Sbi Smart Champ vs Smart Life Plan Life Insurance Plan 2026 | PolicyX
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SBI Life Smart Champ Insurance plan is a participating non-linked individual life insurance plan. The product has been developed to provide life coverage along with savings to secure the educational needs of your child. SBI Smart Champ is designed to fulfill your goals as a parent. SBI Smart Champ helps you to save money for your child's education and secure the future of your child against the uncertainties of life. SBI Smart Champ Insurance plan is a participating plan; it participates in profits and accumulates bonuses after every policy year ends until the child turns 18 years of age.

SBI Smart Champ Plan offers you a range of benefits including:

  • Guaranteed Benefits
  • Tax Benefits
  • Flexibility
PLAN DETAILS

Sbi Smart Champ

Smart Life Plan
Premium Including GST
Key Features
(Key features of the plan)
  • One-time payment option available
  • Offers Guaranteed Smart Benefits
  • Get Tax Benefits on premiums
  • Explore All about Kotak SmartLife Insurance
  • Understand the Key Features & Benefits
  • Check Eligibility Criteria
Plan Maturity age Maximum Maturity Age - 70 years Maximum Maturity Age - 75 years
Plan Sum Assured Minimum Sum Assured: ₹1,00,000, Maximum Sum Assured: ₹1 Crore 6, 8, 10, 12, and 15 years
Plan Entry Age Minimum Age - 0 years Maximum Age - 13 years Minimum Age - 3 years Maximum Age - 55 years
Plan Payment modes Rs. 1 Lakh to Rs 1 Crore Rs. 2,50,000 to No limit
Plan Policy loan Life coverage, savings for child's education, and additional coverage for Total Permanent Disability. Annual, half-yearly, quarterly & monthly
Plan Sample Premium - -
Plan Brochure Brochure URL Brochure URL
Policy Term 21 minus child 75 years less entry age of life insured
Claim Settlement Ratio (2024-25) Minimum Age- 0 years Minimum Age - 5 year

* The above sample premiums are for a 30-year-old male, nonsmoker with a sum assured of Rs 50 lakhs and a policy tenure of 25 years. You can calculate the premiums for the above life insurance plans using the PolicyX Life Insurance Calculator.

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Key Benefits of SBI Smart Champ Plan

There are various benefits to buying the SBI Smart Champ Plan. Let’s understand each of them in detail:

  • Death Benefit: In case of death or accidental total permanent disability, this death benefit is payable as the higher of the sum assured amount in a lump sum or 105% of total premiums paid for an insured event during the policy tenure, only if the policy is in force.
  • Smart Benefits: Insured can avail smart benefits to fulfill their child's educational needs as described below in the following table (at the end of the policy year when your child completes 18, 19, 20, and 21 years of age).
  • Discounts: A discounted value of future due installments, inclusive of a terminal bonus if any, can be availed as a lump sum at a discounted rate of 6.25% per annum.
  • Waiver of Due Premiums: Offers financial security to your family during your absence by waiving off all the due future premiums for the policy. Accrued bonus will continue to be added if applicable.

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Reviewed By: Naval Goel

Naval Goel has over a decade of expertise in the insurance sector, having worked with companies like AIG, New York. He is an Associate Member of the Indian Institute of Insurance, Pune, and is authorized by IRDAI to act as Principal Officer of PolicyX.com Insurance Web Aggregator.

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