The SBI Life Insurance Company has provided different SBI Life Child Plans. The various child insurance policies offered by the SBI Life company are Smart Champ and Smart Scholar Policies. So check the details of the SBI Life Insurance Child plans to get your child Secure in Future. To buy a new Policy of Smart Champ & Smart Scholar, get all the details here.
SBI Life Child Plans Review
The SBI Life Insurance provides Child Plans for your kids to fulfil their dreams. As a Parent, you want to give a better life for your Children. For those people, SBI Life Child Plans provides assured benefits that are payable during the term policy. The SBI Life Insurance Child Plans reduces the risk at the time of your Children’s Education and Marriage. SBI Child Plans are safe and secure for your Child’s Future.
The Child Plans will provide Financial Support to your children in case of unfortunate/ sudden death of the Policyholder. The SBI Life Insurance Company has provided two Child Plans. They are Smart Champ and Smart Scholar. On this Page, we have given the brief description regarding the SBI Life Child Insurance Policies.
SBI Life Insurance Child Policies
SBI Life Insurance provided two types of Child Plans for the customers who want to secure their child’s future. Here we have provided the child plans Benefits and their features. These features may help you for the better understanding of the SBI Life Child Plans.
- The SBI Life Smart Champ Insurance Plan.
- The SBI Life Smart Scholar Plan.
SBI Life Smart Champ Insurance Plan
The SBI Life Smart Champ Insurance Plan is a Non-Linked Participating Life Insurance Plan which is designed to protect your child’s future educational needs. Check various Benefits, Features and Eligibility Criteria given below.
SBI Life Insurance Smart Champ Plan Benefits
Death Benefit:
In the case of unfortunate death of the Policyholder during the policy term, the Lump Sum amount & higher of Basic Sum Assured or 105% of the Total Premiums Paid to the Nominee benefits are payable as a Death Benefit.
Survival Benefit:
The Company will pay the Smart Benefits at the end of the Policy Year to the Life assured, when the child completes 18, 19, 20 and 21 years of age as mentioned in the table below.
| Age of Child | Smart Benefit |
| 18 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 19 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 20 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 21 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any |
SBI Life Smart Champ Insurance Policy Features
- The Guaranteed Smart Benefits are payable to the Life assured in 4 equal annual instalments after a child attains 18 years of age.
- On the death of the Policyholder, future premiums are waived off, and the policy continues to accrue bonus, Lump Sum amount will be paid immediately.
- Flexible premium paying Terms are Single, Regular, Limited.
- Option to receive the discounted value of the future due instalment(s) of Smart Benefits plus the terminal bonus, if any, in a lump sum amount during last 3 policy years.
Eligibility Criteria for SBI Life Smart Champ Insurance Plan
| Entry Age of the Child | Minimum: 0 years
Maximum: 13 years |
| Entry age of Life Assured | Min: 21 years (Last Birthday)
Max: 50 years (Last Birthday) |
| Maximum Maturity Age of Child | 21 years. |
| Maximum Maturity Age of Life Assured | 70 years. |
| Basic Sum Assured | Minimum: Rs.1,00,000 (× 1,000/-).
Maximum: Rs. 1 Crore. |
| Policy Term | 21 minus Child’s Age at Entry
Min: 8 years. Max: 21 years. |
| Premium Payment Term for LPPT Policy | 18 minus Child’s Age at Entry
Minimum: 5 years. Maximum: 18 years. |
| Modes of Premium Payment | Single Premium / Yearly / Half-yearly / Quarterly / Monthly. |
| Premium Frequency Loading | Half-Yearly: 51.00% of annual premium. Quarterly: 26.00% of annual premium. Monthly: 8.50% of annual premium. |
Maximum/ Minimum Premium Payment amount for SBI Life Smart Champ Insurance Child Plan
| Premium Payment Mode | Minimum Premiums Payment |
| Monthly | Rs. 500/- |
| Quarterly | Rs. 1,500/- |
| Half-Yearly | Rs. 3,000/- |
| Annual | Rs. 6,000/- |
| Single | Rs. 66,000/- |
Maximum Premium: Based on the basic sum assured.
Riders: No Riders available under this Plan.
For more information regarding the SBI Life Smart Champ Insurance Plan Broucher
SBI Life Smart Scholar Plan
The SBI Life Smart Scholar Plan is a Unit Linked Child Plan which is designed to provide for the child’s future even if the parent is not around. Check various Benefits, Features and Eligibility Criteria given below.
Benefits of SBI Life Smart Scholar Insurance Plan
Maturity Benefit:
On the completion of SBI Life Insurance Smart Scholar Plan Policy Term, fund value will be paid to you as a Maturity Benefit.
Death Benefit:
- In Case of the unfortunate death of the life assured, a lump sum benefit equal to higher of the Sum Assured or 105% of all the premiums paid till date of death will be payable to the Nominee as a Death Benefit.
