SBI Life Smart Champ Insurance

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. It also ensures financial security for the uncertainties of life when you will not be there to take care of your family. 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.

Key Features of SBI Life Smart Champ Insurance

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.

Benefits of SBI Life Smart Champ Insurance

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 July, 2021

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 July, 2021

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

**Last Updated on July, 2021

Sample Premium Rates Illustration

Policy Details

**Last Updated on July, 2021

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:

**Last Updated on July, 2021

**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

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.