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)

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.

**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.

   Eligibility

   Entry Age	Life Assured
   	Minimum: 21 years	Maximum: 50 years
   	Child
   	Minimum : 0 years	Maximum: 13 years
   Maximum Maturity Age	Life Assured
   	70 years
   	Child
   	21 years
   Basic Sum Assured	Minimum: Rs. 1,00,000	Maximum: Rs. 1 Crore
   Policy Term	21 minus Child's Age at entry
   Limited Premium Payment Term	18 minus Child's Age at entry
   Premium Frequency	Single-Premium Yearly Half-yearly Quarterly Monthly
   Minimum Premium	Mode of Premium Payment Minimum Premium (in Rs.) Monthly 500 Quarterly 1,500 Half-yearly 3,000 Annual 6,000 Single 66,000

   **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 years	5 years	1,00,000	74,407	17 years	At assumed rate of returns @4% 1,20,930
   35 years	5 years	1,00,000	88,010	11 years	At assumed rate of returns @4% 1,13,800
   40 years	5 years	1,00,000	95142	8 years	At assumed rate of returns @4% 1,32,775

   **Last Updated on July, 2021

   Premium Prices for SBI Life Smart Champ Insurance

   

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.

   Eligibility

   Parameters	Minimum	Maximum
   Entry Age	Parent (Life Assured): 18 years Child: 0 years	Parent (Life Assured): 57 years Child: 17 years
   Maturity Age	Child: 18 years	Parent (Life Assured): 65 years Child: 25 years
   Policy Tenure	8 years	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

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.

**Last Updated on July, 2021

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 PolicyX.com and the official website of the company. Let's discuss the steps further.