SBI Life Smart Champ Insurance Plan
SBI Life Smart Champ Insurance Plan has been issued for people who want to secure their children’s future aims and goals as parents. With SBI Life Smart Champ Insurance Plan, you can secure a bright future for your child by saving for their education and getting cover against the uncertainties of life.
SBI Life Smart Champ Insurance Plan assures various benefits keeping in mind the future of your child. It offers guaranteed SMART benefit on completion of 18 years of age of your child so that your child can fulfill his/her higher education needs without any hindrance.
In SBI Life Smart Champ Insurance Plan , you are also given Accidental Total Permanent Disability (ATPD) coverage during the policy term. Premium Waiver option is also available.
Features Of SBI Life Smart Champ Insurance Plan
- Guaranteed Smart Benefits:
SBI Life Smart Champ Insurance Plan helps in meeting the needs of your child’s education. In this, you get guaranteed smart benefits in four equal annual installments. When your child completes 18 years of age Guaranteed Smart Benefit is payable in 4 equal annual installments when your child completes 18, 19, 20 and 21 years of age.
Each installment of Guaranteed Smart Benefit provides 25% of the Basic Sum Assured and 25% of the vested Simple Reversionary Bonuses included.
- Triple Protection:
In SBI Life Smart Champ Insurance Plan , you are provided with the following benefits in the form of triple protection-
Immediate Payment: A lump sum payment is made in case of sudden death of the policyholder.
Waiver of Due Premium: All future premiums to be paid in your absence are waived so that your family does not have to bear the financial burden of premium payment.
Smart Benefits: In the form of Smart Benefit, you are provided with the benefit in the form of four equal annual installments. As soon as your child completes 18 years of age, it is paid annually in four equal installments at the age of 18, 19, 20, 21.
- Premium Payment:
In SBI Life Smart Champ Insurance Plan you are provided with the option of premium payment. You can choose any premium payment option as per your convenience. In this, you are given the option of paying one time premium or paying limited premium.
i. One-time Premium
ii. Limited Premium
- Life and Accidental Total Permanent Disability (ATPD) Coverage:
In SBI Life Smart Champ Insurance Plan, you are provided with life cover as well as Accidental Total Permanent Disability (ATPD) coverage. In this case the premium you pay is waived off.
- Premium Waiver:
In case of accidental death of the policyholder in SBI Life Smart Champ Insurance Plan, the future premiums to be paid by him are waived off. In this way, in the absence of the policyholder, his family members do not have to pay the premium.
Benefits Of SBI Life Smart Champ Insurance Plan
The benefits of SBI Life Smart Champ Insurance Plan are as follows-
- Death Benefit:
SBI Life Smart Champ Insurance Plan offers the following benefits in case of death of the life assured during the policy term or Accidental Total Permanent Disability-
Sum Assured or 105% of total premiums received
- Maturity Benefit:
On survival to the end of the policy term, the SMART benefit is paid in the form of maturity benefit. This benefit is provided in four equal annual installments on completion of 18, 19, 20, 21 years of your child’s age. You can understand it through the below table-
| Age of Child | Smart Benefits |
| 18 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 19 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 20 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 21 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any |
- Tax Benefits:
You can also avail tax benefits in SBI Life Smart Champ Insurance Plan. In this, you can get tax benefit under Section 80C of the Income Tax Act, 1961 on the premium to be paid and under Section 10 (10D) of the Income Tax Act, 1961 on the maturity benefit received.
- Read Also SBI Smart Scholar Plan
SBI Life Smart Champ Insurance Plan Eligibility
| Age at Entry | Life Assured Min: 21 years Max: 50 years Child Min: 0 years Max: 13 years |
| Age at Maturity | Life Assured Min: 42 years Max: 70 years Child 21 years |
| Basic Sum Assured | Min: 1,00,000 (x 1,000/-) Max: 1 Crore, subject to board approved underwriting policy |
| Policy Term | 21 minus Child’s Age at entry |
Documents Required For SBI Life Smart Champ Insurance Plan
The documents required for SBI Life Smart Champ Insurance Plan are as follows-
- application
- Recognition rate
- address proof
- age proof
- Income ratio
SBI Life Smart Champ Insurance Plan Premium
SBI Life Smart Champ Insurance Plan Premium is as follow-
| Premium Payment Term for LPPT Policy | 18 minus Child’s Age at entry |
| Premium Frequency | Single Premium / Yearly / Half-yearly / Quarterly / Monthly |
| Premium Frequency Loading | Half-Yearly: 51.00% of Annual Premium Quarterly: 26.00% of Annual Premium Monthly: 8.50% of Annual Premium |
| Minimum / Maximum Premium | Minimum Premium Monthly 500 Quarterly 1,500 Half-Yearly 3,000 Annual 6,000 Single 66,000 Maximum Premium: Based on the maximum basic sum assured, as per the Board Approved Underwriting Policy |
How To Buy SBI Life Smart Champ Insurance Plan
If you are planning to take an SBI Life Smart Champ Insurance Plan to make your child’s future secure, then you can easily buy it online or offline as per your convenience.
If you want to buy it through online medium then you can buy this insurance plan in few minutes in easy steps by visiting the official website of SBI Life.
You can take the help of insurance agents to buy this plan through offline mode or you can buy this insurance plan by visiting your nearest SBI bank branch.