SBI Child Plan
SBI Child Plan
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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).

FAQs

SBI Life allows certain changes in the child 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 child plan.

Renewal of SBI Life Child plan is easy and fast. Customers can do the renewal of their 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 original policy document, cancelled 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 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.

Last updated on 16-10-2020