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.
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
SBI Life Child Plans come with an array of benefits as mentioned in the section below:
Benefits Of SBI Life Child Plans
SBI Life child plans are specifically designed to fulfill all the future financial needs of children. The plan provides a number of benefits to the policyholders and comes with the benefits that ensure you build enough financial corpus for your child's future.
Take a look at some the SBI Child Education Plan features:
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.
Premium Payment Option
Insured have the option to pay One-time premium i.e., Single premium or Limited Premium (LPPT).
Plans provide the flexibility to choose the type of fund to invest in.
Get the tax benefits on premiums paid as per Income Tax Act, 1961.
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.
Free Look Period
Plans offer a free look period of 15 days to review the terms and conditions of the policy.
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
To secure your child's future, SBI life child plan comes with the below-mentioned features. Take a look at them:
Immediate Financial Protection
Market Linked Returns
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)
Types of SBI Child Plans
Currently, SBI Life Insurance Company offers two types of kid insurance policies. A standard plan and a Unit Linked Insurance Plan are the two available options of SBI Life Insurance Child plan. Let's take a closer look at each of these SBI Child plans to get a better idea of their features and advantages.
SBI Child Plans
Why Should You Buy?
SBI Life - Smart Champ Insurance
Saves for your child's education by adding bonuses at the end of every policy year till the child completes 18 years.
SBI Life Smart Scholar
Secures your child's future by providing the returns of the financial market
**Last Updated on July, 2021
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.
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.
The graph illustrates the premium payable by Life Assured (parents) at different ages under SBI Life Smart Child Insurance.
Age of Parent
Premium Frequency Single
At assumed rate of returns @4% 1,20,930
At assumed rate of returns @4% 1,13,800
At assumed rate of returns @4% 1,32,775
**Last Updated on July, 2021
Premium Prices for SBI Life Smart Champ Insurance
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.
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.
Parent (Life Assured): 18 years Child: 0 years
Parent (Life Assured): 57 years Child: 17 years
Child: 18 years
Parent (Life Assured): 65 years Child: 25 years
Premium Payment Tenure
Single Pay or 5 to 25 Years
Basic Sum Assured
Limited Premium up to the policy term: 10 x Annualized Premium Single-Premium: 1.25 x Single premium
**Last Updated on July, 2021
Claim Process of SBI Child Plans
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.
What is the right time to buy SBI Child Plans?
As soon as your child meets the qualifying conditions of the SBI life child plan, it is a wise decision to buy a Child Insurance plan. Let us understand the importance of investing early in a child investment plan in SBI with an example.
Mr. & Mrs. Sharma just had a baby. When he was 4 months old, they decided to buy a SBI Smart Champ plan. After 3-4 years, when Mr Sharma's child will be all set to attend the school, Mr. Sharma will already have a fund set up to cover school expenditures like entrance fees and so on. Similarly, if their child wants to pursue further education, they would be having a enough corpus which will allow their child to fulfil his dreams..
Thus, if you want your child to attain and complete all of his or her objectives in order to have a bright future without putting any financial burden on your pocket, it is advisable to buy as early as possible.
Buying Process of SBI Child Plans
For the convenience of its customers, SBI has provided a number of methods via which they may apply for SBI Child Education Plans according to their preferences. Customers can buy SBI Child plans via online as well as offline platforms.
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 through PolicyX.com
Scroll up to 'Free Quotes From Top Companies' given at the top-right corner of this page.
Submit basic details such as DOB, annual income, gender, etc.
Tap on 'Continue'.
Provide your phone number, name, and city. Tap on 'Proceed'.
Check the available quotes from the top insurance companies in India.
Choose the desired plan and tap on ''Invest' at the right corner of the chosen plan.
Click on the tab 'Proceed to Buy'.
Enter your 'Email ID' and click on the tab 'Submit'.
It will take you to the company's official website.
Make the payment using available payment options.
You will receive a confirmation along with the policy documents at your registered email address.
Buying through SBI Life's official website
Visit the official website of SBI Life Insurance Company. On the home page, take your cursor to the tab 'Plans' and click on the tab 'Child Plans'.
Select the plan that you want to buy and click on the tab 'Buy Online' under the chosen plan.
Fill in the required details. Once confirmed, click on the tab 'Calculate'. After that, choose the desired option 'Fill the form first and then pay'.
Complete the application form wherein you can answer some questions about your personal and professional life and your health details.
Make the online payment, and the company will share the policy documents at your registered email address.
Child Investment Plans in SBI can be brought from offline channels as well. One can visit the SBI Life office, SBI branch, agents, and so on to buy their SBI Child Plan.
What are the Documents Required to Buy SBI Child Plans?
Below-mentioned documents are required to buy SBI Child Plan:
Complete SBI child plan application form
Address proof of the policyholder
Identity proof of the life assured & the child
Income proof in case the coverage is high
Age proof of the life assured and the child
Passport size photographs of the life assured and the child
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:
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).