Life is full of dreams — your child’s education, your financial independence, your family’s security, and your retirement. To achieve these milestones without worry, choosing the right life insurance plan is essential.
At SBI Life and other leading insurers in India, you get a wide range of life insurance solutions designed to protect your loved ones, grow your savings, and ensure long-term financial security.
Among the most popular child-focused savings plans is SBI Life – Smart Future Star, an Individual, Non-Linked, Participating, Life Insurance, Savings Product crafted to secure your child’s future with guaranteed benefits, bonuses, and lifelong protection.
SBI Life – Smart Future Star
A comprehensive child savings + protection plan for future milestones.
As a parent, your biggest dream is to see your child succeed — in education, career, marriage, or entrepreneurship. This plan helps you build a strong financial foundation by offering:
Guaranteed Savings + Bonuses
Lumpsum Maturity Benefit
In-built Waiver of Premium
Flexible Terms & Premium Options
Strong Protection for the Child’s Future
Plan Highlights
- Child Insurance Plan with lifelong benefits
- Protection + Savings blended to secure long-term milestones
- Risk Coverage Starts Immediately from policy commencement
- Bonuses to boost savings every year
- Customizable options depending on your child’s goals
- Premium remains constant throughout the policy term
Key Features
1. Guaranteed Savings Growth
Receive Sum Assured on Maturity along with:
- Vested Reversionary Bonuses*
- Terminal Bonus*, if declared
(*Applicable only for in-force policies)
You can also defer maturity payout or opt for instalment-based returns for better planning.
2. Security for the Child (Life Assured)
If the child (Life Assured) passes away during the policy term:
Your nominee receives the higher of:
- Sum Assured on Death + Bonuses (Reversionary + Terminal)
OR - 105% of Total Premiums Paid
Sum Assured on Death = Higher of:
- The chosen Sum Assured
- 11 × Annualized Premium
3. Protection for Parents (Proposer Benefit)
If the parent or grandparent (Proposer) faces:
- Death
- Accidental Total Permanent Disability (ATPD)
All future premiums are waived off
The policy continues without interruption
Child’s maturity benefits remain intact
4. Flexible Terms
- Premium Payment Term (PPT): 7, 10, or 12 years
- Policy Term: 15 to 25 years
5. Guaranteed Maturity Benefit
At policy maturity (if the child survives the policy term):
- Sum Assured on Maturity
- Vested Reversionary Bonuses (if declared)
- Terminal Bonus (if declared)
6. Tax Benefits
Enjoy tax benefits as per the prevailing Income Tax Act, 1961, on:
- Premiums paid
- Maturity amount
- Death benefit
(Subject to change; consult your tax advisor.)
Bonus Structure Explained
Reversionary Bonus
- Declared yearly based on valuation surplus
- Applied only to in-force policies
- Expressed as a percentage of Sum Assured
- Added to the policy once declared
Terminal Bonus
- Paid at death, surrender, or maturity
- Expressed as a percentage of all accrued Reversionary Bonuses
Accidental Total Permanent Disability (ATPD) – Definition
ATPD includes permanent loss of:
- Sight in both eyes
- Two limbs above wrist/ankle
- One eye + one limb
(with 180-day confirmation, except in physical severance cases)
Who can buy?
Disclaimer
Life Insurance plans, benefits, bonuses, terms, and tax advantages are subject to policy conditions and regulatory guidelines. Tax benefits are as per the Income Tax Act, 1961, and may change. Please read the policy brochure carefully before purchasing. Consult your tax advisor for detailed tax implications. All information provided is for general understanding and may not replace official policy documents.