SBI Child Education Plan Calculator

SBI life is one of the most trusted insurance companies in India. SBI life caters to the needs of millions of individual customers and group customers through various insurance products such as protection plans, pension plans, savings plans, and health plans. SBI believes in prioritizing the customer has needs and serves them with highly efficient operations and faster settlements. The company stresses the need to enhance the digital experience for its customers and distributors. The company has an extensive network of office branches across the country.

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₹10k/month your child will get ₹1 Cr Tax free
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₹46,800 in tax under Section 80(C)
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply.
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All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

The company has made significant contributions in child education, healthcare, disaster relief, and environmental upgrade. The company provides a wide range of suitable products from which the customer can choose based on the online calculator.

Why should you use a Child Education Plan Calculator?

SBI Child Education Plan Calculatorassists the parent in planning and preparing financially to meet their child's educational expenses. The education of a child is always a top priority in the minds of the parents. It is difficult to have access to quality education and with unpredictable inflation rates and interest rates, the cost of schooling, graduation, and post-graduation are likely to increase.

The online calculator provides a detailed blueprint to prepare and fund the child’s milestones. The policyholder must consider factors such as the child's age, savings amount, gender of the child to calculate the premium rate and the sum assured.

Some of the reasons why you should use a Child Education Plan Calculator: 

  • It helps the parent analyze the financial hurdles that need to be overcome to meet their financial goals.
  • The online tool displays the savings amount needed every month to attain the sum assured.
  • The child plan calculator also assesses the customer's risk appetite before suggesting a suitable plan for the customer.
  • The customer can also modify the parameters and recalculate the premium amount to ensure that it suits his/her budget.
  • The online instrument is free of cost and is available on the insurer's website, mobile app, and social media platforms.

The Process to use SBI Child Education Plan Calculator 

The online calculator is easily accessible on the insurer's official website under the sub-menu 'tools and calculators.' The child education plan calculator is specifically designed to calculate the child’s educational needs. The following are the steps to use the calculator.

  1. Basic details

    The customer must fill in details such as name, age, gender, and the child's name, age, gender, the profession the child is likely to choose, and the age at which the fund is required.

  2. Expenses of Education at current rates

    The policyholder needs to enter the amount of money required to attain a professional education for the child at current rates and the details such as the amount saved for the child’s education to proceed with the premium rate calculation.

  3. Finalizing the premium amount

    The online calculator will display the premium amount that needs to be paid by the customer to attain the goal of securing the child’s educational needs. The customer can recalculate the premium amount with varying inflation rates provided by the online tool.

    The customer can modify the parameters to arrive at a premium rate that suits his/her budget.

Advantages of SBI Child Education Plan Calculator 

The child plan calculator helps the parent plan and secures their children's financial needs even in their absence. It helps them prepare their finances to meet the child's milestones, such as marriage, education, or a startup venture. Some of the key benefits of using the education plan calculator are as follows.

  1. Calculates the premium rate with a varying inflation rate 

    The online calculator considers certain crucial factors such as the inflation rate, interest rate, the risk appetite of the investor, and other primary factors such as the age of the child, monthly earnings of the parent, etc. It helps the policyholders to arrive at a suitable plan that meets his/her budget.

  2. Less time consuming

    The child plan calculator saves a lot of paperwork and reduces mathematical errors caused by human negligence. The calculator is preprogrammed to receive inputs from the customer in an efficient manner. The online calculation of premium rates takes lesser time than the manual calculation, thus saving the precious time of the policyholders. 

  3. Solutions at no cost

    The online tool is easily accessible free of cost. The customer needs to browse through the insurer's official website to find valuable details about the policy plan. The life insured can also use the insurer's mobile app to take advantage of the insurer’s services. The policyholder can save their travel time to the insurer’s office locations. The customer can also follow the social media page of the insurer to get the latest product releases and announcements related to bonuses of the policy. The customer can have access to invaluable information for free.

Information required while using the SBI Child Education Plan Calculator 

  • The policyholder needs to have the following information to use the calculator effectively.
  • Basic information of the life insured and the child- In a child’s education plan, information related to both parent and child are considered; details such as the child's name and age are mandatory.
  • Monthly savings- The essential parameter in calculating the premium rates is the monthly income and savings of the parent for the child's education.
  • An estimate of the child’s educational plan and the amount needed to finance the child's education is also considered.

