Fixed Deposit for Child in SBI

Securing your child’s future is the most crucial duty for you as a parent. Despite the hurdles that come with being a parent, you must plan so that your child does not have to face life’s complications. Child insurance plans are a great way to ensure that your child’s future would be safe from unforeseen situations that may arise at any point in time.

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SBI child insurance plan has come up with two such insurance plans meant especially for children. These plans ensure that your child would receive financial support after your demise. The idea behind these plans is to safeguard your child’s future by laying down plans in the present. 

SBI Life – Smart Champ Insurance

The SBI Life – Smart Champ Insurance is a participating, non-linked, individual product for insurance savings offered by SBI Life. It is designed keeping in mind your child’s future concerns and requirements. 

Under this SBI child insurance plan, you can make your child your nominee, entitled to receive death benefits at the end of the policy. Smart benefits under this policy are payable during the term of the policy. 

  1. Features of SBI Life – Smart Champ Insurance

    This SBI child insurance plan has the following features, which you must be aware of before applying:

    • The SBI Life – Smart Champ Insurance plan aims to fulfil your child's every need they may have in the future. These include education expenses, marriage expenses, etc.

    • This SBI child insurance plan offers life and accidental total permanent disability throughout the term of the policy.

    • If the policyholder dies during the policy term, the nominee or child would receive an immediate payment of the sum assured.

    • This SBI child insurance plan has devised four equal instalments awarded to the child when they reach the age of 18 years.

    • Tax deductions are provided to all policyholders as per Government of India provisions.

  2. Benefits of SBI Life – Smart Champ Insurance

    The SBI Life- Smart Champ Insurance plan lets you be completely stress-free, knowing that your child’s future needs are taken care of. The SBI child insurance plan has many more benefits, which are discussed below:

    • If the policyholder suffers death or accidental total permanent disability, the death benefit would be payable as the higher sum assured in the form of a lump sum if the policy has not reached maturity yet.

    • Under this SBI child insurance plan, you would be able to avail of smart benefits for your child’s future financial needs. These benefits would be awarded to your child after your demise.

    • The policy has a provision where the policyholder can take loans for meeting financial emergencies. This benefit is eligible for policies that have not reached maturity and have 3 years left.

    • If you do not survive for the full term of the policy, SBI Life will waive off all the due premiums that are yet to be paid with immediate effect.

    • The SBI child insurance plan offers income tax benefits in Section 80C and Section 10 (10D) according to the Income Tax Act, 1961, for payment of premium.

    • SBI Life provides you a grace period of 30 days and 15 days, depending upon the type of policy you have availed. Throughout the grace period, the policy validity would remain intact.

    • A free look period of 15 days is provided for you to review the conditions of the policy. If you are not satisfied with the policy terms and conditions, you can cancel the policy and return it to SBI Life.

    People also read: Child Education Plan

  3. Eligibility for SBI Life – Smart Champ Insurance

    The following table shows the eligibility criteria of the SBI Life – Smart Champ Insurance policy.

    Basis  Eligibility 
    Entry age for policyholder Minimum age:21 years
    Maximum age: 50 years
    Entry age for child Minimum age: 0 years
    Maximum age: 13 years
    Maturity age for policyholder 70 years
    Maturity age for child 21 years
    Term of the policy For death cover policy: 21 minus the child’s entry age
    For LPPT policy: 18 minus child’s entry age
    Sum assured Minimum: Rs.1 lac
    Maximum: Rs.1 crore
    Premium  For Single premium payment: Rs.66,000
    For monthly payment: Rs.500
    For quarterly payment: Rs.1,500
    For half-yearly payment: Rs.3,000
    For annual payment: Rs.6,000
    Premium frequency  Single premium, monthly, quarterly, half-yearly, and yearly
  4. Documents Required

    You would have to submit the following documents for availing of this SBI child insurance plan at the time of purchase:

    • Duly filled application form for SBI Life – Smart Champ Insurance plan

    • Identity proof of the policyholder

    • Identity proof of the child

    • Address proof of the policyholder

    • Address proof of the child

    • Income proof of the policyholder

    • Age proof of the policyholder

    • Age proof of the child

    • Passport size photo of the policyholder

    • Passport size photo of the child

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SBI Life – Smart Scholar

The SBI Life – Smart Scholar, a unit-linked child cum insurance plan. It is available for people who have a child between the ages of 0 and 17 years. It is a non-participating insurance plan which provides returns from the financial market. In this SBI child insurance plan, you would have to bear the risk of investing. If you decide upon this plan, you will not be able to withdraw your funds five years into the policy term. This way, the policy locks in your money and further invests in the market instruments. 

  1. Policy Features

    This SBI child insurance plan enables you to take care of your child’s needs in the future by planning in the present. Before buying the SBI Life – Smart Scholar plan, you should know the salient features of the policy. Some of the features are discussed below:

    • This SBI child insurance plan offers nine different fund options. You can choose the option which suits you the best.

    • With the SBI Life – Smart Scholar plan, you would be entitled to receive loyalty units after completing certain periods in the policy term. 

