SBI Life Child Money Back Policy

Parenthood is a responsible phase of life where every parent feels to make necessary arrangements for the betterment of their child’s future. Financial security is one of the most important needs that arise at every step of raising a child. Financial planning is an inevitable part of parenting as it helps in safeguarding the financial needs of your children in future. Availing a child plan from State Bank of India is your way towards smart financial planning. An SBI child money back policy is the best way to secure the future of your children.

SBI Child Plans

State Bank of India is one of the most popular and trusted names in the banking and insurance sector in India. The bank has a wide presence across the entire country and has been one of the most preferred banking partners to citizens of India. SBI is also known for providing top-notch insurance products to safeguard the financial future of an individual, children, and family. SBI Life offers two distinct and comprehensive child plans as under:

SBI Life Smart Champ Insurance Plan

This is a traditional child insurance plan that offers savings, protection and smart benefits to take care of your child’s financial needs. This plan is similar to a money-back policy that pays benefits in instalments.

SBI Life Smart Scholar Plan

The SBI Life Smart Scholar insurance plan is a unit-linked insurance policy that offers insurance protection and market-linked returns. This plan is best if you are looking for a policy that offers protection and security to your child.

Both the plans are designed by keeping in mind the financial needs arising during the growing ages of a child. However, if you are looking for child money back policy then SBI Life-Smart Champ Insurance plan is the best plan as it offers comprehensive insurance coverage. Read on to know more about the plan benefits and features in detail.

What is SBI Life – Smart Champ Insurance Plan?

The plan is non-market linked traditional insurance plan that is designed to aid your child’s dreams to come to reality. The plan is designed by keeping in mind the education expenses arising in your child’s life. The plan offers timely pay-outs based on the age of your child. The plan is reliable as it secures the educational needs of your child.

Key Features and Benefits of SBI Life – Smart Champ Insurance Plan, an SBI Child Money Back Plan

The SBI Life Smart Champ Insurance plan is one of the most popular child money back plan. the plan hosts a variety of features and advantages as under:

Features:

1. You have the flexibility to choose the premium payment mode. The plan offers an option of one-time premium or limited premium payment mode under this plan
2. The plan offers ‘Smart Benefit’ wherein the sum assured is paid in 4 equal instalments. The ‘Smart Benefit’ is paid once the child reaches 18 years of age.
3. In the event of an eventuality, the plan guarantees immediate sum assured payment and waiver of premium.
4. Under this plan, the insured has ‘Life and Accidental Total Permanent
5. Disability’ coverage throughout the policy tenure.
6. Terminal Bonus, if any, is paid out along with the last i.e. 4th instalment of ‘Smart Benefit’

Benefits:

Smart Benefit is payable when the child reaches the age of 18 years. This benefit is paid annually at the end of the policy year. The following chart illustrates the payment of Smart Benefit.

Eligibility Criteria of SBI Life – Smart Champ Insurance Plan, an SBI Child Money Back Plan:

If you wish to buy SBI Life – Smart Champ Insurance Plan, the following table illustrates the eligibility

Final Words

SBI Life-Smart Champ Insurance Plan is one of the best child plans that offer the benefit of a money-back during the crucial stages of child life. The plan is designed to offer security, protection, and take care of the child’s education needs.