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 educational needs for your child. SBI Smart Champ is designed to fulfill your goals as a parent. Smart Champ insurance plan helps you to save money for your child's education and secure the future of your child against the uncertainties of life. As the SBI Life 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.
The plan offers guaranteed smart benefits. These benefits are payable after the child attains 18 years of age till the age of 21 years in four equal annual installments.
In case of an unfortunate event during the entire policy term, the plan provides triple protection to your child.
One-time i.e., Single Premium Policy or limited premium payment options are available under the plan.
The plan offers additional coverage for life and Total Permanent Disability out of an accident for the entire policy tenure.
In case of death or accidental total permanent disability, this death benefit is payable as equal to the higher 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.
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):
Age of Child (in years) | Benefits |
18 | 25% Basic Sum Assured + 25% Simple Reversionary Bonus |
19 | 25% Basic Sum Assured + 25% Simple Reversionary Bonus |
20 | 25% Basic Sum Assured + 25% Simple Reversionary Bonus |
21 | 25% Basic Sum Assured + 25% Simple Reversionary Bonus + Terminal Bonus, if applicable |
**Last Updated on February, 2022
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.
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.
The policy offers a loan facility to meet emergency financial requirements before the last 3 policy years. Loans can be taken only after the policy acquires surrender value and can be available for a maximum of 90% of the surrender value. The interests of the loan shall be declared by the company.
The policy offer rebates per Rs. 1,000 sum assured on opting for a larger cover as follows:
Basic Sum Assured (BSA) | Rebate per Rs. 1,000/- Basic Sum Assured | |
LPPT Policies | SP Policies | |
Rs. 1 Lakh < BSA < Rs. 2 Lakhs | NIL | NIL |
Rs. 2 Lakh=< BSA < Rs. 3 Lakhs | 3.00 | 6.50 |
Rs. 1 Lakh=< BSA < Rs. 5 Lakhs | 4.50 | 9.50 |
>=Rs. 5 Lakhs | 5.50 | 11.00 |
**Last Updated on February, 2022
In the case of Limited Premium Payment Policies, the policy has a surrender value if premiums have been paid for 2 years, whereas for a single premium, the policy acquires a surrender value anytime during the policy tenure.
30 days of grace period is allowed under LPPT policy from the date of due premium for yearly/half-yearly/quarterly and 15 days for monthly frequency of premium. Insured can revive the lapsed policy within 5 years from the date of the first unpaid premium.
The policy will remain in force throughout the Grace Period and shall lapse if no premium is paid at the end of the Grace Period.
The plan provides an option to review the terms and conditions of the policy within 15 days from the date of receipt of the policy. In case of dissatisfaction with the T&Cs, the insured can return the policy stating the reason for cancellation.
Get the tax benefits under section 80 C and Section 10 (10D) under the Income Tax Act, 1961.
Parameters | Minimum | Maximum |
Entry Age | (Life Assured) 21 years (Child) 0 years | 50 years 13 years |
Maturity Age | Life Assured: 42 years | 70 years |
For Child - 21 years | ||
Sum Assured | Rs. 1 Lakh (Multiples of Rs. 1,000) | Rs. 1 Crore (Subject to underwriting) |
Policy Tenure (in years) | 21 minus child's entry age | |
Premium Paying Term (in years) | 18 minus child's entry age | |
Premium Paying Frequency | Single-Premium/Yearly/Half-yearly/Quarterly/Monthly Premium Amount i) Minimum Single Pay: Rs. 66,000 Yearly: Rs. 6,000 Half-yearly: Rs. 3,000 Quarterly: Rs. 1,500 Monthly: Rs. 500 iii) Maximum As per underwriting, based on maximum BSA |
**Last Updated on February, 2022
Policy Details
Name | Mr. Anant |
Policyholder's Age | 35 years |
Child's Age | 6 years |
Sum Assured | Rs. 5 Lakhs |
Premium Payment Term | 12 years |
Premium Payment Mode | Annually |
Policy Tenure | 15 years |
Date of Commencement of Risks | 1st March 2020 |
**Last Updated on February, 2022
The annualized premium for the above-mentioned policy=Rs. 41,410 + Taxes
After the child attains an age of 18 years, Mr. Anant will get the following benefits:
Smart Benefit Payment Due Date | Age of Child (in years) | Smart Benefits (in Rs.) | |||
@4% | @8% | ||||
Guaranteed Smart Benefits (in Rs) | Non-guaranteed Simple vested bonus + Terminal bonus (if any) (in Rs.) | Guaranteed Smart Benefits (in Rs.) | Non-guaranteed Simple vested bonus + Terminal bonus (if any) (in Rs.) | ||
1st March 2032 | 18 | 1,25,000 | 28,500 | 1,25,000 | 45,000 |
1st March 2033 | 19 | 1,25,000 | 28,500 | 1,25,000 | 45,000 |
1st March 2034 | 20 | 1,25,000 | 28,500 | 1,25,000 | 45,000 |
1st March 2035 | 21 | 1,25,000 | 45,000 | 1,25,000 | 72,000 |
**Last Updated on February, 2022
**Note: The rates of returns per annum mentioned in the table are only illustrative scenarios including all applicable charges. Returns are dependent on several factors comprising future investment efficiency.
Guaranteed Benefits of SBI Life Smart Champ Insurance
The policy shall not cover a few conditions and has some permanent exclusions in its clauses. A few are mentioned below:
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Last updated on February, 2022
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