SBI Life Insurance Child Plans

List of Child Plans Offered By SBI Life Insurance Company, With Features, Benefits And Eligibility

SBI Life Smart Champ Insurance Plan

Features:

• Traditional child insurance plan to cover child’s educational needs
• Offers applicable bonuses
• Guaranteed Smart Benefits are offered
• Inbuilt Waive of Premium Rider and Accidental Total & Permanent Disability Rider
• Loans and discounts offered as per different conditions

Benefits:

• Simple reversionary and terminal bonuses are offered by the company
Guaranteed smart benefits are paid for four years after child crosses 18 years of age and attains 21 years. This benefit shall be paid at the rate of 25% of basic sum assured and 25% of accumulated simple reversionary bonuses. These benefits will be paid in the last four years of the policy term
• At the time of maturity, the last instalment of the four guaranteed smart benefits, vested bonuses and terminal bonus, if any, shall be paid to the policyholder
• Death or disability Benefit: If the policyholder dies or suffers disability during the policy term, the nominee shall be paid a lumpsum amount that will be equal to 1.10 or 1.25 of the single premium paid or 5/7/10 times of the annual premium paid depending on the age of the insured and policy term. Also, the future premiums will be waived and paid off by the company. The plan shall remain active and guaranteed smart benefits will be paid as scheduled along with any bonuses earned
• The plan also offers discounted value of the smart benefits to be availed by the nominee in the last 3 years of the premium payment
• Selecting life coverage of Rs. 2 lakhs and above shall attract rebates on premium
• Loan can be availed under the plan, which should be a maximum of 90% of the surrender value

Eligibility:

SBI Life Smart Scholar

Features:

• Unit linked child plan
• Inbuilt waive of premium, accidental death benefit and accidental total and permanent disability rider
• Loyalty additions offered
• Option to select from 7 funds for enhancing return on investments
• Partial withdrawals allowed

Benefits:

• At the time of maturity, the policyholder can choose to receive the fund value as maturity benefit at one go in one lumpsum amount or receive it in instalments over a period of 5 years after maturity
• If the policyholder dies during the policy term, sum assured, equal to at least 105% of all premiums paid, shall be paid to the nominee. After this, the future premiums shall be waived and paid off by the company and at the time of maturity, the fund value shall be paid to the nominee. If the policyholder dies due to an accident or suffers from accidental total & permanent disability, an additional lumpsum amount shall be paid to the nominee
• Additional loyalty additions are paid and are calculated as 1% of the average fund value on the first day over 24 months prior to the date of calculation
• 7 funds to invest premium are:
  1. Equity Fund
  2. Top 300 Fund
  3. Equity Optimizer Fund
  4. Growth Fund
  5. Balanced Fund
  6. Bond Fund
  7. Money Market Fund
  The plan offer 2 free switches between the funds per year and premium redirection is allowed from the second policy year
• Partial withdrawals are allowed every year with minimum limit of Rs. 5000 and maximum limit set at 15% of the fund value

Eligibility