SBI Child Plan

Free Quotes From Top Companies

1

2

D.O.B (parent)
Income
| Gender

1

2

Phone No.
Name
City

By proceeding you are accepting our privacy & terms

I am ok to bypass suitability analysis and wish to proceed further

About SBI Life Child Plans

Save today for a better tomorrow for your child

SBI Life, one of the leading life insurance companies in India is a joint venture between the 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. It very well understands the importance of building a financial corpus and believes in giving wings to your child's dream. Therefore, the company offers a multitude of child plans, to provide you financial assistance to fulfil your life goals such as child's education, marriage, and other responsibilities.

SBI Life Child Plans come with an array of benefits as mentioned in the section below:

Benefits Of SBI Life Child Plans

  1. Guaranteed Smart Benefits

    Plans offer the flexibility to pay Guaranteed smart benefits in four equal installments after a child attains 18 years of age till 21 years of age.

  2. Premium Payment Option

    Insured have the option to pay One-time premium i.e., Single premium or Limited Premium (LPPT).

  3. Choose Fund

    Plans provide the flexibility to choose the type of fund to invest in.

  4. Tax Benefits

    Get the tax benefits on premiums paid as per Income Tax Act, 1961.

  5. Surrender Value

    In the case of LPPT Policies, Insured is eligible for surrendering the policy only if the premiums have been paid for at least 2 years consecutively.

  6. Free Look Period

    Plans offer a free look period of 15 days to review the terms and conditions of the policy.

  7. Partial Withdrawal

    Parents can withdraw all the accumulated fund value in different fragments, in times of need, instead of waiting for the policy to mature. SBI Life Child plan offers the option of partial withdrawal after the child turns 18.

Features of SBI Life Child Plan

  • Immediate Financial Protection
  • Market Linked Returns
  • Loyalty Additions
  • Offers payout options based on child's age
  • Premium Waiver Benefit
  • Discounts on the future due installments

Claim Settlement Ratio of SBI Life Insurance

The Insurance Regulatory Development Authority of India (IRDAI) provides insights into the Indian insurance industry and helps you in making an informed decision about companies that are performing well. One of the main parameters to evaluate the performance of insurers is the Claim Settlement Ratio (CSR). As per IRDAI Annual Report 2019-20, the CSR for SBI Life Insurance company is 94.52.

To know more about CSR of SBI Life as well as other life insurers, refer to the below graph:

Claim Settlement Ratio of Top Child Plan Insurance Companies (2019-20)

Claim Settlement Ratio of Top Child Plan Insurance Companies (2019-20)

Types of SBI Child Plans

SBI Child Plans Why Should You Buy?
SBI Life - Smart Champ InsuranceSaves for your child's education by adding bonuses at the end of every policy year till the child completes 18 years.
SBI Life Smart ScholarSecures your child's future by providing the returns of the financial market

**Last Updated on July, 2021

  1. SBI Life - Smart Champ Insurance

    Premium Waiver Benefit Payouts based on your child's age

    SBI Life - Smart Champ Insurance is an individual, participating, non-linked, life insurance savings plan that helps in securing your child's educational needs. This SBI Child education plan offers smart benefits which are payable during the policy term. Moreover, it accrues bonuses at the end of every policy year till your child completes 18 years.

    Key Features

    • Child's educational needs
      The plan offers Guaranteed Smart Benefits that is payable in 4 equal installments after the child turns 18 years of age till 21 years at the end of the last 4 policy years.
    • Flexibility
      The plan offers flexibility to choose the premium payment option i.e., one-time premium (Single Premium Policy) or regular premium (Limited Premium Payment Term).
    • Triple Protection
      Triple protection for your child in case of an unfortunate event during the policy term. It includes:
      • Immediate payment: Sum assured on the insured unforeseen event is payable as a lump sum amount.
      • Premium waiver: The future due premium installments are not required to be paid under the policy if the bread-earner of your family dies in an unfortunate event. This plan makes sure that your family doesn't get financially burdened in your absence.
      • Smart Benefit: All the due installments for the smart benefits are payable along with the terminal bonus (If any).
    • Coverage against the 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.

    Eligibility

    Entry AgeLife Assured
    Minimum: 21 yearsMaximum: 50 years
    Child
    Minimum : 0 yearsMaximum: 13 years
    Maximum Maturity AgeLife Assured
    70 years
    Child
    21 years
    Basic Sum AssuredMinimum: Rs. 1,00,000Maximum: Rs. 1 Crore
    Policy Term21 minus Child's Age at entry
    Limited Premium Payment Term18 minus Child's Age at entry
    Premium FrequencySingle-Premium
    Yearly
    Half-yearly
    Quarterly
    Monthly
    Minimum Premium
    Mode of Premium Payment Minimum Premium (in Rs.)
    Monthly500
    Quarterly1,500
    Half-yearly3,000
    Annual6,000
    Single66,000

    **Last Updated on July, 2021

    Sample Premium Rates

    The graph illustrates the premium payable by Life Assured (parents) at different ages under SBI Life Smart Child Insurance.

    Age of Parent Child's Age Sum Assured Premium Frequency Single Policy Term Maturity Benefit
    30 years5 years1,00,00074,40717 yearsAt assumed rate of returns @4% 1,20,930
    35 years5 years1,00,00088,01011 yearsAt assumed rate of returns @4% 1,13,800
    40 years5 years1,00,000951428 yearsAt assumed rate of returns @4% 1,32,775

    **Last Updated on July, 2021

    Premium Prices for SBI Life Smart Champ Insurance

    Premium Prices for SBI Life Child Plan
  2. SBI Life Smart Scholar

    Market Linked Returns Loyalty Additions

    SBI Life Smart Scholar is an individual, non-participating unit-linked insurance plan that secures your child's future by providing the returns of the financial market. The plan is ideal for parents who have a child aged between 0-17 years. It comes out as a flexible and all-encompassing solution. The policyholders can pay premiums for a limited period and policy benefits would continue till their children become adults.

