SBI Child Plans
A life insurance child plan broad objective is to financially protect your children. A child plan can be used to cover the life of the parent so in case of any eventuality, a certain amount is available for the well being of children. A child plan also helps parents accumulate amount over the years so when the times comes, a substantial amount can be used for child’s education, marriage etc.
SBI Child Plans:
Scholar II is a traditional endowment plan which means that the plan has guaranteed payout. The payout in the plan is periodic which begins when the child turns 18 years. The payout is made in 4 installments. You can also choose lump sum amount payment instead of installments. The payout is equal to Sum Assured plus bonuses. Waiver of premium feature is inbuilt with the plan. This feature ensures that all future premiums are waived off and policy continues as scheduled. The death benefit is paid on death too. There are 4 optional riders which you can add to increase financial security- critical illness, accidental death and permanent disability rider and premium waiver rider.
This is a unit linked insurance plan and the final returns will depend on the performance of the chosen fund. The fund value is also enhanced with loyalty additions. There are total of 9 funds wherein you can allocate premium amount. From risk perspective, the plan has waiver of premium feature. On death of insured, this waiver of premium feature ensures that death benefit is paid, future premiums are waived off and policy continues till end of term and final fund value is paid. The plan also has inbuilt Accidental benefit rider.
Secure your Child's Future. Choose the best Child Plan.