Features of Unit Plus-II Child Plan from SBI | Triple benefit of Unit Plus-II Child Plan from SBI, secures the future of child financially

August 29th, 2010| Uncategorized.

Features of Unit Plus-II Child Plan from SBI | Triple benefit of Unit Plus-II Child Plan from SBI, secures the future of child financially

child

Every parent wants a secured future for their children, even when the parents are not alive.  And the growing expenses of education every year is stressing the need to save money when the children are small.  Many insurance companies are offering policies for children to secure their future.  “Unit Plus-II Child Plan” of SBI is one of them.  This scheme will close on 31st August as IRDA ULIP has recommended some changes.  Let us know some features of this plan.

This policy can be taken by people between 18 – 57 years of age for their children.  The age of the child should be below 17 years at the time of taking policy.  Minimum annual premium is Rs.18,000.  No maximum limitation. This plan gives investors a choice to opt for a sum assured between 5 to 20 times the amounts of annual premium.

Insurance coverage is applicable to the person who has taken the policy that is to the mother or father of the child.  Accident Insurance is free with this policy.  Minimum maturity term of the policy is 8 years.

The value of the fund will be calculated after the policy is matured, as per NAV.  The maturity period should be fixed so that the amount comes when the children are between 18 – 25 years.  The amount can also be withdrawn in installments. If the premiums are paid for the full term, loyalty amount of an additional 1.6 – 7% will be paid on the average fund value of the last two years of the policy.

If the person who has taken the policy expires unfortunately, compensation will be paid in 3 methods. The total policy amount will be paid immediately to the nominee.  Insurance company will pay all the premiums which are to be paid till the child attains an age of 18 years.  The full amount of the fund will be paid on maturity of the policy.  This ‘triple benefit’ is meant to secure the future of the child financially.

In emergencies, the policy could be handed over after three years.  Total fund value will be paid after 5 years without charging anything.  There is a facility to withdraw the amount from 5 years.  There are 8 varieties of funds available to choose from.  According to the market conditions and as per the convenience, switching can be done in these funds.

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