    • This plan offers dual benefits in the form of lump-sum payout as well as waived premium in case of your untimely death.

    • As per the policy, you would receive a death benefit along with the accidental total and permanent disability benefit.

    • SBI Life would further invest your premium in varied market-linked securities, which would result in returns.

    • After the initial 5-year lock-in is over, you would be able to make withdrawals during the policy term for meeting your financial emergencies.

  2. Benefits of SBI Life – Smart Scholar

    The SBI Life – Smart Scholar plan offers the following benefits for policyholders and their nominees:

    • Death benefit: Under this SBI child insurance plan, the nominee would receive a death benefit in return for paying a premium. If the policyholder dies during the policy term, the child will receive a lump sum amount equal to higher than the sum assured. As soon as the policyholder passes away, SBI Life must be informed by the nominee to receive the death benefit with immediate effect.

    • Tax benefit: Same as in the case of the former, this SBI child insurance plan also consists of income tax benefits as per the Income Tax Act, 1961. The tax deduction would be rewarded to all policyholders who have paid premiums in the financial year under Section 80C. Also, under Section 10 (10D), tax exemptions are given at the time of maturity or surrender of the policy. All these provisions are followed according to the laws created by the Government of India.

    • Maturity benefit: When the policy reaches maturity, the sum assured would be given to the policyholder. This would be possible only if the insured is still alive at the time of policy maturity.

  3. Eligibility for SBI Life – Smart Scholar

    You have to be eligible to avail this SBI child insurance plan. The eligibility criterion is as follows:

    Basis  Eligibility 
    Entry age for policyholder Minimum age: 18 years
    Maximum age: 57 years
    Entry age for child Minimum age: 0 years
    Maximum age: 17 years
    Maturity age of policyholder 65 years
    Maturity age of child Minimum age: 18 years
    Maximum age: 25 years
    Term of policy 8 years to 25 years
    Term of premium payment Single premium or 5 years to 25 years
    Basic sum assured Limited premium up to the policy term: 10 x annualized premium
    Single premium: 1.25 x single premium
    Plan type Limited premium up to the policy term/ Single premium
  4. Documents required for SBI Life – Smart Scholar

    Before making a purchase, you should be aware of the documentation which you would have to submit. SBI Life requires the following documents for availing this SBI child insurance plan:

    • Duly filled application form for SBI Life – Smart Scholar Plan

    • Identity proof of the policyholder

    • Identity proof of the child

    • Address proof of the policyholder

    • Address proof of the child

    • Income proof of the policyholder

    • Age proof of the policyholder

    • Age proof of the child

    • Passport size photo of the policyholder

    • Passport size photo of the child

How to Purchase an SBI Child Insurance Plan?

There are 5 simple steps to purchase an SBI child insurance plan. They are discussed below:

  • Visit the official website. Navigate to the tab labelled ‘Products’ and click on ‘Individual Life Insurance Plans.’ Now a new page will open. Select your requirement as ‘Child Plans'.

  • The two plans would open in front of you. Choose the plan you wish to buy and click on ‘Learn More.’

  • Fill in the details required for the selected plan. Click on ‘Calculate.’ 

  • Fill in the complete online application form. The details would consist of your personal, professional, and health-related information.

  • Pay the online fee through online payments and submit all the documents online. SBI Life will accept your application if all your details are satisfactory as per the insurer.

In Conclusion

An SBI child insurance plan is a way to achieve a great sense of relief for your child’s future. The two insurance plans devised by SBI Life would provide death and APTD benefits without any additional costs. Whichever plan you choose to opt for, the SBI child insurance plan would prove beneficial in countering the unforeseen financial emergencies your child might have to face after you are gone.

FAQ's

  • How does SBI Life pay bonuses under the SBI Life – Smart Champ Insurance Plan?

    Under the SBI Life – Smart Champ Insurance Plan, bonuses are paid after each remaining four years of the policy term. The child would receive the four instalments when they complete the ages of 18 years, 19 years, 20 years, and 21 years, respectively.
  • Does SBI Life cover suicide in any of the SBI child insurance plans?

    No, suicide would not be fully covered as a cause of death under any SBI child insurance plan. No benefit will be paid if the policyholder dies due to committing suicide within a year of policy commencement. After that, if the need arises, SBI Life would only pay 80% of the total premium paid.
  • How do I check the status of my SBI child insurance plan?

    To check the status of your policy online, you would have to log in to the e-portal with the customer ID provided to you by SBI Life at the time of registration. You also need to enter your date of birth and your policy number. The status of your policy will be displayed on the portal.
  • Does the SBI Life – Smart Scholar plan provide an option of switching between different fund options?

    Yes, the SBI child insurance plans offer an option to switch funds during the policy term. Policyholders can pay a minimum switching amount of Rs.5,000 and change funds.
  • Can I revive my SBI Life – Smart Champ Insurance plan in case it lapses?

    Yes, a lapsed policy can be revived by paying all the due within two years of the first missed payment. Certain other terms and conditions are subjecting to policy revival which has to be fulfilled by the policyholder.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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