SBI child plan
Getting a child plan is one of the best ways to save a nest egg for your child’s secured future. In order to fulfill your dream and your child’s dream, it is must to have a financial plan and start working on it. SBI child insurance plans can help you fulfill your financial responsibilities towards your child. Catering to your needs and demands, SBI Life offers two child plans: SBI Life - Scholar II and SBI Life - Smart ScholarSBI Life- Scholar II
Proving to be a landmark of help in child’s education and secured future, this traditional plan provides full risk cover during the policy term. Once the child attains the age of 18 years, 25% of the Sum Assured is paid out every year. On maturity the last 25% chunk of the sum assured is paid out along with the vested bonus. In case of an eventuality, the nominee is entitled to receive sum assured as well as regular guaranteed survival benefit. Moreover, he also gets vested bonus. The future premiums are waived too letting the policy continue with survival benefits being paid out to the nominee as per schedule. Scholar II comes with special rebates when the insured is a female.SBI Life- Smart Scholar
This is a Unit Linked Insurance Plan designed to secure your child’s future with dual protection benefits, life risk cover and premium waiver, to ensure continuance payments in case you are not around. Other key features include – accident benefits, loyalty additions which boosts to the investments, 9 varied fund options, twin benefits of insurance and market linked returns as well as liquidity of partial withdrawals.
One can compare the two plans and select the one that suits the child’s needs better.