The brief answer is the following:
the dual of a category of modules (i.e., any category equivalent to $(\mathrm{Mod}(R))^{\mathrm{op}}$ for some ring $R$) is not itself a category of modules, so you have to be careful when you try to dualize statements about modules.
To be more precise, it is true that, given a ring $R$, the category $(\mathrm{Mod}(R))^{\mathrm{op}}$ is Abelian, so categorical statements that just involve finite limits and colimits (e.g., kernels, cokernels, finite products=coproducts) tend to dualize smoothly. On the other hand, problems may occur when you try to dualize statements that involve infinite co/limits.
The fact is that categories of modules are (Ab.5) but not (Ab.5$^*$) Abelian categories, that is, in $\mathrm{Mod}(R)$ directed colimits are exact but inverse limits may fail to be exact.
This easy observation has the following consequence on lattices of submodules: given a right $R$-module $M$, consider a directed family of submodules $\{M_i\}_I$ of $M$ and a submodule $K\leq M$, then:
$$
K\cap\sum_IM_i=\sum_I(K\cap M_i).
$$
On the other hand, given an inverse system of submodules $\{M_j\}_J$ of $M$ and a submodule $H\leq M$, it is not difficult to find examples where
$$
H+\bigcap_{J}M_j\neq \bigcap_{J}(H+M_j).
$$
The failure of this dual equality makes it impossible to characterize products in $\mathrm{Mod}(R)$ in the way you want. Let me try to make you understand why: given your family of morphisms $\{j_t\colon S_t\to B\}_{T}$, by the universal property of the coproduct, there is a canonical morphism $j\colon \coprod_TS_t\to B$ and this is an isomorphism if, and only if:
- $j$ is surjective, that is, $\mathrm{Im}(j)=\sum_TS_t=B$;
- $j$ is injective, that is, $\mathrm{Ker}(j)=0$. Now note that:
$$
\mathrm{Ker}(j)=\mathrm{Ker}(j)\cap \coprod_TS_t=\mathrm{Ker}(j)\cap \sum_{\text{$T'\subseteq T$ finite}}\left(\coprod_{T'}S_t\right)=\sum_{\text{$T'\subseteq T$ finite}}
\left(\mathrm{Ker}(j)\cap \coprod_{T'}S_t\right),$$
where, for the last equality, we have used condition (Ab.5), that is, the exactness of directed colimits. Hence, $\mathrm{Ker}(j)=0$ if, and only if, $\mathrm{Ker}(j)\cap \coprod_{T'}S_t=0$ for each finite subset $T'\subseteq T$ (and from this stronger characterization it is not difficult to recover the one you propose considering, instead of finite subsets of $T$, the bigger subsets of the form $T\setminus\{t_0\}$ with $t_0$ varying in $T$).
Let us now try to do the same (actually, the dual) with products: the family of morphisms $\{\pi_t\colon B\to B/S_t\}_{T}$ gives you, by the universal property of products, a canonical morphism $\pi\colon B\to \prod_TB/S_t$. This $\pi$ is an isomorphism if, and only if:
- $\pi$ is injective, that is, $\mathrm{Ker}(\pi)=0$;
- $\pi$ is surjective, that is, $\mathrm{Im}(\pi)=\prod_{T}B/S_t$. Now note that we still have:
$$
\mathrm{Im}(\pi)=\mathrm{Im}(\pi)+ 0=\mathrm{Im}(\pi)+\bigcap_{\text{$T'\subseteq T$ finite}}\left(\prod_{T\setminus T'}B/S_t\right)
$$
but, to go further, one would need to use the (Ab.5$^*$) condition which, in general, does not hold in $\mathrm{Mod}(R)$.
Some final observations:
- The unique hope I see to find some kind of criterion like the one you propose would be to take into account the derived functor of inverse limits of modules.
- There are very nice Abelian categories that happen to be (Ab.5$^*$) but not (Ab.5), for example, consider the category of compact Hausdorff topological Abelian groups, categories of linearly compact vector spaces or linearly compact modules over some linearly topologized ring (e.g., a commutative complete local Noetherian ring, with the unique topology for which the powers of the maximal ideal are a base of neighborhoods of $0$).
- In the categories described in part 2 you have criteria for "internal product decomposition" along the lines you suggest in your question but, on the other hand, in such categories the criterion for "internal coproduct decomposition" fails.
- Finally, the unique bicomplete Abelian category that is both (Ab.5) and (Ab.5$^*$) is the trivial Abelian category $0$. In particular, in an Abelian category with products and coproducts you can hope for at most one of the two "internal decomposition criteria" (but never both if your category is not $0$): either it holds for coproducts (like for categories of modules) or it holds for products (like for compact Hausdorff topological groups).