Examining The Importance Of The SBI Child Education Plan
Published On Feb 20, 2022 12:00 PM By InsuranceDekho
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SBI Life, one of India's leading life insurance companies, is a partnership between BNP Paribas Cardiff and the State Bank of India (the country's largest bank). It began operations in 2001 with the purpose of providing consumers with insurance solutions that match their needs. It understands the significance of laying a financial foundation and believes in giving your child's dreams wings. As a result, the organization offers a number of Child programs to assist you in achieving your life goals, such as your child's education, marriage, and other responsibilities. SBI Life Child Plans include a number of benefits, which are detailed below.
Importance of Purchasing SBI-Life Insurance Child Education Plans
The following child life insurance plans are available from SBI-Life Insurance Company:
1. Smart Champ Insurance Plan from SBI Life
SBI Life offers a non-linked individual insurance plan called the SBI Life - Smart Champ Insurance Plan. The plan has been created to meet your child's future educational needs. The SBI Life - Smart Champ Insurance Plan is a must-have for parents who wish to ensure that their children are protected from financial issues in the future. The plan assists you in meeting your goals while also addressing your parental worries, such as having enough money for your child's school and guaranteeing their financial security.
Smart Champ Insurance - SBI Life Benefits
The following are some of the advantages of the SBI Life - Smart Champ Insurance plan:
- Death Benefits: Payments are made in the case of death or accidental total permanent disability (ATPD), whichever occurs first. As death benefits, the policy offers a lump sum payment.
- Survival Benefits: Smart Benefits are survival benefits offered by the insurance that the policyholder would get at the end of the policy period. At the end of the policy, the child must be 18 years old, 19, 20 years old, or 21 years old.
- Tax advantages: You may be qualified for tax benefits under India's existing income tax legislation. Tax benefits, on the other hand, are subject to alter from time to time.
- If something awful occurs to your child, the SBI Life - Smart Champ Insurance Plan provides triple protection in the shape of Immediate Payment, Waiver of Due Premiums, and Smart Benefits.
2. Plans for Smart Scholars (SBI Life)
The SBI Smart Scholar Plan is a no-participant unit-linked life insurance plan. This plan, like the SBI Life - Smart Champ Insurance Plan, is intended to provide you with as many alternatives as possible for your child's future. The plan provides two sorts of protection while also supporting you in planning for your child's future. The minimum age to join this plan is zero, and the maximum age to enroll is seventeen. The maximum maturity age should be 65.
SBI Life Smart Scholar Plan Advantages
The SBI Life- Smart Scholar plan has the following advantages:
- Death benefits: The policy's death benefits are either a lump sum payment equal to the specified sum or 105 percent of the premiums paid up to the time of death. Alternatively, the business might pay all future premiums and collect the fund's cumulative value when it matures. The SBI Life-Smart Scholar plan provides additional benefits equal to the accident benefit sum offered in the case of accidental death or total and permanent disability (ATPD).
- Maturity benefits are offered if the policy is kept until the end of the policy term.
- Tax advantages: You may be qualified for a tax deduction on the premiums paid for this insurance under section 80C of the Indian Income Tax Act, 1961. The SBI Life - Smart Scholar plan combines market-linked earnings with insurance coverage.
- Investing Benefits: With the SBI Life - Smart Scholar Plan, you can invest in seven different funds and enjoy assured profits.
SBI Life Insurance customers can select from a selection of financial protection options. Customers can select from a variety of plans to match their individual needs. SBI Life Insurance offers seven different life insurance products. In this post, you will learn about the numerous life insurance plans given by SBI Life Insurance, one of the leading private life insurance firms.
Also read - Is It Necessary To Buy A Child Insurance Policy?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.