SBI Life Child Plans

Benefits of SBI Life Child Plan

• Triple Protection: The child plans offered by SBI provide three layers of protection to the child in case the policyholder (parent) dies or is left disabled due to an accident. It includes the payment of an immediate lump sum, a waiver of all future premiums and the policy remains while providing all the future benefits to the child as planned.
• Guaranteed Benefits: Plans guarantee payouts at maturity, regardless of investment performance.
• Tax benefits: SBI Life child plans are eligible for tax deductions under Section 80C of the Income Tax Act. Note that tax laws are subject to amendments.
• Flexible Payout Options: Most plans offered by SBI Life allow you to choose the time and the manner in which the payment is to be made. You can choose to reap the benefits as a lump sum at a specific age or can choose to earn regular payments to cover expenses over several years.
• Financial Security for your child: The plans provide security to your child in case of your death or accidental disability by ensuring that the benefits of the policy are provided to your child irrespective of your presence.
• Rider Options: Additional coverage like accidental death, disability, and critical illness is available.

List of SBI Life Child Plans

At the moment, SBI Life provides three child plans listed below

*Tax laws are subject to amendments.

Details of SBI Life Child Plan

1. SBI Life – Smart Scholar Plus

   The SBI Life Smart Scholar Plus is a ULIP plan which aims at helping parents secure their child’s future through life insurance and market-based investments. The plan allows for long-term wealth creation for future financial goals such as education and marriage or other financial endeavours.

   Features of SBI Life – Smart Scholar Plus

   • Complete Family Protection: In case the policyholder dies or is left disabled due to an accident, a lump sum payment is paid to the nominee and includes an in-built premium payor waiver benefit to ensure that the policy continues even if the policyholder is not present.
   • Long-term wealth creation: The plan provides customers with loyalty additions, which include allocating additional units to the policy fund to encourage customer loyalty while also boosting the investment at regular intervals.
   • Investment flexibility: The Plan offers 10 diverse investment options to invest in based on their risk tolerance and future 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^*

   VIEW PLANS

   *Standard T & C Apply

2. SBI Life - Smart Future Star

   SBI Life Smart Future Star is a non-linked, participating life insurance savings plan that can help parents to build a substantial corpus for their child’s future financial needs. The payments can be made as a lump sum or regular payments, which earn bonuses rather than direct market investments.

   Features of SBI Life - Smart Future Star

   • Double Security: The child is protected through a double safety net as it includes an in-built waiver of premiums along with coverage of premiums if the proposer (The parent) dies or is disabled due to an accident.
   • Savings with an Advantage: The maturity benefits include the sum assured along with any declared bonuses (reversionary and terminal bonuses), which help to grow the final payout.
   • Payment Customisation: The policy allows for a limited premium payment term and offers the flexibility to receive the maturity payout in instalments.
   • 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 aimed at providing guaranteed benefits for a child’s key financial endeavours. It provides parents with guaranteed benefits of fixed returns along with a waiver of premiums in case of any mishap.

   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 receive the maturity payout in instalments for up to 7 years, providing control over when the funds are available.

Which Plan Fits You?

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.