SBI Child Plans
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  • Child Plan features and benefits
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SBI Child Plan

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.

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:

  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

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
  • 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

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 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.


    Entry AgeLife Assured
    Minimum: 21 yearsMaximum: 50 years
    Minimum : 0 yearsMaximum: 13 years
    Maximum Maturity AgeLife Assured
    70 years
    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
    Minimum Premium
    Mode of Premium Payment Minimum Premium (in Rs.)

    **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.


    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 Premiums of Top 3 Child Insurance Plans

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

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.

Online Mode

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

Buying through

  • 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.

Offline mode

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.

Buying Process Of Kotak Life Plans
Buying Process Of PolicyX website

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 Child Plan: 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 ( 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.

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

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

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

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

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (28 Total Rating)

October 4, 2021

Munmum Pathak


I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti


SBI has been my go-to for almost every finance a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

Guni Das


amaaaaaazing team at! super helpful and ready to give any aid as and when asked! thankssss y all

September 28, 2021

Himanta Biswa


truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A


very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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