SBI Child Plan: Everything You Need to Know
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Being a parent is not an easy job. You have to make sure that your child is well taken care of, and there are things that will ensure your kid's well-being even in the future. And nothing offers a secure future for your kid other than a child's life insurance plan.
SBI child plan is one such child's life insurance plan that will ensure your kid's well-being and a financially stable future. It will cover up the expenses for your kid in adverse situations. But make sure that you know all about the SBI child plan before you purchase it for your child. As you won't want to strike a deal that doesn't fulfil the criteria you were looking for. So, keep reading to know all about the SBI child plan.
What is the SBI child plan?
SBI child plan is a child insurance plan provided by SBI Life to ensure a financially stable and stress-free future for your child. It offers several benefits to the child and makes sure that the child is covered up in different circumstances. Also, it is a great way to invest money, as it will help you beat the growing inflation, all the while making sure that you are building a security shell for your kid.
There are two types of SBI child plan that you should definitely know about.
1. SBI Life- Smart Scholar
- The Smart Scholar child plan gives you the flexibility to choose between nine funds. You can also get double benefits on your invested money with the market-linked returns and build a security shell for your child. The benefits offered under the Smart Scholar children's life insurance plan are:
- Maturity Benefit: After the term of the policy has ended, the cash value of the insurance policy is given in the form of a lump sum amount of money to the policyholder. In case the policyholder has passed away, then the money is handed to the kid for their future.
- Death Benefit: If the life assured passes away before the policy has reached its end term, then the insurance company will pay back 105% of the total premium payments made up until the death or the higher of the basic assured sum to the kid.
- Tax benefit: If the premium has not exceeded 10% of the total amount assured in any year during the policy time, then tax exemptions are accessible when the insurance has matured.
2. SBI Life- Smart Champ Insurance
Smart Champ Insurance is designed to ensure that the educational needs of your kid are getting fulfilled in the future. It is a non-linked participating and individual product. In this, once your child has reached the age of 18, he will avail of the benefits in instalments. It also covers any kind of health injuries that the child might conjure over the years. Some of the benefits that this SBI child plan offers are:
- Incident Benefit: In case any unfortunate accident happens, then the insurance company will waiver the rest of your premium payments and also give an immediate payback.
- Tax Benefit: You will be eligible to avail of the tax benefits as per the law. Consult a financial advisor to know about it in detail.
How can I buy the SBI child plan?
You can buy the SBI child plan either in online mode or offline mode. It provides the option for both.
For offline mode, you will have to go to the nearest branch, fill out the SBI child plan form and submit all the required documents. It will be a little time-taking, but you can get the job done.
For online mode, you will have to go through the following steps:
- Go to the official website
- Register yourself with valid credentials and log in.
- Once you are in, select the SBI child plan you want to take for your kid and then fill in other details, like what is your preferred frequency of premiums and what will be the coverage.
- After it's done, make an online payment with your preferred mode of transaction.
- Once they have checked your data, the child plan will get issued for your kid.
Wrapping Up
SBI child plan offers security and a bright future to your kid in every circumstance. By taking it, you can assure that your child is covered up for all kinds of possible scenarios. So, if you are making future plans, then keep taking life insurance for your kid at the top of your list.
Also Read: What Does A Child's Life Insurance Plan Cost?
A Child Life Insurance Policy Can Assist You In Safeguarding Your Child's Future
