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Top Benefits of SBI Child Plan 2022

Updated on November 30, 2022 , 16939 views

Child insurance is a major step to consider if you wish to secure your child’s future. Opting for the right plan will help you kickstart financial protection for your child’s future education and marriage. Instead of trying to contemplate and worry, why not just take the jump and invest in the right plan for your child’s security?

SBI Child Plan

The State Bank of India’s (SBI) Child Plan offers - Smart Scholar and Smart Champ Insurance plan to meet all the future goals of your child.

1. SBI Life- Smart Champ Insurance

This plan is meticulously designed to fulfil your objectives as a parent in securing your child’s future requirements and needs against the odds and uncertainties of life.

Features of SBI Smart Champ Insurance

1. Education

With SBI Smart Champ Insurance, you can get guaranteed smart benefit in four equal annual instalments.

2. Accidental Total Permanent Disability (ATPD)

You can avail Life and Accidental Total Permanent coverage throughout the policy term.

3. Premium Payment

SBI child plan one time investment is a great Facility that offers flexibility when it comes to your premium payment. You can choose to pay a one-time premium or limited premium.

4. Security

In any case of emergency, you can avail financial assistance in a lump sum with SBI Child Plan.

5. Reliability

You can save up for your child as per your plan with SBI smart champ insurance. Your child will receive the benefits of the plan just like you want it.

6. Tax Benefits

You can also avail tax benefits as per the applicable tax laws in India with SBI Child Plan.

7. Policy Loans

With SBI Child Insurance Plan, you can borrow against your policy before the previous 3 policy years, Loans will be made available after the policy acquires surrender value. Note that the policy loan will be limited to a maximum of 90% of the Surrender Value.

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Eligibility Criteria

The eligibility criteria to avail the benefits under this plan is mentioned below.

Check the premium paying term, policy term and more.

Description Details
Entry Age Life Assured Minimum- 21 years and Maximum- 50 years
Entry Age Child Minimum- 0 years and Maximum- 13 years
Age at Maturity Life Assured Minimum- 42 years and Maximum- 70 years
Age at Maturity Child Minimum- 21 years
Basic Sum Assured Minimum- Rs. 1,00,000*1000 Maximum- Rs. 1 crore subject to underwriting policy
Policy Term 21 minus Child’s Age at Entry
Premium Payment Term 18 minus Child Age at Entry
Premium Frequency Loading Half- Yearly- 51% of Annual Premium, Quarterly- 26% of Annual Premium, Monthly- 8.50% of Annual Premium

Grace Period

You will receive a grace period from the due date of the premium for yearly/half-yearly/quarterly premium frequency and 15 days for monthly premium frequency. The policy will remain the same during the grace period. However, the policy will Lapse if the premium is not paid within the allotted time.

However, a lapsed policy can be revived within 5 consecutive years from the date of the first unpaid premium subject to satisfactory proof of insurability as required by the company from time to time.

2. SBI Smart Scholar

SBI offers another unique child plan called the Smart Scholar. It is a Unit Linked Child cum Life Insurance plan for parents who wish to ensure security in their child’s future. If you are looking for the perfect plan to fund your child’s education, marriage and financial needs, this is the one to go for.

Your investment will be carried forward into 9funds as per your choice of risk. Let’s look at the features of this plan.

Features of SBI Smart Scholar

1. Lump Sum

With this plan, you will receive a lump sum benefit equal to the maximum of Basic Sum Assured or 105% of the total premiums up to the date of death.

2. Dual Protection

You can secure your child’s future with the dual benefit plan with the lump sum benefit and Inbuilt Premium Payor Waiver benefit to ensure the policy continues.

3. Loyalty Additions

The plan also allows additional allocation of units by way of regular loyalty additions.

4. Liquidity

This SBI Child Investment plan also allows partial withdrawals.

5. Premium Payment

The plan will continue to pay your future premium on your behalf and the accumulated fund value will be paid at maturity.

6. Accident and Death Benefit

The SBI Child Plan offers death or accidental benefit in case of total and permanent disability. The additional benefit is equal to the Accident Benefit Sum Assured.

In case of death of the life assured during term policy, a lump sum benefit equal to or higher of the basic sum assured or 105% of the total premium received up to the date of death will be paid in a lump sum.

7. Maturity Benefit

On maturity with SBI Child Plan, a fund value will be paid in a lump sum.

Eligibility Criteria

The eligibility criteria to avail the benefits under this plan is mentioned below.

Check the premium paying term, policy term and more.

Details Description
Entry Age Minimum Parent (Life Assured) 18 years, Child- 0 Years
Entry Age Maximum Parent (Life Assured)- 65 years, Child 25 years
Age at Maturity Minimum (Child)- 18 years, Maximum for Parent (Life Assured)- 65 years, child- 25 years
Plan Type Limited Premium uo to the policy term/Single Premium)
Policy Term 8 Years to 25 years
Premium Paying Term SP or 5 years to 25 years
Basic Sum Assured Limited Premium up to the policy term: 10 * Annualised Premium, Single Premium- 1.25* Single Premium

SBI Child Plan Customer Care Number

You can contact their toll-free number 1800 267 9090 between 9 am to 9 pm or SMS ‘CELEBRATE’ to 56161. You can also email them at info@sbilife.co.in.

Conclusion

SBI Child Plan is Offering one of the best child education plans in India today. Read all the policy related documents carefully before applying.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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