SBI Life – Smart Future Star
UIN: 111N172V01
Product Code: 3X
Nurture your child's
dreams today for
an independent tomorrow.
As a parent, your life revolves around your child and their future milestones like education, professional degrees, marriage, entrepreneurial dreams, and so on. To make your child’s dreams and aspirations your priority, you need to start planning wisely at the right time, so as to empower them with a corpus when they need it the most.
At SBI Life, we understand this, and present to you SBI Life - Smart Future Star, an Individual, Non-Linked, Participating, Life Insurance, Savings Product. This plan provides bonuses to boost your savings, and lump sum maturity amount to secure your child’s financial future. While its in-built Waiver of Premium gives you peace of mind, you also get the flexibility to customize the plan to fit your child’s needs and ambitions, so your child can truly be the star of their future.
Highlights
A non-participating Unit Linked Insurance Plan
Akshay, has ensured his 4-year old daughter, Myra, will never have to compromise on her dreams for want of funds, through this child plan.
Name:
DOB:
Gender:
Male Female Third GenderStaff:
Yes NoProposer Name:
Proposer DOB:
Proposer Gender:
Male Female Third Gender
Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
At assumed rate of returns** @ 4%or
@ 8%
Features
Savings: Sum Assured on Maturity plus accrued Bonuses if declared payable as Lumpsum Benefit.Option to defer Maturity Payout either in Lumpsum or get the same in Instalments.
Tax Benefits^: As per the prevailing norms under the Income Tax Act, 1961.
^You may be eligible for Income Tax benefits as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for further details.
Please note that life assured is the minor child under this plan and parent or grandparent or legal guardian can be the policyholder / proposer. This shall be as per our board approved underwriting policy. The Waiver of Premium cover will be on the proposer's life. The policy shall automatically vest to the life assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Company and the life assured.
Date of commencement of policy and date of commencement of risk shall be same. Premium will remain constant throughout the premium payment term.
Advantages
Security
- Life cover for the Child and Inbuilt “Waiver of Premium” cover on Death or Accidental Total Permanent Disability of the Proposer
Flexibility
- Limited Premium Payment Term of 7, 10 & 12 Years and Policy term from 15 to 25 years
Simplicity
- Buy with ease with a simple application process and a hassle-free issuance.
Reliability
- Get Lumpsum maturity benefit equal to ‘Sum Assured on Maturity + vested Reversionary Bonuses if declared + Terminal Bonus, if any’.
Death Benefit of Life Assured:
On Death of the Child (Life Assured), during the Policy Term provided the policy is In-force, the higher of the following will be payable in Lumpsum to the nominee or legal heir:- Sum Assured on Death plus vested Reversionary Bonuses, if declared plus Terminal bonus, if any.
- OR
- 105% of the Total Premiums Paid# up to the date of death.
Where, Sum Assured on Death is higher of Sum Assured^ OR 11 times of Annualized Premium*
*Annualized Premium shall be the premium amount payable in a year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premium.
^Sum assured is the absolute amount of benefit chosen by the policyholder at the inception of the policy
#Total Premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.
Reversionary Bonus, if any, would be declared as a result of the surplus generated based on the Statutory Valuation carried out, at the end of every financial year.
Reversionary Bonus will be applicable only for In-Force Policy and once declared will be attached to the Policy.
Reversionary Bonus rate is expressed as a percentage of Sum Assured.
Terminal Bonus, if declared, would become payable in the policy year when the policy results into a claim either by death, surrender or maturity.
Terminal Bonus would be expressed as a percentage of accrued Reversionary Bonuses.
Death or Accidental Total Permanent Disability (ATPD) of Proposer:
On occurrence of either Death or Accidental Total Permanent Disability (ATPD) of the Proposer during the Premium Payment Term, provided the policy is In-force, future premiums falling due on and after the date of death or ATPD under the policy will be waived off.Accident means sudden, unforeseen and involuntary event caused by external, visible and violent means which causes Bodily Injury but excludes illness and diseases.
Total Permanent Disability means that the Life Assured, due to Accident, has been subject to one (or more) of the following impairments:
- the total and permanent Loss of Sight in both eyes, or
- the loss by physical severance (or total and permanent loss of use) of two limbs at or above the wrist or ankle, or
- the total and permanent Loss of Sight in one eye and the loss by physical severance (or total and permanent loss of use) of one limb at or above the wrist or ankle
Accidental Total Permanent Disability means the Total Permanent Disability:
- which is caused by Bodily Injury resulting from an Accident, and
- which occurs due to the said Bodily Injury solely, directly and independently of any other causes, and
- which occurs within 180 days of the occurrence of such Accident and
- for which the Benefit shall be payable even if the disability happens after the expiry of the Policy Term subject to the following:
- Accident happens when the Policy is in-force and
- Accidental disability happens within 180 days of this Accident.
Please note that for Accidental Total Permanent Disability claim to be payable, such disability must have persisted continuously for a period of at least 180 days and must, in the opinion of a suitable Medical Practitioner, appointed by the Company, be deemed permanent. The 180 days waiting period to establish permanence of disability is not applicable in case of loss by physical severance.
Maturity Benefit:
On survival of the Child (Life Assured) till the end of policy term, provided the policy is In-force, the following is payable in lumpsum:- Sum Assured on Maturity plus vested Reversionary Bonuses, if declared plus Terminal bonus, if any.
- On maturity of the policy, the policy will terminate and no further benefits will be payable.
Where, Sum Assured on Maturity is equal to ^Sum Assured
^Sum Assured is the absolute amount of benefit chosen by the policyholder at the inception of the policy
For more details on risk factors, terms and conditions of SBI Life – Smart Future Star, read the following documents carefully.
3X/ver1/01/25/WEB/ENG
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details, click here. Please consult your tax advisor for details.
Frequently Asked Questions
SBI Life - Smart Future Star is an Individual, Non-Linked, Participating Life Insurance Savings Product designed to help parents secure their child's future financial needs such as education, marriage, or entrepreneurial ventures.
Parents, grand-parents or legal guardian of children aged between 30 days and 15 years can purchase this plan. The proposer (parents, grand-parents or legal guardian) must be between 18 and 65 years old.
On survival of the child till the end of the policy term, the policy pays a lump sum amount that includes the Sum Assured on Maturity plus vested Reversionary Bonuses, if declared plus Terminal bonus, if any.
Policyholder can choose to defer receiving lumpsum Maturity Benefit amount by 1 to 7 years or take Maturity Benefit amount in monthly / quarterly / half-yearly / yearly instalments payable in arrears for a period of 2 to 7 years. Policyholder can also take part of Maturity Benefit as Lumpsum and rest in instalments payable in arrears.
Policyholder can choose proportion of Lumpsum and Instalment Period.
Yes, policyholders may be eligible for tax benefits under the Income Tax Act, 1961, subject to prevailing tax laws and conditions. It is advisable to consult a tax advisor for detailed information.
The Waiver of Premium (WoP) is an in-built benefit that ensures the policy remains in force in case of the proposer’s death or Accidental Total Permanent Disability (ATPD) during the premium payment term. If such an event occurs, all future premiums under the policy are waived off. This feature provides financial security by ensuring that the child’s coverage and benefits under the plan continue without interruption, even in the absence or incapacitation of the proposer.