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SBI Child Plans: Overview
SBI Child Plans, offered by SBI Life, one of the leading life insurance companies in India, is a joint venture between BNP Paribas Cardif and State Bank of India (India's largest bank). The company began its operations in 2001 with a vision to present insurance solutions that suit customers' requirements. SBI Life understands the importance of building a financial corpus and believes in giving wings to your child's dreams. The company offers a multitude of child plans to provide you with financial assistance to fulfill life goals such as your child's education, marriage, and other responsibilities.
The SBI Child Plan encourages you to arrange your finances so that your child's future dreams are never a burden on your pocket. Proper financial planning is an essential part of raising a child, and SBI Child Insurance Plans prepare you for the same.
Availing an SBI Life Child Plan will help you build the financial corpus needed for education, emergencies, marriage, etc. Investing in an SBI Life Child Insurance Plan is a smart financial decision that helps you secure the future financial needs of your children.
Key Offerings of SBI Child Plans
SBI Child Plans ensure to look after your investment needs by offering:
- Smart Bonus
- Death Benefits
- Educational Support
- Tax Benefits
Features of SBI Life Insurance
SBI Life Insurance has various features. Let's understand each of them in detail:
- Good Solvency Ratio: SBI Life Insurance has a Solvency Ratio of 2.33 as per the IRDAI annual report 2022-23.
- Highest Claim Support: As per the IRDAI annual report of 2022-23, the claim support of SBI Life Insurance is 93.09%.
- Annual Premiums: As per the annual report of IRDAI 2022-23, the annual premium of SBI Life Insurance is Rs. 50,254.17 Cr.
- PAN India Presence: SBI Life has a PAN India presence with over 970 branch offices across India.
Exclusions of SBI Life Child Plans
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of SBI Life Child Plans
There are multiple benefits of SBI Life Child Plans. Read below to understand the advantages provided by the insurer.
Educational Support
SBI Life Child Plans support the policyholder's child on the educational front, allowing them to complete their education without facing any hurdles.
Death Benefit
SBI Life Child Insurance Plans offer a death benefit, which ensures that the policyholder's family does not suffer any financial problems in the absence of the policyholder.
Smart Bonus
SBI Life Child Plans offer smart bonuses and additional benefits over the sum assured for a greater income.
Rider Benefits
Child Plans have in-built rider benefits that ensure a child does not suffer in case of accidental death or accidental total and permanent disability of the policyholder.
Tax Benefits
Child Plans allow policyholders to claim Tax Benefits under Section 80C of the Income Tax Act, 1961, on the premium paid for purchasing the insurance plan.
Riders You Can Avail With SBI Child Plans
| Name of the Rider | Benefits |
|---|---|
| SBI Life Accidental Death Benefit Rider | In case of your demise due to an accident, your family can receive additional income benefits over and above your sum assured. |
| SBI Life Accidental Total & Permanent Disability (ATPD) Benefit Rider | This rider provides protection against disabilities. In the unfortunate event of ATPD, the rider sum assured is paid, but the policy and other benefits continue. |
Documents Required to Purchase SBI Child Plans
Here is the list of documents required to buy SBI Life Child Plans:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
How to Calculate Premiums for SBI Child Plans
- Visit the official website of SBI Life Insurance Company.
- Click on ‘Child Education’ under Life Insurance Plans and choose a plan that best suits your needs.
- Click on the ‘buy now’ button and fill in the required details.
- Tap on 'next' and select a plan as per your requirements.
- Select the cover option you want and make your payment. Once the payment is made, you will get a payment confirmation at your registered email address.
How to Purchase SBI Child Plans via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Child Plan’ tab under 'Life Insurance' from the top menu.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
