SBI Child Plan FD: If you are also worried about your children’s education and marriage, then today we have brought for you such a scheme which is also safe and where you can earn big money by investing money for a long period. This scheme is a special fixed deposit scheme run by SBI, which is named SBI Child Plan Fixed Deposit. This scheme has been specially designed keeping in mind the concern about the future of the children.
So that there is no problem in the marriage and education of the children. SBI fixes its interest rates on this scheme only on the basis of the interest rates fixed by the Reserve Bank of India. SBI offers two types of plans to its customers. One is named SBI Life – Smart Champ Insurance and the other is SBI Life – Smart Scholar.
SBI Life – Smart Champ Insurance
This plan helps in securing the educational needs of the children. Once the child turns 18, this scheme gives benefits in the form of four annual installments. To buy this policy, the age of the life assured should be 21 to 50 years and the age of the child should be between 0-13 years. The scheme matures when the child turns 21. Under this policy, the amount of 1 lakh can be converted into Rs 1 crore and you can pay its premium either annually, half yearly, quarterly or monthly.
Benefits of Smart Champ Insurance Scheme
In case of an unfortunate accident, a lump sum amount is paid to the insured, which can be up to 105% of the total sum assured. Also in case of any eventuality, your family gets a lump sum amount to meet the immediate financial challenges. You can get tax exemption by investing in this scheme. Apart from this, you also have an automated facility to renew this scheme. (Zee Business)
SBI Life – Smart Scholar
This scheme gives you an opportunity to secure your child’s future with the returns of the financial market. To invest in this scheme, the age of the parent should be between 18-57 years and the age of the child should be between 0-17. In this scheme the maturity age of the child is 18-25 years and that of the parents is 65 years. You can invest in this policy for a period of 8-25 years. In this scheme, you have many premium payment options. Under the scheme, you can pay a single premium or you can also pay premium for a period of 5-25 years.
Advantages of Smart Scholar Scheme
Under this scheme premium will be paid for the safety of your child in your absence. Under this scheme, if you need money in the middle, then you can make a partial withdrawal. You have many investment opportunities under this scheme and in this you also get the benefit of accident.
These documents will be needed
The documents you will need to invest in these schemes include age proof, details of the claimant, death certificate issued by the local municipal bodies (in case of death), identity proof and address of the claimant, A copy of the canceled check and passbook is included.
