A joint venture of State Bank of India and BNP Paribas Cardif, the SBI-Life Insurance Company offers a number of child plans to help parents provide the best solutions for their children's future. The child plans offered by SBI-Life Insurance Company are particularly designed to meet the demands of your children and ensure that you as parents are providing the best to your child. With the child plans offered by SBI-Life Insurance Company, you can easily fulfill your child’s dream and plan for their better future.
Child Plans Offered by SBI- Life Insurance Company
SBI-Life Insurance Company offers a wide range of child plans so that you can choose a plan customized to the needs of your child. The SBI-Life Insurance Company offers the following child life insurance plans:
1. SBI Life - Smart Champ Insurance Plan
The SBI Life - Smart Champ Insurance Plan is an individual non-linked participating life insurance plan. The plan is particularly is designed meet the educational needs of your child in future. The SBI Life - Smart Champ Insurance Plan is a must for those parents who really want to protect their children from facing any financial problem in future. The plan helps you meet your goals as well as concerns as parents which include having a considerable amount of savings for your child’s education and ensuring them a secure future. The minimum entry age for a child to be a nominee of this plan is 0. For a life assured, it is 21 years. The minimum basic sum assured under this plan is Rs.1, 00,000 and the maximum is Rs. 1 crore.
Benefits of SBI Life - Smart Champ Insurance
The SBI Life - Smart Champ Insurance plan enables you to enjoy the following benefits:
- Death benefits: The plan offers death benefits in case of death of accidental total permanent disability (ATPD), whichever happens first. The policy pays a lump sum amount as death benefits.
- Survival benefits: The policy offers Smart Benefits as survival benefits which the policyholder will receive at the end of the policy terms. The child needs to complete either 18 , 19, 20 or 21 years at the time of policy end.
- Tax benefits: You may receive income tax benefits based on the existing income tax laws in India. However, tax benefits are subject to change based from time to time.
- Triple protection: Also, the SBI Life - Smart Champ Insurance Plan offers triple protection in the form of Immediate Payment, Waiver of due Premiums and Smart Benefits, if something unfortunate happens to your child.
2. SBI Life - Smart Scholar Plan
The SBI Smart Scholar Plan is a unit linked, non-participating life insurance plan. Like the SBI Life - Smart Champ Insurance plan, this plan is also designed to provide the best solution for your child’s future. The plan offers dual protection and help you secure your child’s future. For this plan, the minimum entry age a child needs to 0 and the maximum entry age should be 17 years. The maximum age at maturity should be 65 years. The SBI Smart Scholar plan is a single premium Plan and the policy terms are 8 years (minimum) and 25 years (maximum). The plan allows partial withdrawals.
Benefits of SBI Life - Smart Scholar Plan
The SBI Life- Smart Scholar plan provides you with the following benefits:
- Death benefits: The policy offers death benefits in case the policyholder dies within the policy tenure. The death benefits offered by the policy include – either a lump sum benefit which is equal to the sum assured or 105% of the premiums paid till death. Or, the company may pay all your future premiums and the accrued fund value shall be paid at maturity. In case of accidental death or accidental total and permanent disability (ATPD), the SBI Life- Smart Scholar plan offers additional benefits which is equal to accident benefit sum assured.
- Maturity benefits: The policy offers its fund value as maturity benefits, provided the policy is continued till the end of policy term.
- Tax benefits: As per section 80C of the Indian Income Tax act, 1961, you may receive tax deduction on the premiums paid for this policy.
- Twin benefits: The SBI Life - Smart Scholar plan offers twin benefits in the form of market linked returns and insurance benefits.
- Investment benefits: With the SBI Life - Smart Scholar Plan, you can invest in invest in 7 different funds and get assured returns on your investments.
Besides, the SBI Life - Smart Scholar plan also offers Accidental Death benefit and Accidental Total and Permanent Disability benefits. These benefits are an integral part of the SBI Life - Smart Scholar plan.
The SBI- Life Insurance child plans can be your perfect choice, if you want secure your child's future in a better way.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017