Compare SBI Life Insurance Child Plans

SBI-Life-Insurance-company

SBI Life Insurance company

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.

SBI Life Insurance- Child Plans

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.

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:

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

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:
    • Equity Fund
      Top 300 Fund
      Equity Optimizer Fund
      Growth Fund
      Balanced Fund
      Bond Fund
      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

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
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