Child Policies Offered By SBI Life Insurance in 2024

Plans for child insurance are especially created to safeguard the policyholders' children in the tragic event of their unfortunate mortality. These plans make sure that a child is taken care of in the absence of a parent, particularly in terms of schooling.

The SBI Life Child Insurance policies provide policyholders with a wide range of advantages. The complete family of a policyholder can be insured for one premium. Various riders guarantee that the policyholder is protected regardless of the situation.

All About SBI Life's Smart Champ Insurance 

This is a participating, individual life insurance policy that was created exclusively for kids to help them pay for their future education.

SBI Life's Smart Champ Insurance Plan has the following features and benefits:

• Smart Benefits

Once a child reaches the age of 18 until they become 21, they are eligible for Smart Benefits, which are guaranteed bonuses delivered in 4 equal instalments each year. At the conclusion of each of the remaining 4 years of the policy, bonuses are paid. When the child reaches the ages of 18, 19, 20, and 21, respectively, each of the four instalments is paid.

• Death Benefit

This benefit is equal to the Sum Assured, which can be either the basic amount insured multiplied by one premium or 105% of all premiums paid up to that point.

• Premium Waiver

The policy continues to accrue bonuses, but all upcoming instalments of premiums are waived. 

• Other Benefits

The designated child receives Smart Benefits, which are paid at the conclusion of each insurance year beginning when the child becomes 18 and continuing until the child turns 21. 25% of the Sum Assured and 25% of the Vested Simple Reversionary Bonus make up this benefit.

All About Smart Scholar By SBI Life

This unit-linked policy aids the policyholder in carrying out their parental duty by funding their child's education. Seven different fund options are offered for investment in this policy.

SBI Life Smart Scholar Plan has the following features and benefits:

• Safety

With insurance advantages and additional gains for the financial markets, this policy guarantees the safety of the selected child's future.

• Wide Coverage

The plan includes an Accidental Total and Permanent Disability (AT&PD) and Accidental Death coverage.

• Maturity Benefit

The maturity benefit offered is that upon the conclusion of the policy's term, the Fund Value is paid.

• Loyalty

For as long as the policy is active, this plan also permits the payment of recurring loyalty additions. The provision of free units in the fund options serves as a sort of loyalty addition. Loyalty increases are subject to the terms of the policy.

• Death Benefit

 In the tragic event that the policyholder passes away, the higher of the two amounts—the Sum Assured or 105% of the entire premium paid—is payable.

• Premium Payer Waiver

The plan also includes an integrated Premium Payer Waiver Benefit that makes sure the insurance doesn't expire in such situations. At maturity, the accumulated fund value from the conclusion of the policy period is paid.

• Accident Benefits

If the policyholder is killed or completely and permanently disabled as a result of an accident, the accidental death benefits can be invoked.

Conclusion

SBI Child Insurance Plans make sure that a parent can carry out their responsibilities to the child regardless of the circumstances. These plans give policyholders piece of mind by including built-in accidental death and accidental permanent and total disability benefits at no additional expense, ensuring that their child's education won't be jeopardised in the event of an unexpected event.

Also read: List of Government Sponsored Child Plans

Are There Separate Plans For Single Child?