Life is filled with uncertainty and worries about the future. While many things are not under our control, as a parent; the emotional, physical, mental and financial security of your child is of utmost importance. In this ever-changing world, when you don’t know what’s going to happen next and how it will affect your child’s future it’s essential that as parents, it is your responsibility to protect their financial future and ensure that their needs are not compromised and timely fulfilled.
The simplest and smartest way to do so to help your child be independent and financially secure is to have an insurance plan that specifically focuses on building a robust future for your child. A child insurance plan acts as a safety net as it allows you to create a corpus that will help the child have a secured future in case something happens to the insured (parent). It serves as a protective tool at key milestone of your child’s life.
While there are various types of child insurance plans available, SBI Life- Smart Champ Insurance Plan is one such individual, non-linked, participating, life insurance savings product, which takes care of the child’s future educational needs as soon as they turn 18 years of age. It is carefully crafted to meet the objectives and concerns of a parent. It is a life insurance cum savings plan that secures their bright future against the uncertainties of life.
Key features of SBI Life- Smart Champ Insurance Plan are:
- To finance your child’s education milestones, the plan pays guaranteed smart benefits in four equal annual installments starting from age 18 till age 21
- In case of an unfortunate death or accidental total and permanent disability of the life assured, during the policy term, provided the policy is in-force:
- the family receives immediate lump sum amount to tide over financial challenges
- all the future premiums, if any, are waived off to ensure that the family is not financially burdened
- the child continues to receive the payouts to fund most critical milestones of his/her education, allowing them to have an uncompromised secured future
Thus, the policy ensures the child’s higher education needs are fulfilled and they can climb the ladder of their dreams securely.
Therefore, as parents it is crucial to safeguard the child’s future by having an insurance plan that is a combination of both insurance and savings and aids in fulfilling their dream by providing them financial security and independence!
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