SBI Life’s Smart Future Star is a participating child insurance savings plan that combines life cover for the child, an inbuilt Waiver of Premium on the parent, and a bonus-linked maturity value. It is designed for parents who prefer disciplined, long-term, conservative savings with protection built in, rather than high-return, low-cost investment structures.

🎯 What the Plan Offers

Smart Future Star is an individual, non-linked, participating life insurance savings product where the child is the life assured and the parent/guardian is the proposer. It aims to:

  • Build a lump sum corpus for education, marriage, or other child-related goals.
  • Provide life cover for the child.
  • Ensure continuity of the plan even if something happens to the proposer, through the Waiver of Premium benefit.

The plan is positioned on three pillars:

  • Security – life cover + waiver of premium.
  • Savings – maturity sum assured plus bonuses.
  • Flexibility – multiple premium terms, policy durations, and payout options.

⚡ Key Features & Benefits

  • Life Cover for the Child: Death benefit is the higher of sum assured plus bonuses or 105% of premiums paid.
  • Waiver of Premium: If the proposer dies or suffers Accidental Total Permanent Disability, future premiums are waived, and the plan continues.
  • Maturity Benefit: On survival of the child till maturity, the sum assured plus bonuses is paid as lump sum, with options for instalments or deferred payout.
  • Flexible Premium Terms: Choose 7, 10, or 12 years of premium payments, with policy terms ranging from 15 to 25 years.
  • Policy Loans: Available once the policy acquires value, though loans reduce benefits if not repaid.

👨‍👩‍👧 Eligibility & Suitability

  • Proposer age: 18–65 years.
  • Child entry age: 30 days to 15 years.
  • Child maturity age: 18–35 years (depending on term).

Best suited for:

  • Parents seeking insurance-led, bonus-based savings rather than equity-heavy products.
  • Families valuing the psychological comfort of Waiver of Premium, ensuring continuity for the child.

Where It Works Well

  • Parents comfortable with defined premiums for 7–12 years and staying invested for 15–25 years.
  • Families preferring bonus-linked savings over volatile equity or ULIP returns.
  • Goals like college fees or marriage, where staggered payouts or deferred maturity options are useful.
  • Tax efficiency under prevailing Income Tax Act provisions (subject to changes).

✅ Is It Right for You?
Smart Future Star is appropriate if you want:

  • A bundled solution combining child life cover, waiver of premium, and long-term savings.
  • Predictable premiums and a conservative path to a lump sum corpus.

It may not suit those prioritising maximum ROI, flexible asset allocation, or cost-efficient risk cover. Always compare benefit illustrations at 4% and 8% assumed returns against alternative strategies before committing.

Contact me for any help in getting a new insurance policy.