Smart Champ Insurance
  • One time payment option is available
  • Offers Guaranteed Smart Benefits
  • Get Tax Benefits on premiums Renewal Option
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SBI Smart Champ

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.

Key Features of SBI Life Smart Champ Insurance

With growing age, your child dreams of the career they want to pursue and looks up to you as a guardian to fulfill those ambitions. SBI Smart Champ has some key features that provide multiple benefits to the policyholder as mentioned below:

  1. Educational needs

    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.

  2. Triple Protection

    In case of an unfortunate event during the entire policy term, the plan provides triple protection to your child.

    • Immediate Payment - It is payable as a lump sum amount on the inception of the insured event.
    • Due Premium Waiver - In case of death of the insured, no future premiums are required to be paid under the plan, thus ensuring the financial protection of your family.
    • Smart Benefit - Due Installments of Smart Benefits are payable by the insurer.
  3. Flexibility

    One-time i.e., Single Premium Policy or limited premium payment options are available under the plan.

  4. Accidental Coverage

    The plan offers additional coverage for life and Total Permanent Disability out of an accident for the entire policy tenure.

Life Insurance Companies

SBI Life Products

Benefits of SBI Life Smart Champ Insurance

Various benefits like guaranteed smart benefits, triple protection of your child by way of lumpsum payout, and convenience to pay a one-time or limited premium are features of the SBI Smart Champ Insurance Plan. Read more to understand the other benefits offered by SBI Smart Champ.

  1. Death Benefit

    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.

  2. 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):

    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

  3. 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.

  4. 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.

  5. 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 and can be available for a maximum of 90% of the surrender value. The interests of the loan shall be declared by the company.

  6. Rebates on Large Sum Assured

    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

  7. Surrender

    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.

  8. 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. 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.

  9. 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, the insured can return the policy stating the reason for cancellation.

  10. Tax Benefits

    Get the tax benefits under section 80 C and Section 10 (10D) under the Income Tax Act, 1961.

Eligibility

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

Sample Premium Rates Illustration

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

Guaranteed Benefits of SBI Life Smart Champ Insurance

Exclusions

The policy shall not cover a few conditions and has some permanent exclusions in its clauses. A few are mentioned below:

  • Any diseases or injuries arising out of a war, invasion, foreign enemies act, attacks, riots, etc.
  • Any pre-existing conditions
  • Complications caused due to exposure to intoxicating substances such as alcohol, drugs, smoke, etc.
  • Any self-inflicted injury that leads to committing suicide.
  • If the suicide is done within 12 months from the date of commencement of risks, then the beneficiary will be liable to receive 80% of the premiums paid till the death of the policyholder.
  • Psychiatric disorders, nuclear contamination, hazardous sports, etc.
  • Any congenital disease before 18 years.
  • Injuries occur due to aviation, participation in any flying activity except traveling as a passenger.

Life Insurance Articles

SBI Smart Champ Plan: FAQs

1. Why Should You Buy SBI Smart Champ Plan?

SBI Smart Champ financially secures the child's educational future and also provides a decent amount in the form of maturity benefits.

2. Who Should Buy SBI life smart champ plan?

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.

3. Is any additional rider Available under the smart champ insurance Plan?

Smart Champ insurance plan does not offer any additional rider.

4. What is the premium payment frequency of the SBI Smart Champ Insurance Plan?

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

5. What are the key features of the SBI smart Champ insurance plan?

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.

6. What are the premium payment options available in SBI Smart Champ Plan?

SBI Smart Champ plan offers flexible premium payment options like monthly, quarterly, half-yearly, annual, and single.

7. What are the eligibility criteria for SBI Smart Champ Insurance Plan?

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

8. Are there any rider benefits available in SBI Smart Champ Insurance Plan?

There are no rider benefits available in SBI Smart Champ Insurance Plan.

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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.