All You Need to Know about Child Insurance Plans Offered by SBI Life Insurance

SBI Life Insurance is known for its child insurance plans. Investing in them allows you to save by creating a profitable corpus, thereby helping you meet the needs of your child such as education, marriage, etc. It can be said that these plans give wings to the dreams of your child by encouraging you to shape their future. Read further to know more about these plans. 

SBI Life Child Plans 

SBI Life Insurance offers two child insurance plans to customers. One is a traditional plan whereas the other is a Unit Linked Insurance Plan (ULIP Plan). Both child plans are explained below: 

1. SBI Life Smart Champ Insurance

Smart Champ Insurance is an individual, participating, non-linked life insurance savings plan that helps you meet your child’s educational requirements. The plan provides smart benefits with four equal annual installments when your child turns 18 years old. Also, the proposer gets life insurance coverage under this policy. Some of the key features of the plan are as follows:

• The insured gets a lump sum amount equal to the sum assured or 105% of total premiums received and up to the date of death or ATPD, whichever is earlier.
• Flexibility to choose the premium payment option at your convenience.
• Smart benefits in the form of survival benefits. 
• The plan offers security by providing your family with a lump sum amount so that they can overcome the financial challenges if any.
• The entry age for the plan is 0-13 years for a child and 21 years-50 years for the life assured.
• The maturity age under the plan for the life assured is 42-70 years and for the child, it is 21 years.
• The policy comes with sum assured options between Rs. 1 Lakh and Rs. 1 Crore. 
• The policy term is 21 minus the child’s entry age.
• The premium frequency for the plan is a single premium, yearly, half-yearly, quarterly, and monthly. 

2. SBI Life Smart Scholar

SBI Life Smart Scholar Plan is an individual, non-participating, unit-linked insurance policy that helps you secure your child’s future with returns from the financial market. It is a flexible option for all. Some key features of this plan are listed below: 

• The dual benefit of payment of lump-sum and in-built premium payor waiver benefit.
• The plan offers accidental death benefits as well as accidental total and permanent disability benefits.
• Additional allocation of units with loyalty additions.
• Enhanced investment opportunities with 9 useful fund options.
• Flexibility to make partial withdrawals in case of need.
• The entry age for the plan is 0-17 years for children and 18-57 years for adults.
• The maturity age for the plan is 18 years to 25 years for the child and 65 years for parents.
• Policy term of 8 years-25 years.

Bottom Line

SBI Life child plans are most suitable for you if you are about to begin the journey of parenthood or are already a parent. Both the plans explained above have their own set of benefits. But if you are looking for a plan to build a maximum corpus, then SBI Life-Smart Scholar Plan is an ideal plan for you, as it offers you insurance coverage as well as market-linked returns. However, if you are looking for a low-risk appetite plan, then you must opt for the SBI Life-Smart Champ Insurance Plan. Either way, you will be financially secure in the future. 

Also Read: 

Things To Look for Before Purchasing a Child Plan

How Are Child Plans Different From Sukanya Samriddhi Yojna?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.