SBI Life Child Plans

Features and Benefits of SBI Life Child Plan

• Triple Protection: The plan provides three layers of protection for your child in case of your unfortunate death or disability. It includes an immediate lump-sum payment, a waiver of all future premiums, and the continuation of the policy to provide all future benefits as planned.

• Guaranteed Benefits: Plans guarantee payouts at maturity, regardless of investment performance.

• Tax benefits: You can get tax deductions subject to conditions on the premiums you pay for your child's insurance plan under Section 80C of the Income Tax Act. Tax laws are subject to amendments.

• Flexible Payout Options: Many plans allow you to choose how and when the benefits are paid. You can opt for a lump sum at a specific age or regular installments to cover education fees over several years.

• Financial security for your child: In the event of your death, the policy will provide a lump sum payout to your child, which can be used for their education, marriage, or other needs.

• Rider Options: Additional coverage like accidental death, disability, and critical illness is available.

List of SBI Life Child Plans

The following table summarises the details of some of the most popular SBI Life Child Plans:

*Tax laws are subject to amendments.

Details of SBI Life Child Plan

1. SBI Life – Smart Scholar Plus

   SBI Life – Smart Scholar Plus is a Unit Linked, Non-Participating plan that helps parents secure their child's future by investing in financial markets. It combines the benefits of a life insurance cover with market-linked returns, allowing for wealth creation to fund your child's education, marriage, or other life goals. The plan offers a range of investment options to suit your risk tolerance and financial objectives.

   Features of SBI Life – Smart Scholar Plus

   • Complete Family Protection: Provides a lump sum payment to the nominee and includes an in-built Premium Payor Waiver Benefit to ensure the policy continues uninterrupted, even in the unfortunate event of the policyholder's passing.

   • Growth of Wealth: The plan offers Loyalty Additions, which are additional units allocated to the policy at regular intervals, providing a periodic boost to your investment for as long as the policy remains active.

   • 10 Diverse Investment Options: Policyholders have the flexibility to choose from 10 different fund options to invest their money based on their personal risk appetite and financial goals.

   • Financial Flexibility: The plan permits partial withdrawals after 5 policy years, providing a source of liquidity to meet any unexpected expenses.

   Investment

   Secure

   

   Secure your child’s future with or without you

   Start Investing

   ₹10,000/Month

   & Get

   ₹1 Crore^*

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   *Standard T & C Apply

2. SBI Life - Smart Future Star

   A non-linked, participating life insurance savings plan, SBI Life - Smart Future Star helps parents to build a substantial corpus for their child's future milestones. It aims to provide security and financial stability by offering a lump sum maturity amount enhanced by potential bonuses.

   Features of SBI Life - Smart Future Star

   • Double Security: This plan offers a life cover for the child and includes an in-built Waiver of Premium benefit, ensuring that premiums are covered if the proposer dies or becomes disabled.

   • Savings with an Advantage: The maturity benefit consists of the Sum Assured on Maturity plus any declared bonuses (Reversionary and Terminal Bonuses), which helps to increase the final payout.

   • Payment Customisation: The policy allows for a limited premium payment term and offers the flexibility to receive the maturity payout in installments.

   • Bonuses for Growth: As a participating plan, it shares in the company's profits, with declared bonuses added to the policy to help grow the savings corpus over time.

3. SBI Life- Smart Platina Young Achiever

   SBI Life- Smart Platina Young Achiever is a non-linked, non-participating life insurance savings plan that provides guaranteed benefits for a child's key life events. It offers parents the confidence that their financial planning will provide a secure and consistent financial support  for their child's significant milestones, regardless of market performance.

   Features of SBI Life- Smart Platina Young Achiever

   • Assured Financial Safety: Provides a guaranteed benefit at maturity, offering a risk-free approach to planning for your child's future.

   • Built-in Safety Net: An in-built Waiver of Premium benefit is included. This ensures that the plan continues to provide benefits even if the proposer is no longer able to pay premiums due to death or permanent disability.

   • Assured Maturity Payouts: The plan features Guaranteed Additions that accrue at the end of each policy year, which, along with the Sum Assured on Maturity, are paid out as a lump sum.

   • Flexible Distribution: Policyholders have the option to or receive the maturity payout in installments for up to 7 years, providing control over when the funds are available.

Other Plans Offered by SBI Life Child Plan

The SBI Life Insurance Company discontinued the following plans for new customers.

• SBI Life – Smart Scholar

• SBI Life – Smart Champ Insurance

Summing It Up

The SBI Life Child Plan offers a comprehensive solution for parents looking to secure their child's future. With its range of benefits, including financial protection, savings, and flexibility, it stands as a reliable option to ensure a bright and secure future for your child.