Investment: SBI has a great plan for children, they will get 24 lakh rupees
Investment: SBI has a great plan for children Friends, before investing money in any investment plan, it is very important to get complete information about it. Especially when it comes to the future of our children, we should keep in mind that we should understand well about the benefits and duration of the investment. Today we will know about a special scheme of SBI (State Bank of India), which you can start in the name of your child.
What is SBI Smart Champ Plan?
Investing in this plan gives you savings, protection, tax benefits and maturity benefits. Apart from this, it also includes life insurance coverage. This plan is specially designed to help children in higher education.
Investment Plan: You will get Rs 99 lakh by investing just Rs 20,000 in SBI
Eligibility Criteria for Smart Champ Plan: sbi
- Age of parents:
- Minimum: 21 Years
- Maximum: 50 Years
- Age of the child:
- Minimum: 0 years (newborn)
- Maximum: 13 Years
Note that in this plan the life insurance coverage will be in the name of the parents, not the child. Only the maturity benefit will be in the name of the child, which will be available at the age of 21 years.
Key points of the plan sbi
- Sum Assured: Minimum Rs 1 lakh.
- Policy Term: Based on the age of the child 21 years minus the age of the child (at the time the policy is taken).
- Example: If the age of the child is 5 years, then the policy term will be 16 years (21-5=16).
- Premium Payment Term: 18 years minus age of the child.
- Example: If the age of the child is 5 years, then the premium paying term will be 13 years (18-5=13).
- Premium Payment Options:
- Single Premium
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Minimum Premium:
- Annual: Rs 6000
- Half-yearly: Rs 3000
- Quarter: Rs 1500
- Monthly: Rs 500
- Single Premium: Rs 66,000
Benefits available in this scheme
- Premium Waiver Benefit: If the policyholder dies, the remaining premiums will be waived and the policy benefits will continue.
- tax benefit: Premium up to Rs 1 lakh is tax exempt under section 80C and the entire amount will also be tax free at the time of maturity.
- Bonus: This plan offers simple reversionary bonuses and terminal bonuses, which provide good returns at the time of maturity.
Let us understand with an example:
Suppose, Mr. Vijay is 30 years old and he wants to take this policy for his 1-year old son. In this case, the policy term will be 20 years and the premium paying term will be 17 years. If Mr. Vijay takes a sum assured of Rs. 15 lakh, he will have to pay an annual premium of Rs. 83,385.
Final Conclusion:
After paying a premium of about Rs 14 lakh in this scheme, you can get a benefit of Rs 24 lakh. Along with this, life insurance coverage and tax benefits are also available. But if you want more return on your money, then you can also look at options like equity mutual funds.
If you want insurance coverage along with safe and guaranteed returns, then this plan may be right for you. But if you want to beat inflation, then this plan is not suitable for you. Choose the right investment plan keeping in mind your need and risk.
READ MORE CLICK HERE YOUR CHOISE 👇👇
Shayari – CLICK HERE
jokes – CLICK HERE
motivational – CLICK HERE
Movies – CLICK HERE
reels – CLICK HERE
