SBI Life Insurance company is a joint venture between one of the largest banks in the country, State Bank of India and BNP Paribas Cardif. While SBI holds 70.1% stake, BNP Paribas Cardif’s share is 26%. The remaining share is divided between Value Line Pte. Ltd. And MacRitchie Investments Pte. Ltd. equally at 1.95% each. This joint venture has excelled in providing insurance and investment solutions all across the country and presents multiple products in categories such as life insurance, pension, child plans, investments and savings. The sheer variety at disposal combined with extensive reach of SBI makes the company a formidable force in the insurance market.
The company is currently offering two child plans. One is a traditional child plan while the other is a unit-linked child plan for maximum coverage and wealth creation. Each plan is designed to fulfil different needs of different families when it comes to a child’s financial security.
Features:
Benefits:
Entry Age | Min: Policyholder- 21 years; Child- 0 years | Max: Policyholder- 50 years; Child- 13 years |
Max Maturity Age | Policyholder- 70 years; Child- 21 years |
Policy Term | 21 years – Entry age of the child |
Sum Assured | Min: Rs. 1 lakhs | Max: Rs. 1 crore |
Annual Premium Amount | Min: Regular Pay- Rs. 6000; Single Pay- Rs. 66,000 | Max: Based on coverage |
Premium Paying Term | : Single Pay or Limited Pay for (21 – entry age of the child) years |
Premium Paying Frequency | Single, or Yearly, half-yearly, quarterly or monthly |
Premium Payment Frequency | Yearly, half-yearly, or monthly |
Features:
Entry Age | Min: Policyholder- 18 years; Child- 0 years | Max: Policyholder- 57 years; Child- 17 years |
Maturity Age | Min: Policyholder- NA; Child- 18 years | Max: Policyholder- 65 years; Child- 25 years |
Policy Term | Min: 8 years | Max: 25 years |
Sum Assured | Min: Single Pay- 1.25 times the single premium; Regular Pay- Higher of 10/7 times the annual premium or 0.5/0.25*policy term | Max: Single Pay- 1.25/5 times the single premium; Regular Pay- 20 times the annual premium |
Annual Premium Amount | Min: Limited Pay- Rs. 24,000 for PPT more than or equal to 8 years; Limited Pay- Rs. 50,000 for a PPT of 5-7 years; Single Pay- Rs. 75,000 | Max: No limit |
Premium Paying Term (PPT) | Single Pay or Limited Pay for 5 - 25 years |
Premium Paying Frequency | Single, or Yearly, half-yearly, quarterly or monthly |