SBI Child Plans
  • Explore SBI Life Insurance
  • Child Plan features and benefits
  • Buying and Claim Process
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SBI Child Plans: Overview

SBI child plans offered by SBI Life, one of the leading life insurance companies in India is a joint venture between the BNP Paribas Cardif and State Bank of India, (India's largest bank). The company began its operations in 2001 with a vision to present insurance solutions that suit customers' requirements. It very well understands the importance of building a financial corpus and believes in giving wings to your child's dreams. The company offers a multitude of child plans, to provide you with financial assistance to fulfill your life goals such as your child's education, marriage, and other responsibilities.

The SBI child plan encourages you to arrange your finances in a manner so that your child's future dreams are never a burden on your pocket. Proper financial planning is an essential part of raising a child and SBI Child insurance plans prepare you for the same.

Availing SBI Life Child Plan will help you build the financial corpus needed for education, emergencies, marriage, etc. Investing in the SBI Life Child Insurance Plan is a smart financial decision that helps you secure the future financial needs of your children.

SBI Child Plans ensures to look after your investment needs by offering:

why-choose

  • Smart Bonus

  • Death Benefits

  • Educational Support

  • Tax Benefits

Eligibility Criteria for SBI Child Plan

Your Occupation

Entry age

Minimum Age- 0 years

Mukhyamantri Amrutam Yojana

Maturity age

70 years

Your Gender

Policy tenure

21 ninus child entry age

Maternity Benefit Rider

Premium payment term

18 ninus child entry

Dr YSR Aarogyasri Trust

Premium payment frequency

Annual, half-yearly,

Maternity Benefit Rider

Sum assured

Rs 1 lakh to No limit

SBI Child Plan Types

To cater to the dynamic insurance needs of an individual and their family, SBI Child comes with a range of plans. This allows their customers to choose an ideal plan for themselves. The company ensures to offer a plan for everyone.

  1. SBI Child Plan

    Plan Entry Age Tenure Minimum Sum Assured Unique Features
    SBI Smart Scholar Minimum Age - 0 years Maximum Age - 17 years
    		 8 to 25 years Single-Premium: 1.25 x Single premium
    • Financial Security
    • Loyalty Benefits
    • Grace Period
    SBI Smart Champ Minimum Age - 0 years Maximum Age - 13 years
    		 21 minus child Rs. 1 Lakh
    • Guaranteed smart benefits
    • Triple protection
    • Flexibility

Overview of SBI Child Plans

Here is a quick overview of the SBI Child Plans listed in the above table.

SBI Smart Scholar Plan

SBI Life Smart Scholar is an Individual, Unit Linked, Non-participating Life Insurance Policy that offers myriad coverages to secure the future of the insured children even in the absence of their parents.

Here are the key features of the SBI Smart Scholar Plan:
  • Loyalty Additions are paid after specified intervals and solely depend on the policy term.
  • The plan offers 9 fund options to choose from.
  • The plan will pay a lump sum benefit equal to a maximum of Basic Sum Assured or 105% of the total premiums paid till death.

Benefits of SBI Life Child Plans

There are multiple benefits of SBI Life Child Plans. Read below to understand the plethora of advantages provided by the insurer.

Educational Support

SBI Life Child Plans support the policyholder's child on the educational front and allow them to complete their education without facing any hurdles.

Death Benefit

SBI Life Child Insurance plans offer death benefit which makes sure that the policyholder's family does not suffer any financial problems in the absence of the policyholder.

Smart Bonus

SBI Life Child Plans offer smart bonuses and additional benefits over the sum assured for a greater income.

Rider Benefits

Child Plans have in-built rider benefits that ensure that a child does not suffer in case of accidental death or accidental total and permanent disability of the policyholder.

Tax Benefits

Child Plans allow policyholders to claim Tax Benefits under section 80C of the Income Tax Act, 1961 on the premium paid for purchasing the insurance plan.

Riders You Can Avail With SBI Child Plans

Name of the Rider Benefits
SBI Life Accidental Death Benefit Rider In case of your demise due to the accident, your family can receive additional income benefits over and above your sum assured.
SBI Life Accidental Total & Permanent Disability (ATPD) Benefit Rider This rider provides protection against disabilities. In the unfortunate event of ATPD, the rider sum assured is paid but the policy and other benefits continue.

SBI Child Plans

SBI Smart Scholar

SBI Smart Scholar

Give your children more than your love... Give them a lifetime of Financial Security. SBI Life Smart Scholar is an Individual, Unit Linked, Non-partic...

Unique Features

  • Explore SBI Life Smart Scholar
  • Know its Features & Benefits
  • Check the Eligibility Criteria

SBI Smart Scholar (Pros)

SBI Smart Scholar

SBI Smart Scholar (Cons)

SBI Smart Scholar

SBI Smart Scholar (Other Benefits)

SBI Smart Scholar

SBI Smart Scholar (Eligibility Criteria)

SBI Smart Scholar

SBI Smart Champ

SBI Smart Champ

SBI Life Smart Champ Insurance plan is a participating non-linked individual life insurance plan. The product has been developed to provide life cover...

