SBI Life Smart Champ Insurance Plan

SBI Life Smart Champ Insurance is a participating traditional child plan which designed specifically to provide for the child’s future needs even if the parent is not around.

Read more
Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Key Features

  • It is a participating Child Plan with Single Pay or Limited Premium payment option

  • Accidental Total and Permanent Disability rider and Waiver of Premium Rider is inbuilt in the plan for maximum protection

  • Guaranteed Smart Benefits, Simple Reversionary Bonus and Terminal Bonus further increase the corpus built

Benefits

  • Guaranteed Smart Benefits are paid for 4 years @ 25% of the Basic Sum Assured and 25% of the vested Simple Reversionary Bonuses after the child attains 18 years and till he reaches 21 years

  • On maturity, the last instalment of the Smart Benefit including vested Bonuses and Terminal Bonus, if any, is paid to the policyholder

  • On death or disability of the policyholder within the term, a lump sum death benefit will be paid which will be a multiple of the Single or Annual Premium paid depending on the age of the policyholder.

  • The future premiums are waived but the policy continues and future bonuses also accrue

  • Smart Benefits are paid as under the original terms.

  • Alternatively, the discounted value of Smart Benefits and vested bonuses can be received in one lump sum in the last 3 premium years

  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Minimum Maximum
Entry Age (Last Birthday) Policyholder – 21 years
Child  -  0 years
Policyholder – 50 years
Child – 13 years
Maturity Age (Last Birthday) - Policyholder – 70 years
Child – 21 years
Policy Term (PT) in years 21-child’s entry age
Premium Paying Term (PPT) in years Single Pay or 18-child’s entry age
Premium Paying Frequency Annual, half-yearly, quarterly, monthly or Single Pay
Yearly Premium Single – 66,000
Annual - 6000
Based on maximum SA
Sum Assured 1,00,000 1 crore

Investment Investment
Secure Secure
Child Banner
Secure your child’s future with or without you
Start Investing
₹10,000/Month
& Get
₹1 Crore*
*Standard T & C Apply

Details About Premium

Annual premium in Rupees for a policy tern of 15 years

Age of the policyholder 30 years
Age of the child 6 years
PPT 12 years
Sum Assured 250,000
Premium 21,013

Policy Details

  • 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: Policyholder is 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 or the Special Surrender Value.

  • 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.

Invest More Get More
Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Additional Features or Riders

  • There is inbuilt Waiver of Premium and Accidental Total and Permanent Disability Rider

  • Large SA rebates are offered for coverage of 2 lakhs and above

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

Child Plan

Investment

Child Plan

Secure

Secure your Child’s
Career Goal
Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan 2
Average Rating
(Based on 0 Reviews)

Child plans articles

Recent Articles
Popular Articles
Child Education Planner

05 Feb 2024

Ensure your child's dreams come true with a Child Education
Read more
Indian Bank Education Loan

16 Jan 2024

Indian Bank stands tall as a reliable partner in your academic
Read more
Education Loan for Abroad Studies

16 Jan 2024

Pursuing international education is a dream for many aspiring
Read more
Education Loan Without Collateral

16 Jan 2024

An Education Loan Without Collateral is a financial solution
Read more
Canara Bank Education Loan

15 Jan 2024

Canara Bank Education Loan is a comprehensive financial solution
Read more
Top 12 Government Schemes for Girl Child
Top 12 Government Schemes for Girl Child Government schemes for the girl child are a vital aspect of social welfare
Read more
Best Child Investment Plans to Invest in 2024
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial
Read more
Prime Minister Schemes For Boy Child
The Prime Minister Schemes for Boy Child stand as an important initiative aimed at nurturing the boy child and
Read more
Bhagya Lakshmi Yojana
Bhagya Lakshmi Yojana is a welfare scheme launched by the Government of Karnataka in 2006 to improve the sex
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL