• SBI Life - Smart Champ Insurance Plan

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    Overview

    SBI Life - Smart Champ Insurance plan is an individual non-linked participating life insurance plan offered by SBI-Life Insurance Company. The plan is particularly designed meet your child’s educational needs and protect them from future uncertainties. With the help of this plan, you can save for your child’s future education as well as ensure a bright future for them. The plan offers assured benefits which are unusually paid during the policy term. Being a participating plan, the SBI Life - Smart Champ Insurance plan accumulates bonuses at the end of every policy year till the child complete 18 years.

    Eligibility Conditions for SBI Life - Smart Champ Insurance Plan

    By fulfilling the following eligibility conditions, you can purchase an SBI Life - Smart Champ Insurance plan:

    Minimum entry age

    Life assured :

    • Minimum: 21 years.
    • Maximum: 50 years.

    Child:

    • Minimum : 0
    • Maximum: 13 years.

    Maximum maturity age

    Life assured: 70 years

    Child: 21 years.

    Key Features SBI Life - Smart Champ Insurance Plan

    The SBI Life - Smart Champ Insurance plan comes with a lot of attractive features. Listed below the key features of SBI Life - Smart Champ Insurance plan:

    Plan type

    It is a non – linked participating plan.

    Plan basis

    Individual

    Sum assured

    Minimum sum assured: Rs. 1, 00, 000.

    Maximum sum assured: Rs. 1 Crore.

    Policy term

    21 years excluding the child’s entry age.

    Premium payment term (LPPT Policy)

    18 years excluding the child’s entry age.

    Premium payment frequency

    Single, monthly, half-yearly, qutaerly, and annually.

    Premium frequency loading

    Monthly- 8.9% of annual premium

    Half yearly- 52.0% of annual premium.

    Qutaerly – 26.5% of annual premium.

    Grace period

    • 30 days for yearly, half-yearly and qutaerly policies.
    • 15 days for monthly mode policies.

    Free look period

    • 15 days for manually purchased policies.
    • 30 days for policies purchased via distance marketing. l

    Nomination

    Nomination is accepted under this plan.

    Policy revival

    The policy can be revived within 2 years from its lapse.

    Policy coverage

    Death benefits, maturity benefits and survival benefits.

    Benefits/Advantages of SBI Life - Smart Champ Insurance Plan

    The SBI Life - Smart Champ Insurance plan enables you to enjoy the following benefits:

    • Death benefits: The SBI Life - Smart Champ Insurance plan offers death benefits in case of death of accidental total permanent disability (ATPD), whichever is earlier. The policy offers either the basic sum assured or 105% of all the premiums till death as death benefits.
    • Survival benefits: The SBI Life - Smart Champ Insurance policy offers survival benefits, provided the policy is “in-force” till the end. The policyholder will receive Smart Benefits as survival benefits at the end of policy tenure.
    • Tax benefits: Under section 80C of the Indian income tax Act, 1961, you may receive income tax benefits by purchasing the SBI Life - Smart Champ Insurance policy. However, these benefits are subject to change as per the changes in Indian tax laws.
    • Triple protection: You can enjoy triple protection with your SBI- Life Smart Champ Insurance Plan in case any unfortunate event happens during the policy term. In that case, the policy offers the following benefits: Immediate Payment, Waiver of due Premium and Smart Benefits. The Immediate Premium option provides the basic sum assured as and when something unfortunate happens to the life assured. The Waiver of due Premium option ensures that your family is not overburdened with debt in your absence. Hence, all your future premiums are waived. The policy offers guaranteed Smart Benefits in 4 equal installments when the child completes 18 years.
    • Maturity Benefits: The policy offers maturity benefits provided the policy is continued till the end of policy tenure. To avail these maturity benefits, the policy should be “in –force” till the end.
    • The SBI Life - Smart Champ Insurance policy offers a lot of flexibilities in terms of paying premiums. You can choose between Single Premium policy and Limited Premium Payment Policy as per your conveniences. Based on your choice, you can either pay one-time premium and limited premium payment.
    • The SBI Life - Smart Champ Insurance plan provides accrued bonuses and terminal bonuses (if any) at the end of every policy year.

    How SBI Life - Smart Champ Insurance Plan

    The SBI Life - Smart Champ Insurance provides insurance cover to the proposer as well as the policyholder for death and Accidental Total Permanent Disability (ATPD), whichever occurs early. By the term proposer, the policy refers to the life assured. The insurance coverage can be availed throughout the entire policy term. You can choose your nominees for this policy. But your nominee should be a child whose future you wish to protect. The minimum basic sum assured under this policy is Rs. 1, 00, 000 while the maximum amount goes up to Rs. 1 crore. The SBI Life - Smart Champ Insurance policy can be returned within 15 to 30 days, if you are not happy with the terms and conditions of the policy. The minimum entry of the life assured should be 21 years to be eligible to purchase this policy.

    Premium Payment

    For different policy modes, you need to pay different amounts of premium. Listed below are different amounts you need to pay under the SBI Life - Smart Champ Insurance Plan.

    Premium payment mode

    Minimum premiums paid

    Single

    Rs. 66,000

    Annual

    Rs. 6000

    Half-yearly

    Rs. 3000

    Qutaerly

    Rs. 1,500

    Monthly

    Rs. 500

    Riders

    There is no rider’s available under the Smart Champ Insurance Plan.

    The SBI-Life Smart Champ Insurance Plan is one best child life insurance plan offered by SBI-Life Insurance Company. You can certainly protect your child’s future by purchasing this plan. SBI-Life Insurance Company is a joint venture of State Bank of India and BNP Paribas Cardif and offers a wide variety of insurance products, apart from child life insurance plans.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    SBI Life - Smart Champ Insurance Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
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