SBI Smart Scholar Child Plan Calculator

Introduction to SBI Smart Scholar Child Plan Calculator 

SBI Smart Scholar Child Plan Calculator is an online tool featured on the company’s website that helps customers estimate the maturity benefit that they are entitled to. They can also compare the premiums and the applicable benefit amount across other child plans offered by SBI Life. Customers also have the option to tweak different aspects in terms of the premium payment mode, policy term, fund options, etc. based on their needs. 

Features of SBI Smart Scholar Child Plan Calculator 

Here’s why you should consider using this online tool:

• Free / Instant Quotes - Once you fill in the required details (discussed below), this child plan calculator estimates the maturity benefit amount instantly. The tool is completely free of cost.

• Accurate Estimation - The maturity benefit amount calculated by this online tool is based on two assumed rates of return, viz. 4% and 8%. This ensures a higher degree of accuracy. 

• Personalized Quotes - The Smart Scholar Child Plan Calculator takes into consideration several features that users can change as per their needs. 

• Compare Plans - You can also use this online calculator to compare the benefits that come with other plans in your shortlist. This allows you to pick the one that fits your budget. 

• Saves Time - Anyone with a device and internet connection can use this facility from the comfort of their home. 

• Eliminates Miscommunication - The Smart Scholar benefit calculator eliminates the need for third-party facilitators which significantly reduces chances of mis-selling and/or miscommunication. 

How to Use the SBI Smart Scholar Child Plan Calculator?

The SBI Life Smart Scholar child plan calculator is a fairly straightforward tool that offers you an accurate idea of the maturity amount that you or your child shall be entitled to. Once you decide on a budget, all you have to do is fill in your unique criteria in the calculator and find out the benefit amount. 

Here’s a step-by-step guide for you to follow while using the SBI Smart Scholar child plan benefit calculator. 

• Visit the official website of SBI Life.

• Scroll to the ‘Products’ section.

• Click on ‘Individual Life Insurance Plans’.

• Select ‘Child Plans’ as your requirement. 

• Click on ‘SBI Life - Smart Scholar’.

• Scroll down to the SBI Smart Scholar child plan calculator. 

• Enter details such as your name, date of birth, and gender. Insert your child’s name and date of birth. 

• Adjust the fields as per your desired Policy Term and Premium amount. 

• The policy term can be in the range of 8 to 25 years. 

• Minimum premium amount - 

  Single-Premium	Rs.75,000
  Premium paying term of 5 to 7 years	Yearly: Rs.50,000 Half-yearly: Rs.25,000 Quarterly: Rs.12,500 Monthly: Rs.4,500
  Premium paying term of 8 years and more	Yearly: Rs.24,000 Half-yearly: Rs.16,000 Quarterly: Rs.10,000 Monthly: Rs.4,000

• Choose the Premium Payment Mode and the paying term. 

• Premium paying mode can be yearly, half-yearly, quarterly, or monthly.

• Premium paying term - Single premium or Limited premium (5 to 25 years)

• Choose how you would like to split your investment across the 9 available fund options. 

• Click on ‘Calculate’ to get the Maturity Benefit estimate at 4% and 8% rates of return. 

• If you wish to change a few form fields, you can simply click on ‘Reset’ to start again. 

Before you use the SBI Smart Scholar child plan calculator, you should have a proper budget in mind as per your child planning to accommodate high-school fees, college education, studies abroad, and other finances while the child is growing up. Make sure you don't stretch your finances thin by investing in only high-risk funds. You must choose a balance of high and low-risk financial instruments to ensure steady returns. 

About SBI Life Smart Scholar Child Plan

SBI Life Smart Scholar is an individual, non-participating, unit-linked life insurance product for parents/ guardians who wish to financially protect the child’s future through investments in market-linked funds. 

The combination of market-linked returns and the protection of a life cover make this child plan a popular choice for most parents. In addition, all future premiums are waived off on the death of the life assured (the parent). Please note that ULIPs such as the Smart Scholar child plan requires the investor to bear the risk of market-related fluctuation.

Key Features of SBI Life Smart Scholar Plan 

• Maturity Benefit - The policy offers maturity benefit at the end of the policy term as a lump sum payout. The maturity benefit is defined as the fund value and is either paid to the life assured if she/he survives the policy term or to the child on the death of the life assured. 

• Death Benefit - The death benefit amount is paid on the unfortunate demise of the life assured during the policy term. The benefit amount is equal to 105% of the total premiums paid or the basic sum assured, whichever is higher at the time of the lump sum payout.

• In-built Benefits - The Smart Scholar child plan comes with an in-built accident benefit and premium payor waiver benefit on choosing limited premium paying terms. The former offers a lump sum payout on the accidental death of the life assured or accidental permanent and total disability. With the premium payor waiver benefit, SBI Life is liable to pay all the future premiums on the death of the life assured. 

• Fund Options - The policy offers the option to choose from nine different debt and equity funds. You can invest in a combination of these financial instruments to manage your risk portfolio, while also accumulating income through the returns on investments. 

• Eligibility - Any parent (life assured) in the age bracket of 18 years to 57 years with a child aged 0 to 17 years is eligible to invest in this policy. The policy term can range from 8 years to 25 years. 

Child planning should, therefore, be at the core of your financial decision-making process, more importantly, if you have multiple dependents. The online maturity benefit calculator discussed above should help make the right decision.