Benefits of buying an SBI Child Education Insurance Plan

The child insurance plan is available at a reasonable rate, making it an attractive savings cum investment option for the policyholders. The sole purpose of a child insurance plan is to protect the child’s future and cater to the child’s educational expenses even in the absence of the life insured. Some of the benefits of the child insurance plan are as follows.

  1. To meet the educational needs of the child

    The policyholder will receive a lump at the end of the policy tenure, which can fund the child's educational expenses or marriage expenses. The child plan gives an option to the customer where annual payouts of sum assured for the first five consecutive years of the policy term is provided by the company. The customer could use annual payouts to pay the tuition fees, hostel fees and fund the child's post-graduation.

  2. Insurance against an unfortunate event

    The child plan provides a life cover even during an unfortunate event such as the sudden demise of the life insured.The child insurance plan provides death benefits to the child of the life insured and ensures that the child is financially safeguarded even in the parent's absence. The company will continue the payouts of the sum assured that is needed for a child's education. The policyholder can choose to either be paid in a lump sum or opt for annual payouts as per his/her convenience.

  3. Participation in profits of the insurer 

    The plan allows reaping the profits of the company in the form of bonuses throughout the policy term. The company declares the bonus based on long-term views of returns, expenses, mortality, and other experience. The insurer can also declare reversionary bonuses while the policy is in force; it will be added with the sum assured. 

  4. Road to financial freedom

    The policyholder holder opts for a unit-linked child’s plan, the returns generated by the corpus could be immense. An investor with a risk appetite can park his monthly savings in a ULIP plan. A disciplined investor with a longer time horizon can benefit from market returns. A correctly chosen child insurance plan is a road to financial freedom for the policyholder and his/her family.A conservative investor can opt to park his savings in savings and debt instruments; on the other hand, an investor willing to take risk can allocate a portion of his savings to equity funds. 

  5. Options for policy payments

    The plan provides flexible payment options for the policyholders to pay their premium. According to the policyholders ' convenience, the policyholder can choose to pay the premium annually, quarterly, or monthly. There is also a single premium payment where the policyholder needs not go through reminders or due dates to pay the premium.

  6. Attractive policy terms

    The company provides feasible policy terms for both long-term and short-term investors. The insurer provides five-year policy terms for short-term investors, seven-year and ten-year policy terms for long-term investors.

  7. Tax benefits

    The child insurance education plan is eligible for tax benefits*. It applies to policyholders with a large sum assured. The policyholder can reach out to the insurer for details related to the tax benefits of the plan.

    *Tax benefits are subject to vary as per the tax law.

SBI Child Education Plan Premium Rates

The child education plan comes with attractive rates, and it is affordable to every section of society. Every parent aspires to see his/her child succeed and lead a healthy and prosperous life. The SBI Child Education Planoffers reasonable rates to the customers with exuberant benefits reaped by the life insurer and the nominee child in the future. The child premium rates differ according to the below factors.

  • The insurer's age provides lower rates for the younger age group with a longer time horizon, making it an attractive plan*.
  • Female policyholders such as young workers, single mothers, and women with disabilities are given better rates*.
  • Government officials such as service members and veterans, bank officials are also given concessional rates*.
  • Professionals who constantly risk their lives, such as pilots and firefighters, are given higher rates with relatively short tenure*. 
  • The sum assured payouts and benefits for higher premium rates are usually higher.
  • The minimum age of the life insured is 21 years, and the age of the nominee child can be from 0 to 13 years.
  • The minimum age of the policyholder at the time of maturity is 42 years, and the maximum limit is 70 years.
  • The age of the nominee child at the time of maturity should be 21 years.
  • The minimum basic sum assured is Rs.1,00,000*.
  • The policy term is calculated by subtracting the child’s entry age from 21.
  • Premium payment term is calculated by subtracting the child’s entry age from 18.
  • The premium payment has four options with a single premium, yearly, half-yearly, quarterly, and monthly payments for the policyholders' convenience*.
  • The minimum amount is Rs.500 for a monthly premium, Rs.1500 for quarterly, Rs.3000 for half-yearly, Rs.6000 yearly, and Rs.66,000 for a single premium*.

*All rates are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies and is subject to change.

The child educational plan calculator gives a clear idea to the applicants about the premium rates, frequency of the payment, policy term, etc.

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Written By: PolicyBazaar - Updated: 08 July 2021
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