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.

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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*

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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


  • 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
& 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


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


  • 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:-
#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


Child Plan


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.
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