SBI Life Child Plans
SBI child plans give wings to the dreams of your child and enable you to save big today for a bright tomorrow.
The State Bank of India is the most trusted and reliable banks in India. Moreover, it has proven and emerged as a great investment avenue to the Indian masses. The SBI life insurance company offers an array of insurance products and services ensuring high standard customer satisfaction. This includes both unit-linked plans and traditional plans as well.
Why SBI Life Child Plans?
SBI child plans primarily will help you save and create a corpus and helps in shaping the future of the child. Parenthood is another beautiful aspect that one encounters in their lives. And this journey is never an easy one, it is full of responsibilities and you are always there to nurture your child in the best possible manner.
The SBI child plan is only a blessing strategy that encourages you to meet the costs identified with your child’s training and prosperity. A child plan can be changed over into a money-back plan and bits of the total guaranteed can be gotten at various achievements of the child's life. The SBI life child plan encourages you in arranging your funds carefully so that at no point in life are you monetarily over-troubled. You can spare over some time, in modest quantities and still develop a store sufficiently huge to confront each testing circumstance effortlessly. So begin sparing early and you will have more opportunity to make the ideal fund.
Bringing up a child is not an easy task, specifically in today's times; good financial planning is of utmost importance. The right financial planning will help the child at every stage of life. The SBI life child plans thoroughly understand the prudence of creating an enormous corpus to fulfil the necessities at any point in time, for instance, child’s education, marriage plans, any sort of emergencies and much more.
Make the smart move and buy the SBI child plan and secure the financial future of your child. The SBI child plan will take care of all the financial requirements securely.
What are the Types of SBI Life Child Plans?
SBI Life Insurance Company currently offers two types of child insurance plans. One is a traditional plan while the other is a Unit Linked Insurance Plan. Let us take a look at each of these SBI child plans with a detailed understanding of the plan features and benefits.
|SBI Child Plan||
Entry Age(Minimum to Maximum)
|Premium Paying Term||Policy Term||Basic sum Assured||Premium Frequency|
|Smart Scholar Plan||
Child- O years to 17 yearsParent- 18 years to 57 years (Life assured)
Child- 18 years to 25 yearsParent- 65 years
|8 years – 25 years||Single-Premium 5 years- 25 years (Subject to the limit of the policy period)||
S.P- 1.25 X SPLimited Premium up to the policy period- 10X Annualized Premium
|Single premium/ monthly/ quarterly/ half-yearly and yearly|
|Smart Champ Insurance Plan||
Child- O years to 13 yearsParent- 21 years to 50 years (Life assured)
Child- 21 yearsLife Assured- 42- 70 years
18 minus the entry age of the child5 years- 18 years
21 minus the entry age of the child8 years – 21 years
|Rs 1,00,000 up to Rs 1 crore subject to board underwriting policy approved||Single premium/ monthly/ quarterly/ half-yearly and yearly|
SBI Life- Smart Scholar
Nothing could be better than seeing the apple of your eyes growing with confidence. The Smart Scholar plan lets you avail double benefits of the market-linked returns upon the money invested and provide a life cover security for your child.
What are the Features Offered Under SBI Life- Smart Scholar?
- You have the option to choose between nine funds.
- The partial withdrawal could be easily done right from the sixth year of the policy.
- On the premise of the policy term, constant loyalty additions for the in-force policy when it is completed on the specified duration.
- In case of any eventuality, the premium waiver benefit option.
- At maturity, the lump sum amount.
What are the Benefits Offered Under SBI Life-Smart Scholar?
- Death Benefit: Under circumstances, the life assured is no more while the policy is still active during the policy period then a lump sum benefit equivalent to higher of the basic sum assured or 105 per cent if the complete premiums received up to the demise date will be payable. In case the child passes away then no sum assured will be payable. The SBI life insurance company should be informed in regards to the same. Either the SBI child plan will be terminated or the plan might continue. If the contract terminates then with no surrender charge the fund value will be payable. In case both the life assured and the child pass away while the plan is active then it will likewise terminate and the due benefits along with the fund value will be paid.
- Maturity Benefit: When the policy term is completed, the lump sum will be paid in the form of paid-up value either to the policyholder if survives or the child when the life assured passes away during the policy period.
- Tax Benefit: Under Section 10 (10D) of the Income Tax Act, income tax exemptions are accessible at the time of surrender or maturity wherein the premium should not exceed 10 per cent of the sum assured in any years during the policy period. Income tax deduction/ benefit upon the paid premium is accessible within Section 80C of the act, the premium paid for the financial year exceeds 10 per cent of the sum assured, then 10 per cent of the sum assured will be limited up to the benefit. It is to be noted that the income tax laws are subject to change from time to time.
What are the Advantages Offered Under SBI Life- Smart Scholar?
