SBI Child Plans
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  • Child Plan features and benefits
  • Buying and Claim Process
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SBI Life Child Plan

SBI child plans offered by 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 dreams. The company offers a multitude of child plans, to provide you with financial assistance to fulfill your life goals such as your child's education, marriage, and other responsibilities.

The SBI child plan encourages you to arrange your finances in a manner so that your child's future dreams are never a burden on your pocket. Proper financial planning is an essential part to raise a child and SBI Child insurance plans prepare you for the same.

Availing SBI Life Child Plan will help you in building the financial corpus needed for education, emergencies, marriage etc. Investing in SBI Life Child Insurance Plan is a smart financial decision that helps you in securing the future financial needs of your children.

Key Features of SBI Life Insurance

SBI Life Insurance is amongst the most trusted insurance providers in India. With so many life insurance companies available in India, choosing the right insurance company can be a hectic task. It is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors of the insurance company such as claim settlement ratio, solvency ratio, annual premium, and operating network.

To get more insight into SBI Life Insurance Company's performance, take a look at the below key features that will help you to analyze the company based on its performance:

  • Solvency Ratio
    SBI Life Insurance has a Solvency Ratio of 2.33 as per the IRDAI annual report 2020-21. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
  • Claim Support
    Claim support of an insurer is a metric that helps you analyze its claims settling ability. As per the IRDAI annual report of 2020-21, the claim support of Bajaj Allianz Life Insurance is 93.09%.
  • Annual Premium
    As per the annual report of IRDAI 2020-21, the Annual premium of Bajaj Allianz Life Insurance is 50,254.17 Cr.
  • PAN India Presence
    SBI Life Insurance has a wide presence with over 40,000 partner branches and 970 offices PAN India. SBI Life ensures that the policyholder can directly visit their nearest branch office for any of their policy-related or claim-related queries.
SBI Life Insurance Key Features

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Benefits of SBI Life Child Plans

SBI Life Child Insurance plans offer a host of benefits to the policyholders. SBI Life Child plans offer the protection of a policyholder's entire family. Moreover, various riders ensure that the policyholder is covered no matter what the circumstances. To know more about the benefits of the SBI Life Child Plan read the details below:

  • Educational Support SBI Life Child Plans support the policyholder's child on the educational front and allow them to complete their education without facing any hurdles.
  • Death Benefit SBI Life Child Insurance plans offer death benefit which makes sure 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 that 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.

SBI Life Child Plans

SBI Life child plans are one of the most versatile insurance plans that help you secure your child's future and provide them with the best.

SBI Life Smart Champ Insurance

SBI Life Smart Champ Insurance is a plan designed for children to ensure their future education is completed without any hurdles.

Unique Features

  • Accidental Disability Cover
  • Flexible Premium Payment
  • Avail Tax Benefits

SBI Life- Smart Scholar

This policy offers 7 different fund options to invest in. The policy has built-in Accidental Death and AT&PD benefit.

Unique Features

  • 7 fund options
  • Avail maturity benefit
  • Loyalty benefits available

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Child Plans Companies

Secure the future of your child with the below-mentioned IRDAI-approved child insurance companies.

How To Buy SBI Life Insurance Plans?

SBI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Steps to buy from PolicyX.com:

  • Fill out the form given at the top of this 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 policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from SBI Life Insurance company:

  • Visit the official website of SBI Life Insurance Company.
  • Click on 'Products' and "Individual Insurance Plans" on the navigation bar and select the category of plans you want to purchase.
  • Click on 'Child Plans' on the navigation bar.
  • 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 File SBI Life Term Insurance Claims

SBI Life Insurance Child plans offer a very easy and hassle-free claim settlement process. One can easily file their claims by following the below-mentioned steps:

  • 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.

How to Contact SBI Life Insurance Company?

SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706.

info@sbilife.co.in

1800 267 9090 (Available from 9:00 am to 9:00 pm IST)

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SBI Child Plan: FAQs

1. How can I change my premium paying option for SBI child plans?

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.

2. How can I check the policy status of SBI Life Child Plans?

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.

3. What are the different modes for SBI Child Plans Renewals?

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

4. What is the policy cancellation process for SBI Life Child Plans?

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.

5. Can I change my nominee under the SBI Child plans?

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

6. What do I do if I lose/misplace my SBI child policy?

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

7. Is there any Premium Frequency Loading under SBI Smart Champ Plan?

Yes, the plan has a loading as per the below table:

Half-yearly51.00% of annual premium
Quarterly26.00% of annual premium
Monthly8.50% of annual premium

8. Am I eligible to avail any tax benefits under SBI Child Plans?

Yes, One may be eligible for Income Tax benefits as per the applicable income tax laws in India.

9. What are the available modes of paying premiums of SBI Child Plans?

SBI Life customers can now pay their premiums in the following ways:Internet Banking

  • SBI Life website
  • Visa BillPay
  • 'Easy Access' mobile application
  • e-Wallet
  • Online Standing instruction on credit card
  • Pay Premium Offline
  • Direct remittance at SBI Life branch
  • Post or courier
  • In cash at authorized collection centers
  • Auto debit through NACH
  • Direct debit
  • State Bank ATM
  • POS terminal at SBI Life branch

10. What will happen to my policy once it is matured?

On completion of Policy Term, Fund Value will be paid as lump sum.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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