- In Death Benefit, the additional benefit is same as the Accident Benefit Sum Assured.
Key Features of SBI Life Insurance Smart Scholar Child Plan
- The Premiums under this plan are payable for a limited tenure, regular tenure or in one lump-sum.
- Premium Payor Waiver Benefit and Accident benefit are the two inbuilt riders in this plan.
- This plan has an option of 7 funds for investments according to the policyholder’s risk appetite.
- If the policyholder dies during the Policy term, the death benefit is paid.
- If the plan attains maturity, the maturity benefit will pay to the Policyholder.
- Bonus – Being a ULIP plan, the bonus is not declared.
SBI Life Smart Scholar Plan Eligibility Criteria
| Entry Age of the Child | Minimum: 0 years Maximum: 17 years |
| Entry age of Life Assured | Min: 18 years (Last Birthday)
Max: 57 years (Last Birthday) |
| Maximum age at Maturity | 65 years. |
| Policy Term | Min: 8 years.
Max: 25 years less child’s age at entry (On Maturity, the age of child should be between 18 to 25 years) |
| Premium Payment Term |
Single Premium (SP) 5 to 25 years (subject to the limits of policy term). |
| Modes of Premium Payment | Single Premium / Yearly / Half-yearly / Quarterly / Monthly. |
Premium Amount Range (in multiples of x 100)
| Plan Type | Premium Frequency | Minimum | Maximum |
| Single | Single | Rs. 75,000/- | No Limit |
| Premium Payment Term 5 years to 7 years | yearly
Haly-yearly Quarterly Monthly |
Rs. 24,000/-
Rs. 16,000/- Rs. 10,000/- Rs. 4,000/- |
|
| Premium Payment Term greater than or equal to 8 years | yearly
Haly-yearly Quarterly Monthly |
Rs. 50,000/-
Rs. 25,000/- Rs. 12,000/- Rs. 4,500/- |
Sum Assured Range
For Single Premium:
| Minimum | Maximum | ||
| Age Below 45 years | Age 45 years or above | Age Below 45 years | Age 45 years or above |
| 1.25 x Single Premium | 5 x Single Premium | 1.25 x Single Premium | |
For Premium Paying Term (PPT)/ Limited Premium upto Policy Term:
| Minimum | Maximum | ||
| Age Below 45 years | Age 45 years or above | Age Below 45 years | Age 45 years or above |
| Higher of [(10 x AP) or (0.5 x Term x AP)] | Higher of [(7 x AP) or (0.25 x Term x AP)] | 20 x AP (Annualised Premium) | |
Riders:
Two inbuilt Riders, Accident Benefit rider and Premium Payor Benefit rider available under this Plan.
For more information regarding the SBI Life Smart Scholar Plan Broucher
SBI Life Insurance Child Plans Premium Calculator
With the help of SBI Life Premium Calculator, you can easily calculate the Premium amount, Death Benefit, Maturity Benefit, Survival Benefit, Rider and other factors of SBI Life Smart Cham and Smart Scholar Plans. To calculate the premium amount you need to enter some values such as Policy period, Age and Sum assured, etc.
SBI Life Smart Champ & Smart Scholar Policy Buying Procedure
To buy this SBI Life Child Plans, you need to visit the nearest SBI Life Branch or the official website. Buying or paying premium through online is the easy way than doing it in offline. The documents required to buy a new SBI Life Insurance Child Plans are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
SBI Life Child Policy Claim Procedure
For claiming the SBI Life Child Plans, you may visit the nearest SBI Life Branch. And can also visit the SBI Life Insurance official website. Claiming for a benefit through online is the easier way than doing it in offline. The documents required for the Claim Process given below
- NEFT Form
- Discharge Form
- Cancel check or Bank Passbook xerox
- Policy bond
- Death certificate
Additional Information on SBI Life Child Insurance Policies
Surrender Value:
SBI Life Child Plans can Surrender at any time during the Policy Term after Full Payment of Premiums for three consecutive years. The Policyholder will receive the Surrender Benefit which is higher of the minimum Guaranteed Surrender value and special surrender value on Surrendering the Policy.
Policy Revival: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may revive during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
Grace Period: In case you have missed paying your premium by the due date, the Grace Period will allow in one month but not less than 30 days for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.
In Case of Policyholder death during the Policy grace period, then your policy will be in force and will pay the Death Benefit as defined in the benefits section.
Get more information about SBI Life Child Plans
Cooling-Off Period (Free Look Period): You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.
Suicide Clause: If the life insured commits suicide at any time within 12 months from the commencement of risk, then the SUD company will not allow any claim under this Star Union Dai Ichi Aashirwaad Child Plan. Instead, he/ she will return to 80% of premiums he paid excluding all taxes and extra premium if any.
Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
Assignments/ Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can make in the policy. As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.