This SBI child plan is a unit-linked insurance product and the following are the key advantages offered of this plan:
- Security: It secures the dreams of your child and helps to achieve it in the fullest form.
- Liquidity: The partial withdrawal could be easily done right to meet any emergency or unplanned yet important expenses.
- Flexibility: You can easily switch in between the fund so that you match up the needs of the child that will change with time.
- Reliability: In case of any adversity, the premiums will be waived and you need not worry and can avail loyalty additions.
SBI Life- Smart Champ Insurance
Is there more pleasure in turning the dreams of your little one, your champ into reality? We all well understand the importance of education in today's times. This SBI child plan will ensure the security and prosperity of the bright future of your child whether you are around or not.
What are the Features Offered Under SBI Life- Smart Champ Insurance?
This SBI life child plan is an individual and non-linked participating insurance product, which is designed to secure the educational needs of the child in the prospective times. Listed below are the key features of SBI Life- Smart Champ Insurance:
- Once the child reaches 18 years of age, avail the smart benefits into four equivalent yearly instalments.
- In case of any adversity or misfortunate incident, it offers a premium waiver and instant payment of the sum assured.
- Throughout the policy period, the cover for life and accidental total permanent disability will be provided.
- An alternative to paying the limited premium or one-time single premium.
- During the end three years of the policy, an option to obtain the discounted value of the instalment that is future due to the smart benefits including the terminal bonus.
What are the Benefits Offered Under SBI Life-Smart Champ Insurance?
The following are the benefits offered within Smart Champ Insurance:
- In case you pass away or ATPD during the policy period, the listed below benefits will be payable.
- For Limited Premium: Sum assured upon the event insured that is high of the basic sum assured or ten times of the annualized premium.
- For Single Premium: Sum assured upon the event insured is high of the basic sum assured or 1.25 times of the SP.
- A lump-sum amount, which is equivalent to higher of the sum assured upon the insured event or 105 per cent of the complete premiums that have been received until the demise or ATPD, that can be paid instantly whichever is early.
- Triple Protection: This SBI child plan provides triple protection, which is in an immediate payment form, smart benefits and waiver of premiums, in case any adversity takes place.
- Survival Benefit: It provides smart benefits, which are the survival benefits that are received by the policyholder towards the end of the policy term. For this, the child at the end of the policy should either complete either 18, 19, 20 or 21 years of age.
- Tax Benefits: You can avail the tax benefits as per the existing laws in regards to the income tax in India. Moreover, it is to be noted that these tax laws are subject to change from time to time.
What are the Advantages Offered Under SBI Life- Smart Champ Insurance?
As a responsible parent, it is important to protect your child in both good and specifically during the bad times as any uncertainty can happen at any point in time. Listed below are the key advantages of the Smart Champ Insurance:
- Security: In the worst situation, if tomorrow you ate not around, this SBI child plan will provide the family with a lump sum amount so that the family can tide over the financial challenges immediately and has peace of mind.
- Reliability: Even in your absence, the child will receive the SBI life child plan as envisaged and not be overburdened with the payments of the premium.
- Flexibility: As per your convenience and comfort, you can choose the alternative to pay the SBI child plan premium.
How Early Should I buy the SBI Child Plan?
Most likely, the child plans are available in the market for children aged 3 months or above. As soon as the child matches the eligibility criteria of the SBI life child plan you can consider buying a suitable plan. As mentioned- above each of the SBI child plans have advantages. Choose a suitable plan and let your child achieve and accomplish all the goals and make a bright future ideally, in India the child almost starts going to the school at the age of three. So, let's just assume that if you buy the SBI child plan when the child is three months old, so by the time the child starts going to the school, you will already have a fund ready to bear the expenses of the school such as admission fees, etc. This would not have been possible if you bought the SBI child plan at the age of seven or more.
Likewise, the same will make even more sense if you plan higher studies for the child. This is one of the prime reasons the SBI child plan gives the flexibility to buy the plan even when the child is less than a year old. This indeed helps the parents to create a corpus that is by the time the child is about to achieve the threshold of life and manage the expenses accordingly. The SBI life child plans let the parents plan and invest for the future of the child.
When is the Right Time to Buy SBI Child Plans?
In case you are a parent or about to begin the journey of parenthood, then you should go for the SBI child plan. The SBI life child plans will let you create a secured corpus for the fruitful future of your child.
The SBI child plans as discussed above offers two types of child plans. In case you are looking forward to a plan with a low-risk appetite you can choose the SBI life-Smart Champ Insurance that is a traditional plan with guaranteed benefits.
And if you are easy with taking risks and looking forward to a plan with building maximum corpus should consider SBI Life- Smart Scholar as it permits you the insurance cover and market-linked returns.
Both the SBI child plans do offer rider benefits that make the plan more secured and enhanced. There is no right time to buy any of the SBI child plans. The earlier, the better. Choose the SBI child plan online and secure the financial future of the child.
