SBI Life Child Insurance
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. It is one of the leading life insurance companies that offer a comprehensive range of insurance products at affordable prices. SBI life is known for its child plans. Investing in them helps you to create a profitable corpus to meet the needs of your child such as education, marriage, etc.
Types of SBI Life Child Plans
The company offers two but profitable child plans to its customers. Let's take a look at them.
SBI Life - Smart Champ Insurance
SBI Life - Smart Champ Insurance is an individual, participating, non-linked, life insurance savings plan that assists in securing your child's educational needs. The plan offers smart benefits with the help of four equal annual instalments (once your child turns 18 years of age). The plan offers life insurance cover to the proposer as well.
Key features
Coverage against unfortunate event: The insured receives a lump sum amount equal to higher of sum assured or 105% of total premiums received & up to the date of death or ATPD, whichever is earlier.
Survival benefits: You receive smart benefits in the form of survival benefits. Terminal bonuses (if any) is paid along with the last instalment of smart benefits (i.e. the Maturity Benefit).
Flexibility: The plan offers flexibility to choose the premium payment option.
Security: In case of an eventuality, your family receives a lump sum amount to tide over immediate financial challenges.
Eligibility criteria
Entry age | Life assured- 21 years to 50 years Child- 0 to 13 years |
Maturity age | Life assured- 42 years to 70 years Child- 21 years |
Sum assured | Rs.1,00,000 to Rs. 1 crore (Subject to board approved underwriting process) |
Policy term | 21 minus child's entry age |
Premium frequency | Single premium, yearly, half-yearly, quarterly & monthly |
**Last Updated on 16-10-2020
SBI Life- Smart Scholar
SBI Life- Smart Scholar is an individual, non-participating unit-linked insurance plan that allows you to secure your child's future with the returns of the financial market. It comes out as a flexible and all-encompassing solution.
Key features
Dual protection: The plan offers dual benefits (payment of lump-sum benefit and inbuilt premium payor waiver benefit) for child's protection in case of your absence.
Accident benefit: The plan offers accidental death benefits and accidental total and permanent disability benefits.
Loyalty additions: It provides additional allocation of units with the help of loyalty additions that offers a regular boost to active policies.
Investment opportunity: It offers enhanced investment opportunities with the help of 9 useful fund options.
Liquidity: The plan allows you to make partial withdrawals in the hour of need.
Eligibility criteria
Entry age | Child- 0 to 17 years Parent - 18 years to 57 years |
Maturity age | Child- 18 years to 25 years Parent- 65 years |
Premium payment term | Single premium or 5 years to 25 years |
Policy term | 8 years to 25 years (subject to underwriting conditions) |
**Last Updated on 16-10-2020
How to apply for SBI Life Child Plans?
SBI Life is not selling its child plan online. To invest in the same you have to follow the below-mentioned steps.
- Visit the nearest branch of the company with all the required documents
- Connect with the representative of the company. Understand the plan thoroughly and clear your doubts.
- Make the payment using available payment modes.
- The company will share the policy documents on the registered email id. A hard copy of the policy will be sent to your registered address within a few days.
What Is The Claim Process of SBI Life Child Insurance?
- Visit the official website of the SBI Life Insurance Company.
- Take your cursor to the tab 'Services'.
- Click on the tab 'Claims & Maturity'.
- To intimate a claim, you have to provide a policy number, DOB, claim type, and captcha code.
- Click on the tab 'Submit'.
- Now you have to submit the required documents through e-mail or by visiting the nearest branch.
- The company analyzes all the claim documents.
- Once the claim is approved, the amount is released (in a registered bank account) as per the terms and conditions of the policy.
Note- Customers can also intimate the claim through the post, email, or by visiting the nearest branch of the company.
Documents Required To Register The SBI Life Child Insurance Claim
- Age proof
- Claimant Statement/Claim intimation form duly filled and attested by the claimant.
- Death certificate (original as well as photocopies) issued by Local Municipal bodies located in your area.
- Identity proof and address proof of the nominee/claimant.
- Cancelled cheque or the photocopy of the passbook (of the nominee).
