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.
The company offers two but profitable child plans to its customers. Let's take a look at them.
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 05-11-2020
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 05-11-2020
SBI Life is not selling its child plan online. To invest in the same you have to follow the below-mentioned steps.
Note- Customers can also intimate the claim through the post, email, or by visiting the nearest branch of the company.
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:
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 05-11-2020
