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Overview
The 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 your child's educational needs. SBI Smart Champ is designed to fulfill your goals as a parent by helping you save money for your child's education and securing their future against life's uncertainties. As a participating plan, it participates in profits and accumulates bonuses after every policy year until the child turns 18 years of age.
The SBI Smart Champ Plan offers a range of benefits, including:
- Guaranteed Benefits
- Tax Benefits
- Flexibility
How to Buy SBI Smart Champ Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Hover over the 'Life Insurance' tab.
- Choose the child plan you want to buy.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium payment period, investment amount, and riders (if required), and then proceed to pay.
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: The insured can avail smart benefits to fulfill their child's educational needs as described 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 future due premiums for the policy. Accrued bonuses will continue to be added if applicable.
Other Policy Features
Policy Loans
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.
Rebates on Large Sum Assured
This plan offers rebates on choosing a high sum assured with your plan.
Grace Period
A 30-day grace period is allowed under the LPPT policy from the due premium date for yearly/half-yearly/quarterly frequencies, and 15 days for monthly premium frequency.
Free Look 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. This is for cases of dissatisfaction with the terms and conditions.
Inclusions
- Death Benefit
- Smart Benefits
- Discounts
- Waiver of Due Premiums
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy SBI Smart Champ Plan
Here is the list of documents required to buy the SBI Smart Champ Plan:
- Photo ID Proof: (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: (any one of the following) - Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: (any one of the following) - Bank statement, last three months' salary slips (if you are salaried).
Plan at a Glance
| What’s Good Here | What’s Missing |
|---|---|
| Triple Protection | Premium Offset |
| Educational Needs | Premium Continuance |
| Flexible Payment Options | Auto Cover Continuance |
| Accidental Coverage | Top-up Premium |
In a Nutshell
If you are looking for a child plan that offers financial coverage along with a lump sum amount for your child's future, then you must consider buying the SBI Smart Champ Plan.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts will listen to your unique needs and suggest the best possible solution for you.
