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Exploring The Importance Of SBI Child Education Plan

Child plans from SBI-Life Insurance Company are designed to meet the needs of your children and ensure that you, as parents, are providing the best for your child. With SBI-Life Insurance Company's child plans, you may easily fulfill your child's wish and plan for a brighter future. SBI-Life Insurance Company offers a number of Child plans from which you can choose one that best suits your child's needs. SBI-Life Insurance Company offers the following child life insurance plans.

Child Education Plans Offered by SBI-Life Insurance Company 

The following Child life insurance plans are available from SBI-Life Insurance Company:

1. Smart Champ Insurance Plan by SBI Life

A non-linked individual insurance plan, the SBI Life - Smart Champ Insurance Plan is offered by SBI Life. The plan has been designed to meet your child's educational needs in the future. For parents who want to ensure that their children are safeguarded from financial issues in the future, the SBI Life - Smart Champ Insurance Plan is a must-have. The plan helps you meet your objectives while also addressing your concerns as a parent, such as having enough money for your child's school and ensuring their financial security. To be eligible for this programme, a child must be 0 years old. For a life that is certain, it takes 21 years.

Smart Champ Insurance - SBI Life Benefits

Some of the benefits of the SBI Life - Smart Champ Insurance plan include:

  • Death Benefits: In the event of death or accidental total permanent disability (ATPD), whichever comes first, payments are made. The policy gives a lump sum amount as death benefits.
  • Smart Benefits: Smart Benefits are policy-provided survivor benefits that the policyholder will get at the end of the policy period. The Child must be 18 years old, 19, 20 years old, or 21 years old by the end of the insurance.
  • Tax benefits: Income tax benefits may be available to you under India's existing income tax legislation. On the other hand, tax benefits are subject to alter from time to time.
  • Triple Protection: SBI Life - Smart Champ Insurance Plan provides triple protection in the form of Immediate Payment, Waiver of Due Premiums, and Smart Benefits if something awful happens to your child.

2. Smart Scholar Plan (SBI Life)

The SBI Smart Scholar Plan is a unit-linked life insurance plan with no participants. This plan, like the SBI Life - Smart Champ Insurance plan, is designed to give you the most options for your child's future. The plan offers two types of protection, as well as supporting you in protecting your child's future. The minimum age to join this plan is 0 years old, and the maximum age to join is 17. The maximum age of maturity should be 65. The SBI Smart Scholar plan is a single-premium plan with insurance terms of 8 years (minimum) and 25 years (maximum) (maximum). Under the terms of the agreement, partial withdrawals are authorized.

SBI Life - Smart Scholar Plan Benefits

Some of the benefits of the SBI Life- Smart Scholar plan are as follows:

  • Death benefits: The insurance company will pay out a death benefit if the policyholder dies within the policy's term. The death benefits of the policy are either a lump sum payment equal to the guaranteed amount or 105 percent of the premiums paid up until the time of death. Alternatively, the company could pay all future premiums and receive the accrued fund value at maturity. In the event of accidental death or total and permanent disability, the SBI Life-Smart Scholar plan pays additional benefits equal to the accident benefit sum promised (ATPD).
  • Maturity benefits: If the policy is maintained until the end of the policy term, the fund value of the insurance is offered as maturity benefits.
  • Tax benefits: Under section 80C of the Indian Income Tax Act, 1961, you may be eligible for a tax deduction on the premiums paid for this insurance. The SBI Life - Smart Scholar plan offers a combination of market-linked rewards and insurance protection.
  • Investing benefits: With the SBI Life - Smart Scholar Plan, you can invest in seven different funds and enjoy assured returns.

Conclusion 

Customers of SBI Life Insurance can choose from a number of financial protection plans. Customers can choose from a number of different programs to match their individual requirements. SBI Life Insurance has seven different life insurance products to choose from. Learn about the various life insurance plans offered by SBI Life Insurance, one of the leading private life insurance firms, in this article.

Also Read: How To Choose The Right Insurance Plan For My Child?

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.

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