 25 years
Learn about complete details about this plan through its policy brochure.