As indicated by specialists, the expenses of education will keep on taking off, much the same as they have in the ongoing past. An MBBS course in an Indian college cost pretty much Rs.2 lakh 20 years prior. Today it costs somewhere around Rs 50 lakh to Rs 70 lakh. So one can just envision how much it will cost up to in the next coming 20 to 30 years! Your child may choose to try and travel to another country when he is 15 years of age, and afterwards, it would be hard to orchestrate the assets. So as should be obvious, the future training expenses of the child can't be anticipated thus as a parent you have to have each conceivable arrangement. Subsequently, an SBI child plan ought to be purchased as ahead of schedule as conceivable to set up a sound store that would get the job done all the requests of your child's career of education.
Try not to hold up till it's late. On the off chance that at 15 your child declares he needs to go to the United Kingdom or the United States of America the next year, you will be left in a reel masterminding the finances. So since the future can't be anticipated, spare when you can and keep the funds prepared. An SBI child plan would likewise make sure about your child’s future in your nonappearance and since death also can't be anticipated, keep the arrangement prepared from the soonest time conceivable.
What are the Documents Required to Buy SBI Child Plans?
Anyone who wishes to buy the SBI child plan will require the following documents to avail the same:
- The completed SBI child plan form
- Address of the policyholder
- Identity proof of the child and the life assured
- Income proof in case the coverage is high
- Age proof of the life assured and the child
- Passport size photographs of the life assured and the child
How Should I Buy SBI Life Child Plans?
There are two modes to buy the SBI child plan. Let us discuss each of the modes below:
- Offline Mode: If you wish to buy the SBI child plan offline then you would need to visit the branch physically, which will be time taking and tedious as well. Fill the SBI child plan application form and submit all the required documents.
- Online Mode: It is always advisable to buy the SBI child plan online. Buying the plan online is easy, convenient and with no-hassles. Anyone who wishes to can easily avail the SBI life child plans online follow the steps below:
- Visit the official website of the SBI life insurance company.
- Enter valid credentials, in case you are not a registered customer to create the account.
- Once you log in successfully, select the SBI child plan of your choice and enter the details like premium paying frequency, coverage, and so forth.
- Now, that you have entered all the required subtleties, the SBI child plan premium will be determined.
- Once you are good to go ahead with the displayed SBI child plan premium, make the payment online as per your preferred mode of transactions.
- Once the data is validated, the SBI Child plan will be issued to you.
SBI Life Child Plans - FAQ
1. How to pay premium for a SBI child plan? What are the modes of payment available?
There are 10 modes to pay your SBI Life Insurance premium namely:
- Direct Remittance At SBI Life Branch By Post Or Courier
- Electronic Clearing Service (ECS) – Mandate
- Direct Debit
- Standing Instruction On Your Credit Card
- Online Payments
- Through State Bank Group ATMs
- Payment Through Visa Bill Pay.Com
- Online Payment Of Premium Through SBI Life Website
- Si-Eft For State Bank And Associate Banks’ Account Holders
- Payment Through Point Of Sales (Pos) Terminals At Select SBI Life Branches
- Payment Through Easy Access Mobile Application
- Pay Premium In Cash At Authorized Collection Centres
- NACH (National Automated Clearing House)
NACH is a newly launched service that works on the same principle as that of ECS, which requires filling in a form and getting registered before availing this facility.
2. How can I check policy status for SBI Life child plans?
In Order to check SBI life insurance policy status, for your child plan login to e-portal. You need to enter customer ID, date of Birth and policy number. The details of the SBI child plan along with the status is displayed on the next screen.
3. What is the policy renewal process for SBI Life child plans?
Renewal of SBI child plan can be done by the following modes:
- Through SMS
- Through SBI Brach
- By Cash
For renewal process, after login into your account, click on the ‘Renew Policy’ tab to proceed with premium payment for the SBI child plan.
Alternatively, you can renew the SBI child plan by using the kiosk in the SBI ATM and select the option for renewal process
4. What is the company’s process to settle claim for SBI Life child plans?
The procedure for settling claim through SBI life Insurance requires intimating the nearest branch by submitting the list of documents as specified in the website for the SBI child plan. After the documents are verified, the claim is settled as soon as possible. In case one requires additional help or further clarifications, one can write to claims@sbilife[dot]co[dot]in
5. What is the policy cancellation process for SBI Life child plans?
The policy cancellation process for a SBI child plan requires you to submit a duly filled surrender form along with relevant documents in the nearest SBI branch in your city. Upon receiving and verifying the documents, the SBI child plan is deemed cancelled as per bank accounts record. The premium refund is calculated on NAV value prevailing at the current market rate, if you submit the policy before 3:00 PM, else next day’s NAV value is applicable.
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