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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

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