Top Benefits of SBI Life Smart Scholar ULIP Plan
SBI Life Smart Scholar ULIP plan is a unique and beneficial investment option that can help you plan for your child’s education. Here are some of the top benefits of this plan:
1. Education Fund
SBI Life Smart Scholar ULIP plan offers an education fund that can help you save for your child’s future education expenses. You can choose the amount and frequency of your contributions, and the plan offers the flexibility to withdraw funds as per your needs.
2. Life Insurance Cover
Apart from offering an education fund, SBI Life Smart Scholar ULIP plan also provides a life insurance cover to protect your child’s future in case of any unfortunate event. The plan offers comprehensive protection against accidental death, permanent disability, and critical illness.
3. Tax Benefits
Investing in SBI Life Smart Scholar ULIP plan can also help you save taxes. You can claim tax benefits under Section 80C of the Income Tax Act, 1961, for the premiums paid towards the plan. Additionally, the maturity proceeds are also tax-free under Section 10(10D) of the Income Tax Act.
4. Flexibility
SBI Life Smart Scholar ULIP plan offers flexibility in terms of premium payment options, fund switching, partial withdrawals, and premium redirection. You can choose the premium payment frequency as per your convenience, switch funds based on market performance, withdraw funds partially, and redirect future premiums to a different fund as per your investment needs.
5. Long-term Investment
SBI Life Smart Scholar ULIP plan is a long-term investment option that offers the potential for high returns over a period of time. The plan offers the option to invest in equity, debt, or balanced funds, depending on your risk appetite and investment goals.
In conclusion, SBI Life Smart Scholar ULIP plan is an excellent investment option for parents who want to plan for their child’s education expenses while also ensuring comprehensive protection and potential for high returns. With its various benefits and flexibility, it is a reliable and suitable investment option for the long-term.
FAQs
- What is SBI Life Smart Scholar ULIP plan?
- SBI Life Smart Scholar ULIP plan is an investment option that helps you save for your child’s future education expenses while also providing comprehensive protection and potential for high returns.
- What is the minimum premium amount for SBI Life Smart Scholar ULIP plan?
- The minimum premium amount for SBI Life Smart Scholar ULIP plan is Rs. 25,000 per year.
- What is the minimum and maximum policy term for SBI Life Smart Scholar ULIP plan?
- The minimum policy term for SBI Life Smart Scholar ULIP plan is 10 years, while the maximum policy term is 25 years.
- Can I withdraw funds from SBI Life Smart Scholar ULIP plan?
- Yes, SBI Life Smart Scholar ULIP plan offers the flexibility to withdraw funds partially as per your needs.
- What are the tax benefits of investing in SBI Life Smart Scholar ULIP plan?
- You can claim tax benefits under Section 80C of the Income Tax Act for the premiums paid towards the plan, and the maturity proceeds are also tax-free under Section 10(10D) of the Income Tax Act.