SBI Life Child Plan

The SBI Life Child Plan is a comprehensive insurance product designed to secure the financial future of your child. Tailored to meet the unique needs of parents, it offers a combination of protection and savings to ensure your child's education, marriage, and other milestones are adequately funded.

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Investing in your child's future:A wise decision & a loving choice
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What is the SBI Life Child Plan?

SBI Life Child Plan is a group of child insurance plans offered by SBI Life Insurance, a life insurance company in India. These plans are designed to help parents secure their child's financial future by providing them with a lump sum amount at maturity and, in some cases, death benefits and other rider benefits.

There are two main types of SBI Life Child Plans:

  • Traditional plans: These plans offer guaranteed returns and benefits and are not linked to the stock market.

  • Unit Linked Insurance Plans (ULIPs): These plans offer market-linked returns, which means that the returns are linked to the performance of the stock market.

Features of SBI Life Child Plan

  • Premium Waiver Benefit: The insurance company covers future premiums if the policyholder dies or becomes disabled.

  • Tax Benefits: Premiums paid qualify for tax deductions; maturity and death benefits are usually tax-free.

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

  • Death Benefit: The nominee receives a benefit if the policyholder dies, aiding the child's expenses.

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

  • Market-Linked Returns: ULIPs invest in the stock market, offering the potential for higher returns but also the risk of losses.

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Benefits of the SBI Life Child Plan

  • 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.

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

  • Rider options: You can add riders to your child's insurance plan to provide additional coverage, such as critical illness cover, accidental disability cover, and waiver of premium rider.

  • Maturity benefits: Some child insurance plans offer maturity benefits, which can be used to help your child with their future goals.

List of SBI Life Child Plans

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

SBI Life Child Plan Entry Age Maximum Maturity Age Premium Payment Term (PPT) Policy Term (PT) Minimum Premium (in Rs.) Tax Benefits u/ IT Act, 1961
SBI Life – Smart Scholar Parent: 18 – 57 years;
Child: 0 – 17 years
Child: 18 – 25 years;
Parent: 65 years
Single Pay;
25 years
8 – 25 years Single: ₹24,000 p.a.;
≥ 8 Year PPT: ₹16,000 p.a.;
5/7 Year PPT:  ₹25,000 p.a.
Section 80C and Section 10(10D)
SBI Life – Smart Champ Insurance Life Assured: 21 – 50 years;
Children 0 – 13 years
Life Assured: 42 – 70 years;
Child: 21 years
18 years minus (-) Entry Age of Child 21 years minus (-) Entry Age of Child 20 – 49 Years Entry Age: ₹45,000 p.a. Section 80C and Section 10(10D)
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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Details of SBI Life Child Plan

  1. SBI Life – Smart Scholar

    SBI Life - Smart Scholar is a Unit Linked Insurance Plan (ULIP) designed for children. It is a combination of life insurance and investment, which means that it provides both financial protection and the potential for growth.

    Features of SBI Life – Smart Scholar:

    • Multiple fund options: You can select from various fund options based on your risk tolerance and investment objectives.

    • Premium waiver benefit: If the life assured passes away during the policy term, all future premiums are waived, ensuring continued policy benefits.

    • Maturity benefit: Upon maturity, the accumulated fund value is paid to the child for higher education, marriage, or other needs.

    • Partial withdrawal benefit: After completing 5 policy years, you can withdraw a portion of the fund value to address unforeseen expenses.

    People also read: Sukanya Samriddhi Yojana Calculator

  2. SBI Life – Smart Champ Plan

    SBI Life - Smart Champ Plan is an individual, non-linked, participating life insurance savings product designed to secure your child's future educational needs. It provides a combination of protection and savings benefits, ensuring that your child's educational goals are met even in your absence.

    Features of SBI Life – Smart Champ:

    • Smart Benefit Guarantee: Your child receives financial support in four equal parts, from age 18 to 21, ensuring they have funds for higher education. 

    • Triple Protection: This plan offers three layers of security for your child, with a lump sum payout, premium waiver, and Smart Benefits. The lump sum is paid upon the policyholder's death, premiums are waived if you cannot pay due to death or disability, and Smart Benefits ensures education funding. 

