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The SBI Child Plan Calculator is one of the many services provided by the company for the convenience of those planning to invest in their scheme to secure their children's future.
SBI child plan calculator is a free digital tool on the official website to help customers ascertain the premium amounts for purchasing a particular policy. It also gives a clear idea of the maturity value they can expect once the policy ends its term. SBI Child Plan calculator saves the time and effort of the customer.
It also leads to a page where the buyers can compare multiple policies to choose the best that suits their needs. The use of these calculators is increasingly gaining popularity among customers.
To use the SBI Child Plan Calculator, customers must visit the official website of the company. Enter the details and wait for the calculator to show quick and accurate results. However, they must ensure that the necessary information is correct to find a suitable policy to gain maximum benefits.
Steps to be undertaken to use the calculator:
Apart from being quick, accessible and accurate, it is a popular online tool for its multiple advantages, such as:
The results provided by the calculator are devoid of human errors. If the information entered by the customer is accurate, the results are accurate results to satisfy the customer’s future financial needs.
The calculator can be used to compare the premium amounts of several policies. This gives the customers chances to compare and choose policies that are most suited to their needs. The customer then has the option to take maximum advantage of the sum he/she is willing to invest in purchasing the policy.
Using the calculator saves the time of the customers. They need not visit the SBI branch offices or stand in queues and wait to be served. The policy can be purchased online once the premium has been calculated and subsequent premium payments are made.
Since using the calculator is free to use. It helps the customer save from the burden of employing an aggregator or middleman to purchase the policy for him. They can directly choose a policy that is tailored to their needs.
Listed below is the information that the SBI Child Plan Calculator demands to calculate the premium amount of different policies:
Incorrect information may lead to incorrect premium values that the customer might later find impossible to provide, leading to missed premiums and premature closure of the policy.
Investing in the future of the child is one of the many responsibilities that all parents undertake. It is always better to have the future of the child entrusted in safe hands. Educational costs are rising every day and investing early in a good scheme will only reap long-term benefits for both the customer and the child.
Following are the benefits of the SBI Child Plans:
The premium calculator gives a customer a clear idea of the kind of investment that would be required to achieve his financial goals. The customer can then plan significant life events to accommodate these costs to the best of his ability.
Once the premium amount is known, the customer can then start saving and investing each month, which would eventually lead to the generation of a lump-sum amount that can be utilized for the future of the child.
Since most policies are liable for tax benefits, the customer can also claim tax returns when investing in these policies. Benefits on income tax can be claimed, as well as other benefits as per the policy.
*Standard T&C apply
*Tax benefits are subject to change as per tax laws
The customer has the freedom to choose the policies that suit his monetary constraints. Hence, the premium amounts need to be studied in detail so that the customer can decide prematurely what amount would be suitable for him to pay. There are a variety of policies that customers may take advantage of.
The premiums may be paid as per the customer’s convenience - monthly, quarterly, annual, or semi-annual basis.
Regular investment in such policies teaches financial discipline to the customers. They get into the habit of saving for their future, the benefits of which they can reap in the time to come.
An early investment for the future ensures that parents or children don't have to struggle or take loans with a high interest rate when an extensive investment is required. The corpus accumulated due to timely investments in these child plans can go a long way in safeguarding families against expensive loans.
Premium rates differ for policies from different insurers. The general variation among the policies is as listed below:
Therefore, it can be concluded that the SBI Child Plan Calculator can easily be used to calculate premiums and aid in the financial planning for the child's future. It is an excellent tool to safeguard the child if any unforeseen circumstances occur, e.g., death of the parent, critical illness, etc.