SBI Life Child Plan

What is the SBI Life Child Plan?

SBI Life Child Plan is a group of child insurance plans offered by SBI Life Insurance, a life insurance company in India. These plans are designed to help parents secure their child's financial future by providing them with a lump sum amount at maturity and, in some cases, death benefits and other rider benefits.

There are two main types of SBI Life Child Plans:

• Traditional plans: These plans offer guaranteed returns and benefits and are not linked to the stock market.

• Unit Linked Insurance Plans (ULIPs): These plans offer market-linked returns, which means that the returns are linked to the performance of the stock market.

Features of SBI Life Child Plan

• Premium Waiver Benefit: The insurance company covers future premiums if the policyholder dies or becomes disabled.

• Tax Benefits: Premiums paid qualify for tax deductions; maturity and death benefits are usually tax-free.

• Guaranteed Benefits: Plans guarantee payouts at maturity, regardless of investment performance.

• Death Benefit: The nominee receives a benefit if the policyholder dies, aiding the child's expenses.

• Rider Options: Additional coverage like accidental death, disability, and critical illness is available.

• Market-Linked Returns: ULIPs invest in the stock market, offering the potential for higher returns but also the risk of losses.

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Benefits of the SBI Life Child Plan

• Financial security for your child: In the event of your death, the policy will provide a lump sum payout to your child, which can be used for their education, marriage, or other needs.

• Tax benefits: You can get tax deductions on the premiums you pay for your child's insurance plan under Section 80C of the Income Tax Act.

• Rider options: You can add riders to your child's insurance plan to provide additional coverage, such as critical illness cover, accidental disability cover, and waiver of premium rider.

• Maturity benefits: Some child insurance plans offer maturity benefits, which can be used to help your child with their future goals.

List of SBI Life Child Plans

The following table summarizes the details of some of the most popular SBI Life Child Plans:

Details of SBI Life Child Plan

1. SBI Life – Smart Scholar

   SBI Life - Smart Scholar is a Unit Linked Insurance Plan (ULIP) designed for children. It is a combination of life insurance and investment, which means that it provides both financial protection and the potential for growth.

   Features of SBI Life – Smart Scholar:

   • Multiple fund options: You can select from various fund options based on your risk tolerance and investment objectives.

   • Premium waiver benefit: If the life assured passes away during the policy term, all future premiums are waived, ensuring continued policy benefits.

   • Maturity benefit: Upon maturity, the accumulated fund value is paid to the child for higher education, marriage, or other needs.

   • Partial withdrawal benefit: After completing 5 policy years, you can withdraw a portion of the fund value to address unforeseen expenses.

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2. SBI Life – Smart Champ Plan

   SBI Life - Smart Champ Plan is an individual, non-linked, participating life insurance savings product designed to secure your child's future educational needs. It provides a combination of protection and savings benefits, ensuring that your child's educational goals are met even in your absence.

   Features of SBI Life – Smart Champ:

   • Smart Benefit Guarantee: Your child receives financial support in four equal parts, from age 18 to 21, ensuring they have funds for higher education. 

   • Triple Protection: This plan offers three layers of security for your child, with a lump sum payout, premium waiver, and Smart Benefits. The lump sum is paid upon the policyholder's death, premiums are waived if you cannot pay due to death or disability, and Smart Benefits ensures education funding. 

   • Flexible Premium Options: Choose between a one-time payment or limited premiums, making the plan accessible to more parents. 

   • Bonus Potential: As a participating policy, bonuses declared by the insurer can boost your child's payout.

Summing It Up

The SBI Life Child Plan offers a comprehensive solution for parents looking to secure their child's future. With its range of benefits, including financial protection, savings, and flexibility, it stands as a reliable option to ensure a bright and secure future for your child.