Unique Features

  • One-time payment option is available
  • Offers Guaranteed Smart Benefits
  • Get Tax Benefits on premiums Renewal Option

SBI Smart Champ (Pros)

SBI Smart Champ
  • Death Benefits
  • Smart Benefits
  • Discounts

SBI Smart Champ (Cons)

SBI Smart Champ
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Smart Champ (Other Benefits)

SBI Smart Champ
  • Waiver of Due Premiums
  • Policy Loans
  • Rebates on Large Sum Assured

SBI Smart Champ (Eligibility Criteria)

SBI Smart Champ
  • Minimum entry age- 0 years
  • Maximum entry age- 13 years
  • Minimum sum assured- Rs 1
  • 00
  • 000
  • Maximum sum assured- 1 crore
  • Maximum policy term- 30 years
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Documents Required to Purchase SBI Child Plans

Here is the list of documents required to buy SBI Life Child Plans:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy SBI Child Plans ?

SBI Child Plans allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Click on the ‘Child Plan’ tab under 'Life Insurance' from top of the menu.

  • Step 3

    A new page will appear on the screen.

  • Step 4

    Fill out the form at the top of the page with the necessary details.

  • Step 5

    Select your income and city. Click on 'Proceed'.

  • Step 6

    Update your education and occupation details.

  • Step 7

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 8

    Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

Life Insurance
  • Step 1

    Visit the official website of SBI Life Insurance Company.

  • Step 2

    Click on ‘Child Education’ under Life Insurance Plans and choose  a plan that best suits your needs.

  • Step 3

    Click on the ‘buy now’ button and fill in the required details.

  • Step 4

    Tap on 'next' and select a plan as per your requirements.

  • Step 5

    Select the cover option you want and make your payment. Once the payment is made, you will get a payment confirmation at your registered email address.

Exclusions of SBI Life Child Plans

  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

In conclusion, SBI Child Insurance Plans help you to arrange your finances in a manner so that your child's future dreams are never a burden on your pocket. Proper financial planning is an essential part of raising a child and SBI Child insurance plans prepare you for the same. For more info related to HDFC Life Investment Plans, you can contact Policyx.com 24/7. Our trusted insurance experts listen to your every unique problem and suggest the best possible solution for you.

Life Insurance

More Queries?

If you have any more queries regarding SBI Child Plans , Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

FAQs: SBI Child Plans

1. How can I change my premium paying option for SBI child plans?

SBI Life allows certain changes in the child’s plan that is subject to the terms and conditions of the particular. For any amendments, it is suggested to visit the nearest SBI Life branch.

2. How can I check the policy status of SBI Life Child Plans?

To check the policy status of the SBI Life Child plan, you have to simply log in to (mypolicy.sbilife.co.in) by entering valid details like login ID and password. You will get the complete status of your chosen child plan.

3. What are the different modes for SBI Child Plans Renewals?

Renewal of SBI Life Child plan is easy and fast. Customers can renew child plans in the following ways: Online mode Cash Remittance at SBI Life Branch SBI ATM kiosk In cash at authorized collection centres

4. What is the policy cancellation process for SBI Life Child Plans?

SBI Life allows its customers to cancel the policy if they are not satisfied with it. This cancellation is allowed in the free-look period, where the insured has to visit the nearest branch office of the company along with necessary documents like the original policy document, canceled cheque, and an application letter mentioning the exact reason for policy cancellation. Upon receipt, SBI Life shall carry out the cancellation process.

5. Can I change my nominee under the SBI Child plans?

Yes, you can change your nominee. For the same, you have to submit the ’Change in Nomination Form’ at the nearest branch of the SBI Life Branch or the Central Processing Centre (mentioned below). SBI Life Insurance Co. Ltd. Central Processing Center 8th Level, F2 Wing, Seawoods Grand Central, Tower 2, Sector-40, Seawoods, Nerul Node, Navi Mumbai-400 706

6. What do I do if I lose/misplace my SBI child policy?

If you lose your insurance policy’s documents, you can apply for a duplicate copy of the same.

7. Is there any Premium Frequency Loading under SBI Smart Champ Plan?

Yes, the plan has a loading as per the below table: Half-yearly 51.00% of annual premium Quarterly 26.00% of annual premium Monthly 8.50% of annual premium

8. Am I eligible to avail any tax benefits under SBI Child Plans?

Yes, One may be eligible for Income Tax benefits as per the applicable income tax laws in India.

9. What are the available modes of paying premiums of SBI Child Plans?

SBI Life customers can now pay their premiums in the following ways:Internet Banking SBI Life website Visa BillPay ’Easy Access’ mobile application e-Wallet Online Standing instruction on credit card Pay Premium Offline Direct remittance at SBI Life branch Post or courier In cash at authorized collection centers Auto debit through NACH Direct debit State Bank ATM POS terminal at SBI Life branch

10. What will happen to my policy once it is matured?

On completion of Policy Term, Fund Value will be paid as lump sum.

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Written By: Naval Goel

Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.

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