1. How to pay premium for a SBI child plan? What are the modes of payment available? There are 10 modes to pay your SBI Life Insurance premium namely: Direct Remittance At SBI Life Branch By Post Or Courier Electronic Clearing Service (ECS) – Mandate Direct Debit Standing Instruction On Your Credit Card Online Payments Through State Bank Group ATMs Payment Through Visa Bill Pay.Com Online Payment Of Premium Through SBI Life Website Si-Eft For State Bank And Associate Banks Account Holders Payment Through Point Of Sales (Pos) Terminals At Select SBI Life Branches Payment Through Easy Access Mobile Application Pay Premium In Cash At Authorized Collection Centres NACH (National Automated Clearing House) NACH is a newly launched service that works on the same principle as that of ECS, which requires filling in a form and getting registered before availing this facility. 2. How can I check policy status for SBI Life child plans? For checking your policy status online, login to e-portal. You need to enter customer ID, date of Birth and policy number. The details of the SBI child plan along with the status is displayed on the next screen. 3. What is the policy renewal process for SBI Life child plans? Renewal of SBI child plan can be done by the following modes: Online Through SMS Through SBI Brach By Cash For renewal process, after login into your account, click on the `Renew Policy tab to proceed with premium payment for the SBI child plan. Alternatively, you can renew the SBI child plan by using the kiosk in the SBI ATM and select the option for renewal process 4. What is the companys process to settle claim for SBI Life child plans? The procedure for settling claim through SBI life Insurance requires intimating the nearest branch by submitting the list of documents as specified in the website for the SBI child plan. After the documents are verified, the claim is settled as soon as possible. In case one requires additional help or further clarifications, one can write to claims@sbilife[dot]co[dot]in 5. What is the policy cancellation process for SBI Life child plans? The policy cancellation process for a SBI child plan requires you to submit a duly filled surrender form along with relevant documents in the nearest SBI branch in your city. Upon receiving and verifying the documents, the SBI child plan is deemed cancelled as per bank accounts record. The premium refund is calculated on NAV value prevailing at the current market rate, if you submit the policy before 3:00 PM, else next days NAV value is applicable. BNP Paribas Cardif Proposes to Increase Stakes in SBI Life Insurance to 36% IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders The Biggest Refund Order of Rs. 275 Crore Issued by IRDA to Sbi Life
Most child plans are available for children aged 3 months or above. So as soon as your daughter or son turns 3 months, you can purchase the SBI child plan. There are many advantages of buying a SBI child plan that early, as you can start saving and also make provision for each and every milestone of your childs life. In India, kids begin to go to school at 3 years of age. So, if you buy the SBI child plan when the child is 3 months, by the time she is 3 years and ready to start school, you will also have the funds ready to pay for the school admission fees, something that wouldnt have been possible had you bought the fund when she was 5. The same holds true if you are planning to save for their higher studies. It makes sense to start early. Thats why all of SBI Life child plans allow the parent to take the plan when the child is less than 1 year old. Such an investment strategy allows the parent to build up a significant corpus by the time the child is ready for college. Parents can also use the child plan to pay for marriage expenses, the second thing that will require them to plan and invest well for the future.
You can buy a SBI child plan for any child till the age of 17. If your son or daughter is 18 or above, you can no longer get a SBI child plan for them. What is the ideal time to buy a SBI child plan? According to experts, the costs of education will continue to soar, just like they have in the recent past. An MBBS course in an Indian university cost just about Rs.2 lakh 20 years ago. Today it costs between Rs. 45-70 lakh. So one can only imagine how much the figures would be in another 20 years! Your child may decide to even go abroad when he is 15 years old, and then it would be very difficult to arrange the funds. So as we can see, the future education costs of children cannot be predicted and so as a parent you need to have every possible provision. As a result, a SBI child plan should be bought as early as possible to set up a healthy fund that would suffice all the demands of your childs educational career. Do not wait till its very late. If at 15 your son announces he wants to go to the US the following year, you will be left in a lurch arranging the funds. So since the future cannot be predicted, save when you can and keep the finances ready. A SBI child plan would also secure your childs future in your absence and since death too cannot be predicted, keep the plan ready from the earliest time possible.
As per the insurance dictionary, a child plan is an endowment policy where the parent is the policyholder and the child is the beneficiary. A child plan can be a money back plan, i.e. parts of the sum assured is received at various points in the childs life like her school admission, college admission, marriage, etc. Alternatively, a child plan can be a typical endowment plan where a lump sum amount of money is received at a specific juncture of the childs life and used to pay the bills at that time (college admission, marriage, etc). A SBI child plan is nothing but an endowment policy that helps you in meeting the expenses related to your childs education and well-being. A child plan can be converted into a money back plan and portions of the sum assured can be received at different milestones of the childs life. A SBI child plan helps you in planning your finances wisely so that at no one point in life are you financially over-burdened. You can save over a period of time, in small amounts and still build up a fund large enough to face every testing situation with ease. So start saving early and you will have more time to create the desired fund.
SBI Life Insurance Company currently offers two types of child insurance plans. One is a traditional plan while the other is a Unit Linked Insurance Plan. Let us take a look at each of these SBI child plans with a detailed understanding of the plan features and benefits.
SBI Life Smart Champ Insurance Plan This is a traditional participating child plan with the following features: The SBI child plan participates in the profits of the company through earning bonuses which are given in the form of Simple Reversionary Bonus and Terminal Bonus. There is an inbuilt Accidental Total and Permanent Disability Rider and Waiver of Premium Rider under the SBI child plan providing an enhanced coverage Guaranteed Smart Benefits are paid under the SBI child plan for four years after the child crosses 18 years of age and attains 21 years. The benefit is payable at the rate of 25% of the Basic Sum Assured chosen by the policyholder and 25% of the accumulated Simple Reversionary Bonuses. The benefits are paid in the last four years of the SBI child plan making it a money back type of plan. On maturity, the last instalment of the above mentioned Guaranteed Smart Benefits, vested bonuses and Terminal Bonus, if any, is paid to the policyholder of the SBI child plan. On death or disability of the insured whilst the SBI child plan is in its continuance, a lump sum amount is paid to the nominee which will be 1.10 or 1.25 of the Single Premium paid or 5 / 7 / 10 times the annual premium paid depending on the age of the insured and the term of the SBI child plan. Moreover, all the future premiums will be waived off and paid by the company while the SBI child plan continues. The Guaranteed Smart Benefits will be payable as and when they fall due and the SBI child plan will also earn bonuses The discounted value of the Smart Benefits under the SBI child plan may be availed by the nominee in the last 3 years of the premium payment Rebates in premium are allowed for higher coverage levels of Rs.2 lakhs and above under this SBI child plan Loans can be availed under the SBI child plan which should be a maximum of 90% of the Surrender Value Eligibility Details Sample Illustration The following table shows a sample illustration of the SBI child plan.