    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.
    • Twin Benefits
      Market linked returns and insurance 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.
    • Flexibility
      The plan offers various options to meet your changing needs.
    • Liquidity
      The plan allows you to make partial withdrawals in the hour of need.

    Eligibility

    Parameters Minimum Maximum
    Entry AgeParent (Life Assured): 18 years
    Child: 0 years
    Parent (Life Assured): 57 years
    Child: 17 years
    Maturity AgeChild: 18 yearsParent (Life Assured): 65 years
    Child: 25 years
    Policy Tenure8 years25 years
    Premium Payment TenureSingle Pay or 5 to 25 Years
    Basic Sum AssuredLimited Premium up to the policy term: 10 x Annualized Premium
    Single-Premium: 1.25 x Single premium

    **Last Updated on July, 2021

Compare Term Insurance Premiums of Top 3 Companies

One should always choose the right coverage that provides financial protection to your loved ones when you are not around. The right decision at the right time provides lump sum money to your family, thus giving peace of mind. The best financial decision is made by evaluating multiple important factors such as age, policy term, payment frequency, sum assured, and premium.

We have prepared a graph through which you can compare the sample premiums rates of different companies.

Company Plan Age Sum Assured (in Rs) Policy Term (in years) Maturity Benefit @4%
SBI Life Insurance SBI Smart Champ35 years5,00,000105,60,375
HDFC Life InsuranceHDFC Youngstar Super Premium35 years5,00,000158,29,170
ICICI Prudential Life InsuranceICICI Smart Kid35 years5,00,000158,53,629

**Last Updated on July, 2021

Sample Graph Illustration Of Premium Payable Under Top Child Insurance Plans

Sample Graph Illustration Of Premium Payable Under Top Child Insurance Plans

Claim Process of SBI Child Plans

Follow the below-mentioned steps for a smooth and quick claim process:

Step 1 - Visit the official website of SBI Life Insurance.

Step 2 - Select 'Services For Existing Customers' to proceed.

Step 3 - Choose the 'Claims and Maturity' tab.

Step 4 - Fill in all the required information such as policy number, DOB, type of claim while filing the claim intimation form.

Step 5 - Submit all Details

Step 6 - After submitting the claim form, the insurer will verify the provided information and process your application for approval.

Step 7 - Once approved, approval will be shared at your registered email address or on mobile.

Buying Process of SBI Child Plans

There are two ways through which you can invest in SBI Child Plans- via PolicyX.com and the official website of the company. Let's discuss the steps further.

Buying Process Of Kotak Life Plans
Buying Process Of PolicyX website
turn your child dream into reality

FAQs

SBI Life allows certain changes in the child's plan that is subject to the terms and conditions of the particular. For any amendments, it is suggested to visit the nearest SBI Life branch.

To check the policy status of the SBI Life Child plan, you have to simply log in to (mypolicy.sbilife.co.in) by entering valid details like login ID and password. You will get the complete status of your chosen child plan.

Renewal of SBI Life Child plan is easy and fast. Customers can renew child plans in the following ways:

  • Online mode
  • Cash Remittance at SBI Life Branch
  • SBI ATM kiosk
  • In cash at authorized collection centres

SBI Life allows its customers to cancel the policy if they are not satisfied with it. This cancellation is allowed in the free-look period, where the insured has to visit the nearest branch office of the company along with necessary documents like the original policy document, canceled cheque, and an application letter mentioning the exact reason for policy cancellation. Upon receipt, SBI Life shall carry out the cancellation process.

Yes, you can change your nominee. For the same, you have to submit the 'Change in Nomination Form' at the nearest branch of the SBI Life Branch or the Central Processing Centre (mentioned below).

SBI Life Insurance Co. Ltd.

Central Processing Center

8th Level, F2 Wing, Seawoods Grand Central, Tower 2,
Sector-40, Seawoods, Nerul Node, Navi Mumbai-400 706

If you lose your insurance policy's documents, you can apply for a duplicate copy of the same.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.6/5 (8 Total Rating)

July 20, 2021

Raghu Kapoor

Jaipur

Honestly speaking, investing in the SBI ULIP plan was one of the best decisions of my life. After investing for 20 years, I received the maturity benefit. With that amount, I will be able to send my daughter abroad for her higher studies and save something for her marriage. In this time of inflation, saving for your future expenses is a must. and SBI will help you.

July 20, 2021

Vidhya Sharma

Chandigarh

One of the best companies to invest your money and secure your family s future. 5 years before I bought the SBI life insurance policy, that too with affordable premiums. Now I am at peace if something happens to me, my children will at least have a financially secured future.

July 19, 2021

Nayanav Wani

Mumbai

ULIP so far has been generating good returns. Happy with the investment and the constant support at SBI Life

July 19, 2021

Rohaan Daini

Chennai

Some very interesting options. I have invested in their pension plan and hoping to retire peacefully. The customer support has been phenomenal

July 19, 2021

Anita Goswami

Bengaluru

SBI Life term plan got me and my kids through a very hard time. Thanks to the entire team for the support

Last updated on 16-07-2021

Get Instant Quotes