SBI Child Plans – A Smart Choice for All Parents

Being a parent is one of the joyous moments of your life, but it comes with a lot of responsibilities as well. Looking after your child and nurturing him/her becomes your motto of life. This requires thoughtful planning so that you can fulfill all the financial needs of your child at various stages of his/her life. Undoubtedly, proper financial planning requires a lot of hard work and SBI Life understands this very well and thus it has introduced some of the Child Plans.

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Best Investment Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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Some of these SBI Child Plans require one-time investment only. Availing of an SBI Child plan can help you to build the corpus required for the higher education of your children, their marriage, or other emergencies. Let us discuss SBI Child Plans here:

Types of SBI Child Plans:

  1. SBI Life – Smart Champ Insurance:

    It is a non-linked participating child insurance policy that helps you to secure and strengthen the financial future of your child. The benefits of this plan are:

    • A plan that safeguards the entire family’s financial future.
    • A reliable plan to secure your child’s future.
    • The plan offers tax benefits
    • This plan provides you the flexibility of premium payment.
    • It is an SBI Child Plan that offers a one-time investment option

    Eligibility:

    Parameters

    Eligibility Details

    Entry age

    For Children: 1 year to 13 years and

    For Proposer or Parents: 21 years to 50 years

    Term of the Policy

    21 years minus the age of the child at the time of policy purchase.

    Maximum Maturity Age

    For Proposers/ parents: 70 years

    For Children: 21 years

    Premium Payment Term

    Limited or Single Pay

    Premium Payment Mode

    Single Pay, Monthly, Quarterly, Half-Yearly, and Yearly

    Premium Paying Term

    Single or Limited Pay

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

  2. SBI Life – Smart Scholar Plan:

    It is a market-linked insurance policy that provides high returns on your invested money with insurance cover. Mentioned below are key benefits offered by this plan:

    • Provides financial support to your child to safeguard his/her future needs.
    • Premium payment waiver option available for any unfortunate event.
    • The plan regularly adds loyalty to creating wealth.
    • As a unit-linked insurance plan, it offers you the choice to switch funds.
    • Provides seven fund options.
    • The plan provides a partial withdrawal facility from its 6th policy year.

    Eligibility:

    Parameters

    Eligibility Details

    Entry Age

    For Children: 0 years to 17 years

    For Proposer/ Parents: 18 years to 57 years

    Policy Term

    Eight years to 25 years minus the child's age at entry into the plan.

    Maximum Maturity Age

    For Children: 18 years and at max, it is 25 years

    For Proposer/ Parents: Minimum age is NA but the maximum age is 65 years

    Premium Payment Term

    Limited Pay or Single Pay

    Premium Payment Mode

    Single Pay, Monthly, Quarterly, Half-Yearly, Yearly

    Sum Assured

    Minimum: Age less than 45 years and age more than 45 years

    Single Pay: 1.25 times the single premium payment 

    Limited Pay: Higher of [(0.50*term*AP) or (10*AP)]

    Maximum Age: Under 45 years and More than 45 years

    Single Pay: 5 times of the single premium, 1.25 times of the single premium

    Limited Pay: 20*AP

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

How to Apply for SBI Child Plans:

Applying for SBI Child Plans is simple and quick. For the comfort of its customers, the State Bank of India has provided many options. You can opt for online mode or can go for offline mode. The steps that you need to follow in both of these options are mentioned below:

  1. Offline Mode:

    You can apply for the SBI Child Plan offline by visiting the office of SBI Life or any branch of the State Bank of India. You can also purchase any of these plans through SBI agents or brokers.

  2. Online Mode:

    You can easily avail of or apply for SBI Child Plan online. The online application process of SBI Child Plans is very easy and simple. You can apply online by following the below steps and within a few clicks, your policy will be in your email. The steps for purchasing an SBI Child plan online are:

    • Go to the website of SBI Life by typing the following URL: sbilife.co.in
    • Login through valid credentials. If you are not a registered customer, then you should create your valid login id and password and then log in by using these.
    • As soon as you log in, choose a child policy of your type and provide all the required details like your premium payment frequency, the coverage you want, your details, etc.
    • After entering all the required details, the website of SBI will determine the amount of premium that you have to pay.
    • You are then required to pay the premium through an online medium like debit card, credit card, or net banking.
    • Upon validation and receipt of all the required data, SBI Life issues the policy.

How Do These Plans Work?

  • This plan provides accidental total permanent disability and life cover throughout the policy term.
  • In case of some eventuality, this plan promises to provide a premium waive-off and instant payment of the sum assured.
  • A unique feature of this plan is 'Smart Benefit', which is paid in installments of four equal amounts at the end of every policy year after your child reaches the age of 18 years.
  • Maturity benefit is paid upon completion of the policy.
  • In case of accidental permanent or total disability, SBI Life pays additional benefits that are equal to the sum assured for accidental benefit.

Summing It Up!

The above-mentioned child plan options offered by SBI Life provide the facility of one-time investment. Since these plans give you the facility of single premium payment, however, they offer you dual benefits of insurance and savings. Therefore, such plans can be the best thing that you can opt for for your children. Along with this, if you can crack the best deal with your insurance provider, then you can be the happiest person. To make you understand, a single premium payment child plan can provide you favor or stand out when you compare them with regular premium payment policies.

Written By: PolicyBazaar - Updated: 04 October 2021

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