SBI Life Smart Champ Insurance Plan

Features of SBI Life Smart Champ Insurance Plan

The key features of SBI Smart Champ Scheme are: 

• Participating Child Plan: The plan is a participating Child Plan with the option of a single premium payment or a limited premium payment term.

• Triple Protection in One Plan: The policy provides triple protection for the child in case of the policyholder's death or disability.

  • Immediate Payment: A lump-sum amount is paid to the family.

  • Waiver of Premiums: All future premiums are waived.

  • Continued Benefits: The policy continues to accrue bonuses and pays all future Smart Benefits as originally planned.

• Maximised Protection: The plan includes inbuilt Accidental Total and Permanent Disability (ATPD) and a Waiver of Premium features for maximum protection.

• Smart Benefits and Bonuses: The plan offers Guaranteed Smart Benefits, Simple Reversionary Bonus, and Terminal Bonus, which collectively increase the final corpus.

• Lump-Sum Option: You have the option to receive the discounted value of all future Smart Benefits and any Terminal Bonus as a single, lump-sum payment during the last three years of your policy.

Benefits of SBI Life Smart Champ Insurance Plan

Benefits on Death or Disability of the Policyholder

In the unfortunate event of the policyholder's death or Total and Permanent Disability (ATPD), the nominee receives the following benefits, provided the policy is in force:

• A lump-sum amount is paid immediately. This amount is the higher of the "Sum Assured on Insured Event" or 105% of the total premiums paid up to the date of the event.

  • For a Single Premium Policy, the Sum Assured is the higher of the basic sum assured or 1.25 times the single premium.

  • For a Limited Premium Payment Term Policy, the Sum Assured is the higher of the basic sum assured or 10 times the annualized premium.

• All future premiums are waived, and the policy remains active.

• The policy continues to accrue bonuses.

• The Smart Benefits are paid to the child as originally scheduled. Any Terminal Bonus is paid along with the final Smart Benefit installment.

Benefits on Survival (Maturity)

Under this investment plan, the policyholder receives the following benefits as the child grows:

• Guaranteed Smart Benefits: Four equal annual installments are paid from the time the child turns 18 until they reach 21. Each installment is 25% of the basic sum assured and 25% of the vested simple reversionary bonuses.

• Maturity Benefit: The final installment of the Smart Benefit, including any Terminal Bonus, is paid when the child turns 21.

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

& Get

₹1 Crore^*

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*Standard T & C Apply

Tax Benefits

The plan offers tax benefits as per the applicable Income Tax laws in India, which are subject to change from time to time. You are advised to consult a tax advisor. 

Please also read: SBI Life Investment Plans

Product Specification:

Policy Details of SBI Life Smart Champ Insurance Plan

SBI Life Smart Champ Insurance, one of the most important SBI Life Child Plans, offers the following:

• Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

• Policy Termination or Surrender Benefit: Policyholders are allowed to surrender the policy after 2 years in case of Limited Pay and anytime in case of Single Pay. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).

  • GSV = GSV Factor * Basic premiums paid including the GSV of vested bonuses excluding the Smart Benefits already paid

  • SSV = Paid-up Value * SSV Factor

• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Loans are available under the plan @ 90% of Surrender Value

Exclusions

In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

For the disability rider, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded

Documents Required

SBI Life policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

Conclusion

The SBI Life Smart Champ Insurance Plan is a comprehensive traditional child plan that ensures your child's future is secure even if you're not around. It offers triple protection with a lump sum payment, a waiver of all future premiums, and continued policy benefits, guaranteeing your child's education and financial well-being.