SBI Life Child Plan Calculator

State Bank of India is one of India's most sought-after insurance companies 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 Life has proved its customer satisfaction.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

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  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

The SBI Life Child Plan Calculator is one of the many services the company provides for the convenience of those planning to invest in their scheme to secure their children's future.

Why Should You Use SBI Life Child Plan Calculator?

SBI Life 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 Life 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 suits their needs. The use of these calculators is increasingly gaining popularity among customers. 

Reasons To Use SBI Life 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, making it the perfect tool for customers to make comparisons between policies to see which policy would suit their needs.

Using Online SBI Life Child Plan Calculator

To use the SBI Life 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 installments.

  • 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.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Advantages of SBI Life 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 can 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 Life 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 Life 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 is the calculator's first inquiry. 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, the 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 policy closure.

Benefits of SBI Life 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 Life 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 child's future. 

  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.

  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 to 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 at the customer's convenience - monthly, quarterly, annual, or semi-annual.

  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.

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SBI Life 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 Life 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 on SBI Life Child Plan Calculator

  • What are the documents required to buy SBI Life Child Plans?

    The following documents are necessary to invest in an SBI Life Child plan:
    • Form of plan
    • Address proof of customer
    • ID proof of customer
    • Age proof of customer
    • Photographs of child and customer
  • How can a customer check the status of his policy?

    The customer may check the status of his policy on the website of the company. He must input his customer ID, date of birth, and policy number to check the status.
  • How can a policy be renewed?

    For renewal of a policy, the customer must either visit an SBI Life branch office or pursue the process of renewal online or via SMS.
  • How is the claim for the policy settled at the time of maturity?

    The policyholder must approach an SBI Life branch office with all the documentation required for claim settlement to settle a claim. A list of the documents required can be obtained online. The documents will be authenticated, and if found genuine, the claim will be settled.
  • What is the process to cancel an SBI Life Child Plan policy?

    To cancel a policy, the policyholder must submit the cancellation form and other documentation to an SBI Life branch office.
  • Can a customer alter the premium paying options for his policy?

    Any alterations to the mode of premium payments are to be made at an SBI Life branch office, where the customer will receive detailed instructions on how to go about the process.
  • Can a customer change his nominee in the SBI Life Child Plan policy?

    A customer may change his nominee by submitting a duly filled Change in Nomination Form at an SBI Life branch office.
  • How can a customer purchase an SBI Life Child Plan policy?

    An SBI Life Child Plan policy may be purchased online or from an SBI Life branch office. In case of doubts, the customer may contact a company representative.
  • What is this to be done if a customer misplaces the policy papers?

    A duplicate policy paper can be provided at an SBI Life branch office if a customer applies for the same.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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