SBI Life - Smart Champ Insurance Plan

Key Features SBI Life - Smart Champ Insurance Plan

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

Benefits/Advantages of SBI Life - Smart Champ Insurance Plan

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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.

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.

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