SBI Life’s Smart Platina Young Achiever is guaranteed a financial support plan for a child’s life at crucial milestones. Thus the plan ensures their dreams remain intact, no matter what.
This Smart Platina Young Achiever plan offers risk-free, guaranteed benefits, along with a waiver of premium in case of the proposer’s (parent’s) unfortunate demise or disability.
Let’s explore the features, benefits, and real-life scenarios to understand how SBI Life Child Insurance plan can work for you. SBI Life Smart Platina Young Achiever Review will also help with your purchasing desicion.
SBI Life insurance has launched one more child insurance plan. To check the details and review of that plan please read SBI Life Smart Future Star – Details & Review
Table of Contents
Key Features of SBI Life – Smart Platina Young Achiever
| Feature | Details |
|---|---|
| Guaranteed Benefits | Risk-free milestone planning for your child with assured maturity benefits. |
| Premium Waiver | Future premiums are waived if the proposer (parent/guardian) passes away or faces accidental total permanent disability (ATPD). |
| Flexible Payout | Maturity benefits can be taken as a lump sum or in instalments over 7 years. |
| Tax Benefits | Eligible under prevailing income tax laws (subject to changes). |
| Fixed Premiums | Premiums remain constant throughout the payment term. |
| Policy Vesting | Policy automatically transfers to the child (life assured) when they turn 18. |
Important Note: The child is the life assured, while the parent/legal guardian is the proposer (policyholder). The waiver of premium applies only to the proposer.
SBI Smart Platina Young Achiever Benefits
Maturity Benefit
The maturity payout of sbi smart platina young achiever includes:
- Sum Assured on Maturity
- Accrued Guaranteed Additions
Guaranteed Additions accrue every year from the first year until the end of the policy term.
| Annual Premium Band (₹) | Guaranteed Additions (7-Year Term) | Guaranteed Additions (10-Year Term) |
|---|---|---|
| ₹50,000 – ₹99,999 | 5.50% | 6.00% |
| ₹1,00,000 – ₹1,99,999 | 5.75% | 6.25% |
| ₹2,00,000 & above | 6.00% | 6.50% |
Waiver of Premium (For the Proposer – Parent/Guardian)
- If the proposer (parent/legal guardian) faces death or accidental total permanent disability (ATPD):
- All future premiums are waived.
- Policy remains active, ensuring the child still receives the full maturity benefit.
Definition of Accidental Total Permanent Disability (ATPD)
A person is considered permanently disabled if they suffer:
- Total and permanent loss of sight in both eyes.
- Loss of two limbs above the wrist or ankle.
- Loss of sight in one eye plus one limb.
Condition: The disability must persist for 180 days and be certified by a medical practitioner.
Death Claim (For the Child – Life Assured)
Very unfortunately, If the child (life assured) passes away during the policy term, the nominee receives the higher of:
- Sum Assured on Death + Accrued Guaranteed Additions, OR
- 105% of Total Premiums Paid.
Example Calculation: If total premiums paid are ₹7,00,000, the nominee receives at least ₹7,35,000 (105% of premiums) or more based on guaranteed additions.
Case Studies: How SBI Young Achiever Plan Works
Let’s explore real-life scenarios to understand how SBI Life – Smart Platina Young Achiever ensures financial security.
Scenario 1: Guaranteed Maturity Benefit
Case: Mr. Raghav, a 35-year-old, buys this plan for his newborn son, Aryan.
Plan Details:
- Annual Premium: ₹1,00,000
- Premium Payment Term: 10 years
- Policy Term: 20 years
Payout at Maturity
| Benefit Type | Amount (₹) |
|---|---|
| Sum Assured on Maturity | 14,35,400 |
| Accrued Guaranteed Additions | 9,68,750 |
| Total Maturity Benefit | 24,04,150 |
Mr. Raghav pays ₹10,00,000 in total and receives ₹24,04,150 at maturity.
Scenario 2: Death of the Proposer (Mr. Raghav in Year 7)
- Future premiums are waived off.
- Policy continues as normal.
- Aryan still receives ₹24,04,150 at maturity.
Scenario 3: Accidental Disability of the Proposer (Year 7)
- Mr. Raghav suffers from ATPD in year 7.
- All future premiums are waived off.
- Policy remains in force, and Aryan still receives ₹24,04,150 at maturity.
Scenario 4: Death of the Child (Aryan in Year 7)
- Nominee receives the higher of:
Sum Assured + Guaranteed Additions
105% of Total Premiums Paid - Example: If ₹7,00,000 is paid in premiums, the nominee receives ₹16,10,400.
Who Can Apply for SBI Young Achiever Plan?
| Criteria | Eligibility |
|---|---|
| Proposer’s Age | 18 – 65 years |
| Child’s Age (Life Assured) | 30 days – 15 years |
| Maturity Age (Child) | 18 – 35 years |
| Premium Payment Term | 7 or 10 years |
| Premium Payment Frequency | Yearly/ half Yearly/ Monthly |
| Policy Term | 15 to 25 years |
| Minimum Sum Assured | ₹3,50,000 |
| Maximum Sum Assured | No limit (subject to underwriting) |
| Annual premium | Minimum 50000, Maximum – no Limit |
Payout & Settlement Options of SBI Life Smart Platina Young achiever plan
You can take maturity benefits in various modes. You can opt for a lumpsum payout ,receive money in installments or even defer the maturity as given below.
- Policyholders can customize their maturity payout:
- Lump Sum Payout (default option).
- Defer Maturity Benefit by 1–7 years.
- Receive in Installments (monthly, quarterly, half-yearly, yearly) for 2–7 years.
| Mode | Minimum Installment Amount (₹) |
|---|---|
| Monthly | 5,000 |
| Quarterly | 15,000 |
| Half-Yearly | 25,000 |
| Yearly | 50,000 |
Additional Features
There are some other features available such as:
Loan Facility
- Available after surrender value is acquired.
- Loan up to 50% of surrender value.
- Interest Rate: 8.50% (compounded half-yearly).
Surrender Value
- Available after 2 full years of premium payments.
- Payout will be Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is higher.
Policy Revival
- Can be revived within 5 years of first unpaid premium.
- Interest applicable on revival.
SBI Life Smart Platina Young Achiever Review
- Guaranteed Returns – No market risk.
- Waiver of Premium – Policy remains intact if the proposer faces an unfortunate event.
- Flexible Payout Options – Choose lump sum or installments.
- Tax Benefits – Save on taxes under applicable laws.
SBI young achiever plan provides complete financial security for your child’s future. Start early, invest wisely, and ensure your child’s dreams come true!
Why NOT Choose SBI Life – Smart Platina Young Achiever
- The Child does not need insurance cover, since no one is financially dependent on a child.
- Low future benefits in case of parent demise
- Low maturity Benefits as compared to inflation rate
- Better safe investment options are available with guaranteed returns.
I don’t understand why a child-saving cum insurance plan is launched. After all, there would NOT be a parent who wishes to take the death claim of their child.
In addition, the maturity benefit is quite low if we consider inflation. Even if you pay a 1 lac yearly premium for an SBI smart platina young achiever policy, the maturity benefit won’t be enough for future needs.
The SBI Life – Smart Platina Young Achiever return comes around 5.73% for example 2. Even if we consider the other options the return varies between 5-6%, That is quite low.
Before choosing the plan one more variant is also launched by SBI Life. SBI Life Smart Future Star – Details & Review
It is better to buy term insurance and invest the money in long-term investment options such as mutual funds, post office saving schemes.
Additional Resources
