SBI Child Insurance Plan
Only Parents knows that it isn’t an easy task to secure the future of their children. Parents must thinks about the expenses of their children’s education and medical need which are growing rapidly in the recent times and have to be worried and make your self prepare to handle the future expenses of your children.
But However, there is a simple way to secure the future of your children’s future. We can do it by simple choosing a child life insurance policy plan, offered by SBI which provides the best saving and security to our children.
SBI Life offers two types of insurance plans for your children and we can easily choose the best which matches our requirements. Let us discussed the both types of children life insurance policy,
Smart Champ Insurance by SBI Life
In this plan, the policy’s holder life will be covered throughtout the tenure of the policy agreed. The nominee is usually the child whom we want to get benefited from this policy. This type of policy is best when we want to save money for the educational purpose of our beloved childrens.
Basic Feature of SBI Smart Champ Plan
- When the child reaches the age of 18 years, smart benefits is started to flow every year till the children’s age reaches the age of 21.
- The Educational needs of the child can be easily fullfilled as we gets money every year in equal installments.
- This protection is gauranteed even in the absence of the policy holder and this feature is major in this plan.
- We can choose the method to pay premium i.e in a regular installment or in a sinle payment according to our ease.
- It is also possible to pay the premium in limited terms by choosing a relevant category for it.
- In the event of permanent disability due to any kind of accident, the policy holder will immediately gets benefit and there will be no need to pay future premium for that plan
- The policyholder is also eligibale for tax benefits according to this plan.
- We can also gets the profit from this plan and this is a very good option to keep the money grow annually. This is a gauranteed benefit plan.
Eligibility Criteria For Smart Champ Plan
- The Age should be at minimum of 21years and maximum of 50 years for the entry for the life assured plan.
- The age of the entry for the child should be minimum 0 years and maximum 13years old.
- The Maximum age at maturity is 70 years and for a child,it is 21 years old.
- We can easily pay the premium every month or we can also choose quarterly, half yearly and also annually payments plans.
Surrender Value of Smart Champ Plan
After the paying the premium for some years, the policy attains a certain surrender value which depends up the terms which will be mentioned in the plan signed. In this way, we can get funding for emergency expenses in our life by simply taking loans on the policy.
The important point is that there are no riders in this plan. You can return the policy and get it terminated anytime within a few weeks after buying this plan if in case you are not satisfied with the terms of the policy. This policy comes with the exclusion that no profit will be given in the case of any attempt of commiting suicides.
2: Smart Scholar Plan from SBI Life
This is a market linked policy plan through which we can grow our investment and also gets security for our life. This is a good method to secure the future of our children as we gets market linked benefits from it along with insurance benefits in one plan. It is also a best option when we want to save tax on a regular basis.
Basic Features of SBI Smart Scholar Plan
- In this plan, the life cover is provided for the parents and the age restriction for the childrens is in the range of 0 to 17 years old.
- After completion of term, the fund value can be used for education or any other requirement of our children.
- If in case, the insured person dies during the time of the policy, the lump sum benefit will be passed to the beneficiary
Eligibility Criteria for Smart Scholar Plan
- Age of entry for the parent should be between 18years to 57years and the age of child should be between 0years to 17years.
- The Maturity age for the parent is fixed at 65 years of age and for the child it ranges from 18 to 25years.
- The Time of the policy ranges from 8 years to 25years.
This is a linked market insurance plan and so there will be no option to withdraw or surrender the policy within the 5 years of commencement of that particular plan
From the above discussion, we can easily select the simple insurance plan for our children. We can choose a simple child insurance plan by going for Smart champ Plan. On the other hand if we want to keep our money grow by taking some risk, we can select the smart scholar plan.