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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
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|
Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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.
This SBI child plan is a unit-linked insurance product and the following are the key advantages offered of this plan:
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.
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:
The following are the benefits offered within 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:
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.
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.
Anyone who wishes to buy the SBI child plan will require the following documents to avail the same:
There are two modes to buy the SBI child plan. Let us discuss each of the modes below:
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.
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