SBI Child Plan Calculator

State Bank of India is one of the most sought after insurance companies in India when it comes to providing insurance. Their portfolio is vast and covers almost all aspects of insurance, like life insurance, term insurance, medical insurance, etc. With a claim settlement ratio of 96%, SBI has proved its customer satisfaction.

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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 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.

Why Should You Use SBI Child Plan Calculator?

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. 

Reasons To Use SBI Child Plan Calculator

  • It is a digital tool that is easily accessible on the website of the company. It is meant for the comfort and ease of the customer.
  • The process of using the calculator is simple and self-explanatory. No complex steps are required to gain the results.
  • It can be used at any time of the day, and the customers do not need to leave their houses or conform to office timings. 
  • It can be used as many times as is necessary, which makes it the perfect tool when customers want to make comparisons between policies to see which policy would be suited to their needs.

Using Online SBI Child Plan Calculator

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:

  • The Customers must locate the calculator on the company website online.
  • Information regarding the customer and the child for whom he/she is interested in purchasing the policy needs to be duly filled out, like, name, age and gender of both the customer and his child.
  • Information regarding the child's future planning is required. For instance, if the customer is applying for an education plan, the calculator will ask him what profession he plans for the child to pursue, at what age he would require the corpus etc.
  • Next, the Sum Assured has to be entered into the calculator. This is the amount that the customer must pay towards the policy. It may be paid up as a lump sum amount or the customer might choose to pay it in instalments.
  • Finally, the premium amount will be displayed based on the calculations made. All financial constraints must be taken into mind before making the purchase.
  • If the premium amount seems to fit their expectations, he/she can proceed to purchase the policy online or visit the branch office of SBI.

Advantages of SBI Child Plan Calculator

Apart from being quick, accessible and accurate, it is a popular online tool for its multiple advantages, such as:

  1. Accuracy

    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.

  2. Versatile

    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.

  3. Time Efficient

    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.

  4. Cost-effective

    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.

Things To Know

Listed below is the information that the SBI Child Plan Calculator demands to calculate the premium amount of different policies:

  • Personal Information: Information regarding the name, age, and gender of the parent and the child are the first inquiry of the calculator. These are asked for identification purposes.
  • Future goals: Information regarding the goals and aims of the parent is to be input into the calculator. This is asked so that the calculator can make correct assumptions about the period it would take to reach the customer's financial goals.
  • Sum Assured: Further, sum assured is calculated as per the given information. 

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.

Benefits of SBI Child Plans

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:

  1. Aids in planning for the future

    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. 

  2. Helps in accumulating a large corpus

    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. 

  3. Tax Benefits

    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

  4. Availability of individually tailored policies

    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.

  5. Attractive and flexible premium payments

    The premiums may be paid as per the customer’s convenience - monthly, quarterly, annual, or semi-annual basis.

  6. Inculcates the habit of financial discipline

    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.

  7. Safeguards the parents and children from expensive loans 

    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.

SBI Child Plan Premium Rates

Premium rates differ for policies from different insurers. The general variation among the policies is as listed below:

  • Age: An earlier investment guarantees lower premium rates as the life expectancy is longer.
  • Gender: Women usually benefit from lower premium rates.
  • Sum Assured: A greater sum assured means lower premiums.
  • Policy Tenure: A policy with a longer term assures lower premium amounts.
  • Occupation: Customers with high-risk professions like sailors, pilots, etc., may have to pay higher premiums.

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.

FAQ's

Written By: PolicyBazaar - Updated: 20 August 2021

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