SBI Life Smart Champ Plan: Benefits, Features & Premiums | PolicyX
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SBI Child Plans SBI Child Plans ★ 4.6

SBI Smart Champ

SBI Life Smart Champ Insurance plan is a participating non-linked indi ...Read More

🛡️ IRDAI Approved
⭐ 4.6/5 · 931 reviews
📊 70 years solvency ratio
✅ Minimum Age- 0 years% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India

About SBI Smart Champ

A quick read on what this SBI Child Plans term plan covers and why it might be a fit for you.

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

Eligibility Criteria for SBI Smart Champ

Entry age
Entry age
Minimum Age - 0 years Maximum Age - 13 years
Maturity age
Maturity age
Maximum Maturity Age - 70 years
Policy tenure
Policy tenure
21 minus child
Premium payment term
Premium payment term
Minimum Sum Assured: ₹1,00,000, Maximum Sum Assured: ₹1 Crore
Premium payment frequency
Premium payment frequency
Life coverage, savings for child's education, and additional coverage for Total Permanent Disability.
Sum assured
Sum assured
Rs. 1 Lakh to Rs 1 Crore

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Death Benefits
  • Smart Benefits
  • Discounts

Cons

  • No coverage for pre-existing conditions
  • Suicidal exclusion
  • No auto-cover continuance

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum entry age: 0 years
Maximum entry age: 13 years
Minimum Sum Assured: ₹1
Maximum Sum Assured: ₹1 Crore
Maximum policy term: 30 years

Waiting Periods for SBI Smart Champ Plan

The plan includes a suicide exclusion clause: if the policyholder commits suicide within 12 months of policy purchase, death benefits are not offered. Instead, 80% of premiums paid or the surrender value acquired, whichever is higher, is paid.

Benefits of SBI Smart Champ

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.

Features of SBI Smart Champ

Key features that make SBI Smart Champ stand out.

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

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.

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. In case of dissatisfaction with the T&Cs.

Documents Required for SBI Smart Champ

Keep these documents handy when applying for SBI Smart Champ.

Photo ID Proof

Photo ID Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.

Age Proof

Age Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.

Address Proof

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

Income Proof (any one of the following) - bank statement, last three months' salary slips (if you are salaried).

Exclusions of the SBI Smart Champ Plan

  • 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.

Other Features of SBI Smart Champ

Here are the key features of the SBI Smart Champ.

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 buy SBI Smart Champ Plan.

For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.

Life Insurance Articles

FAQs: SBI Smart Champ Plan

The 8 most-asked questions about SBI Smart Champ, answered.

SBI Smart Champ financially secures the child’s educational future and also provides a decent amount in the form of maturity benefits.
SBI Life Smart Champ can be purchased for a child aged 0 to 13 years by an Indian citizen between the ages of 21 and 50 years.
Smart Champ insurance plan does not offer any additional rider.
You can pay the premium yearly, half-yearly, quarterly, monthly, or you can pay in a single premium. Premium payment mode Minimum premium without taxes Yearly INR 6K Half-yearly INR 3K Quarterly INR 1.5K Monthly INR 500 Single 66K
It is a participating child plan with single pay or limited premium payment option offering accidental total and permanent disability rider and waiver of premium rider is inbuilt into the plan for maximum protection.
SBI Smart Champ plan offers flexible premium payment options like monthly, quarterly, half-yearly, annual, and single.
Minimum age at entry- 21 years / Maximum age at entry- 50 years For children the eligibility criteria is Minimum age for entry- 0 years / Maximum age at entry- 13 years
There are no rider benefits available in SBI Smart Champ Insurance Plan.

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by Himanshu Kumar — Term & Life Insurance Reviewed by Raj Kumar — Health Insurance
Last updated: 7 Aug 2023 · Originally published: 26 Dec 2024

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