SBI Child Education Plans in India in 2024

SBI Life, one of India's top life insurance companies, is a joint venture between BNP Paribas Cardiff and India's largest bank, the State Bank of India. It began operations in 2001 with the goal of providing clients with insurance solutions that met their needs. It understands the value of laying a solid 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 come with a slew of benefits, which are detailed below.

SBI-Life Insurance Offers Child Education Plans

SBI-Life Insurance Company offers the following child life insurance plans:

1. SBI Life's Smart Champ Insurance Plan

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 protected from financial difficulties 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.

SBI Life Benefits - Smart Champ Insurance

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 occurs first, payments are made. The policy provides a lump sum amount as death benefits.
• Benefits of Survival: Smart Benefits are policy-provided survival benefits that the policyholder will receive at the end of the policy period. The child must be 18 years old, 19, 20 years old, or 21 years old at the end of the policy.
• Advantages in terms of taxes: According to India's current income tax regulations, you may be eligible for tax benefits. On the other hand, tax benefits are subject to change from time to time.
  SBI Life - Smart Champ Insurance Plan provides triple protection in the form of Immediate Payment, Waiver of Due Premiums, and Smart Benefits if something bad happens to your child.

2. Plan for Smart Scholars (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 assisting you in securing 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.

Smart Scholar Plan Benefits offered by SBI Life

The SBI Life- Smart Scholar plan offers the following benefits:

• Death benefits: The death benefits of the policy are either a lump sum payment equal to the guaranteed sum or 105 percent of the premiums paid up until the time of death. Alternatively, the corporation could pay all future premiums and collect the accrued fund value at maturity. In the event of accidental death or total and permanent disability, the SBI Life-Smart Scholar plan offers additional benefits equivalent 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 returns and insurance protection.
• Advantages of Investing: You can invest in seven different funds and receive guaranteed profits with the SBI Life - Smart Scholar Plan.

Conclusion

Customers of SBI Life Insurance can choose from a variety of financial protection plans. Customers can choose from a number of different plans to meet their specific requirements. SBI Life Insurance has seven different life insurance policies to choose from. Learn about the various life insurance plans offered by SBI Life Insurance, one of the largest private life insurance companies, in this article.

Also read- Reasons You Should Buy A Child Plan Online

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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.