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
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
Wealth Boosters
Get rewarded with Wealth Booster and Loyalty Bonus for staying invested with us
Zero Commission
We charge no commission when you buy from us. Also buy online & get extra
Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity

+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
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

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.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*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
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~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
Insurers Offering Child Plans

Tata AIA

Aditya Birla Sun Life

Bajaj Allianz

Max Life

HDFC Life

ICICI Prudential

Bharti AXA Life

Edelweiss Life

Kotak Life

Future Generali

PNB MetLife

SBI Life

Aviva

Bandhan Life

Canara HSBC

IDBI Federal

IndiaFirst

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan 2

Child plans articles

Recent Articles
Popular Articles
This Children’s Day Secure Your Child's Financial Future

14 Nov 2024

As we celebrate Children’s Day in November, there’s no
Read more
Rajasthan Government's Scheme for Studying Abroad

14 Nov 2024

The Rajasthan State government has introduced a new program for
Read more
Incentives for Families with One or Two Daughters and Family Planning

14 Nov 2024

The Puducherry government's Department of Women and Child
Read more
Dulari Kanya Scheme’s Commitment to Girls' Education

14 Nov 2024

The Dulari Kanya Scheme is an important initiative by the
Read more
Mukhya Mantri Vivah Shagun Yojna

14 Nov 2024

Mukhya Mantri Vivah Shagun Yojna stands as a Haryana government
Read more
Top 12 Government Schemes for Girl Child
  • 29 Apr 2022
  • 76297
Top 12 Government Schemes for Girl Child Government schemes for the girl child are a vital aspect of social welfare
Read more
Prime Minister Schemes For Boy Child
  • 05 Apr 2022
  • 19990
The Prime Minister Schemes for Boy Child stand as an important initiative aimed at nurturing the boy child and
Read more
SBI Smart Scholar Returns Calculator
  • 15 Mar 2022
  • 14667
SBI Life Smart Scholar is an insurance scheme specifically designed to address the needs of a growing children
Read more
Best Child Investment Plans to Invest in 2024
  • 19 Feb 2016
  • 342251
Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial
Read more
Best Investment Plans for Girl Child in India
  • 18 Oct 2021
  • 28936
Investing in the future of a girl child is one of the most important financial decisions a parent or guardian can
Read more

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