Child Plans in SBI

When you have a child, he or she becomes the centre of your universe. You want nothing but the very best for your child at all times. This is why you need to protect the wellbeing of your child. Thankfully, it is an easy task to complete, thanks to the various child plans available in the country. The top life insurance providers such as SBI Life, have some of the best child protection plan options for you. Take a look at this article to know more about the child plans in SBI Life and how you and your child can benefit from them.

Best child plans in SBI Life Insurance

Among some excellent life insurance plans, SBI Life has a couple of very good child plans. They are the SBI Smart Scholar Investment Plan and the SBI Smart Champ Insurance Plan. Let us take a detailed look at both these plans in the sections below.

The SBI Smart Scholar Investment Plan

To begin with, we have the SBI Smart Scholar Investment Plan. Here are the beneficial features of this plan:


  1. Unit linked plan - One of the best components of the SBI Smart Scholar Investment Plan is that it is a unit-linked insurance plan. This means that the insurer adds a part of the profits it earns by investing a part of your money. As a result, the fund keeps growing and your child receives a higher corpus as and when needed. This is indeed a very useful benefit of the SBI Smart Scholar Investment Plan
  2. Parents are policyholders - The parent who buys the plan is the policyholder. The SBI Smart Scholar Investment Plan is bought by the parents for the benefit of their children. If the parent, who is the policyholder, dies, the death benefit and other p[roceeds go towards the financial well being of the child. This is a very big advantage and keeps your child financially safe at all times.
  3. Waiver of premium benefit - If you worry about who will pay the premium and maintain the child plan if you die, you need not worry anymore! The insurance company waives off all future premiums if you die within the policy period. The policy remains in force and your child continues to receive all the benefits. This is a massive advantage you get when you buy the SBI Smart Scholar Investment Plan for your child. 
  4. Periodic money back - Like most other money back plans available in India, the SBI Smart Scholar Investment Plan also offers periodic money back opportunities. Your child receives a percentage of the maturity benefit when he turns 18 and continues to do so for the next four years. This helps to pay for his education and ensures he has a smooth and hassle-free journey towards a rewarding career.

These are the top features that make the SBI Smart Scholar Investment Plan so useful to the parents as well as the children for whom it is purchased.

The SBI Life Smart Champ Insurance Plan

The second of the two best child plans in SBI is the SBI Life - Smart Champ Insurance Plan. This is also a very high-rated and hugely popular child insurance plan in India. Listed below are the main features and benefits of this plan. Take a look:

  1. Traditional non-linked plan - The plan is a traditional non-linked life insurance plan. There is no risk involved and you get a guaranteed amount of money back. This gives you a lot of mental peace and assures the money you kept aside for your child’s benefit is properly used.
  2. High coverage amount - You can opt for a coverage amount of as high as Rs 1 crore when you buy the SBI Life Smart Champ Insurance Plan. This is a massive amount and helps you to protect and plan for your child’s future in a very comprehensive manner. You can plan for his or her education and then choose a sum assured that you feel would cover all the costs and also take care of the child if you die suddenly.
  3. Waiver of premium - This feature is available in the Smart Champ Insurance Plan too. If for some reason you die before the tenure of the policy is over, the child will continue to receive the benefits but all the future premiums will be waived off. This is an excellent feature without any doubt.
  4. The death benefit and maturity benefit - The plan offers both a death benefit and a maturity benefit. This is helpful as your child receives the death benefit immediately after you die and this money can be used to take care of the expenses at hand during that time. Then, if you outlive the policy period, the maturity benefit is also paid out. Therefore, the plan offers dual protection to you and your child.
  5. Timely payouts - Since this is a child plan, the feature of the timely money back payouts are also present here. Your child receives fixed amounts of money from time to time. This helps to take care of his or her education and other life goals.
  6. Tax benefits - Last but not least, the SBI Life - Smart Champ Insurance Plan offers a very good tax benefit. Since it is a life insurance policy, you get a tax rebate of Rs 1.5 lacs for the premium you pay each year. This is a very handy benefit.

As you can see, the SBI Life Smart Champ Insurance Plan is also a very good option. Choose this plan if you are looking for a good product to secure your child’s financial wellbeing.

The final word

The child plans in SBI are very good and offer you the opportunity to protect your child at every step of life. Choose between the SBI Life Smart Scholar Investment Plan or the SBI Life Smart Champ Insurance Plan and give your child the best future he can have. The plans are easily available online and you can buy them instantly with the click of a few buttons. So go ahead and make a purchase to keep yourself covered and your children economically protected. 

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