    • Flexible Premium Options: Choose between a one-time payment or limited premiums, making the plan accessible to more parents. 

    • Bonus Potential: As a participating policy, bonuses declared by the insurer can boost your child's payout.

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.

SBI Life Child Plans - FAQ

  • Which SBI child plan is best?

    Some of their most popular SBI Life child plans are as follows:
    • SBI Life Smart Scholar Plan

    • SBI Life Smart Champ Plan

  • Which is the best plan for child investment?

    The top 5 popular investment options for you to consider are mentioned below:
  • What is the interest rate of the SBI child plan for 5 years?

    SBI offers multiple child plans, each with varying structures and features, resulting in different interest rates. The following points mention the estimated rate of return of the SBI Child Plan for 5 years:
    • SBI Life - Smart Champ Insurance Plan: 12% - 19% p.a.

    • SBI Life - Smart Scholar Insurance Plan: 8% to 22% p.a.

    • SBI Magnum Children's Benefit Fund: 7% to 10% p.a.

  • What is the SBI plan for a girl child?

    SBI offers two main options for planning for a girl child's future:
    • Sukanya Samriddhi Yojana (SSY)

    • SBI Life Child Insurance Plans: Popular options include Smart Scholar (ULIP) and Smart Champ (traditional plan).

  • How to pay premium for a SBI Life 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
      • 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.

  • 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.
  • What is the policy renewal process for SBI Life child plans?

    Renewal of SBI Life child plan can be done by the following modes:
    • Online
    • Through SMS
    • Through SBI Life Brach

    For renewal process, after login into your account, click on the ‘Renew Policy’ tab to proceed with premium payment for the SBI Life child plan.

    Alternatively, you can renew the SBI Life child plan by using the kiosk in the SBI ATM and select the option for renewal process

  • 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 Life 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
  • What is the policy cancellation process for SBI Life child plans?

    The policy cancellation process for a SBI Life 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 Life 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#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.

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SBI Life Child Plans Reviews & Ratings

4.3 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Minakshi
Gunupur, September 23, 2016
Insurance Policy
Good to got the very fine child insurance policy from sbi life insurance. Policy coverage is maximum and premium is very less. Claims are easy to get and the procedure is simple, it has less paperwork. Online renewals is possible through online portal of the company websites.
Chetna
Edamaruk, August 24, 2016
Child Care
The child insurance policy of mine is fantastic which is from sbi life company. Service is fast and on time given by the executives and the staff. Policy coverage is high approx. 89% and the claims are easy to sanctioned through the help of executives.
Nirmal
Gangapur, July 26, 2016
SBI policy
My sbi child plan is very nice and it provides good number of benefits. Policy coverage is high and claims are easily sanctioned. Updates are mailed to my email address regularly. The renewals are also easy to do on online portal. Thanks, sbi insurance is trustworthy.
Parvati
Kashipur, July 12, 2016
Child Plan
Child insurance policy i purchased for my little angel. Policy has great benefits with low investments. Premium is less and policy coverage is high. Service is superb with online renewal option which reduces paperwork and hassle free documentations.
Gaurav
Alwar, June 29, 2016
Good
My lovely son has secure future because of you guys provided such a good child insurance policy plan. Service you facilitate is fantastic and the policy coverage is high. Even updates of the policy is mailed to me regularly.
Monali
Dwarka, April 21, 2016
Marvelous Policy
I buy sbi life child policy plan for my child. Policy coverage is high 94% but the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also.
Ankush
Coonoor, April 21, 2016
Trustworthy
The best child policy plan i bought from sbi life insurance and the policy plan is awesome. The policy coverage is 93% and the claims are 41 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time till now.
Mankaran
Pune, April 21, 2016
slow service issue
I had child policy plan for my child through sbi life insurance child plan. The policy is nice, Good policy coverage ~89% and claiming amount is Rs.38 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.
David
Laksar, April 21, 2016
Satisfied
I found awesome sbi life child policy plan and i buy it. The claim is high and the policy coverage is 86%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also.
Saurabh
Calicut, April 21, 2016
Awesome
I purchase child policy plan by sbi life insurance. Policy coverage is 91% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes too.
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