SBI Life Insurance Corporation has all types of life insurance solutions for its customers. The company is a joint venture between BNP Paribas Cardiff and one of the largest banks of India, SBI. The company, therefore, has a strong backing and offers attractive life insurance products which promise some unique benefits to customers. From pure term plans to savings plans, traditional plans to market-linked plans and plans designed to cater to specific financial requirements, SBI Life has all in its kitty. Child plans are also offered by the company which are designed for individuals looking to create a secured financial future for their child. Let’s understand the concept of child plans in details and have a look at the child plans offered by the company –
A child plan is an insurance plan which is meant to create a corpus for the secured future of the policyholder’s child. This corpus is created independently of whether the parent is alive or dead. In fact, the highlight of child plans is the fact that even after the death of the parent, the plan continues and creates the promised corpus which the child can use later on.
Child plans have some salient features which include the following –
SBI Life Insurance offers two types of child plans. One is a traditional endowment plan while the other is a unit linked plan. Let’s understand the plans in brief –
No, child plans can be bought only if the child is a minor, i.e. below 18 years of age
No, currently both the child plans offered by the company are offline plans which are not available online
Yes, child ULIPs allow partial withdrawals from the sixth year of the policy.
Premiums paid are allowed as a deductible expense under Section 80C. Premiums paid up to INR 1.5 lakhs can be claimed as a deduction under the section.
SBI Life Child Plans