Sbi Life Smart Champ Insurance plan Introduction
Sbi life smart champ insurance plan is an Individual Non-linked, Participating life insurance plan, which is mainly designed to protect your child’s future educational needs. Sbi life smart champ insurance plan has assured benefits which are payable during the term of the policy. In addition, Sbi life smart champ insurance plan is a participating policy and will accrue bonuses at the end of every policy year till the child completes 18 years of age and a final Terminal bonus, if any.
Sbi life smart champ insurance plan also cover accidental total permanent disability (ATPD) throughout the term of policy. Sbi life smart champ insurance plan provides the insurance cover to the proposer, who will be the life assured and the policyholder, for death and Accidental Total Permanent Disability (ATPD) throughout the term of the policy. The ATPD benefit is accelerated, hence the insured event is death or ATPD, whichever is earlier.
On occurrence of the insured event, the accidental benefits are payable to the beneficiary and the insurance cover will cease thereafter. The nominee at the point of sale must be a child whose interest you want to protect.
Sbi life smart champ insurance plan has special feature that is after every year, bonus will be accumulated which will be payable as per the policy payment terms.
Sbi life smart champ insurance Review
Sbi life smart champ insurance plan key features
- Sbi life smart champ insurance plan has an option to pay one-time premium means Single Premium Policy – SP Policy or regular premium Limited Premium Payment Term Policy – LPPT Policy.
- Sbi life smart champ insurance plan has an option to receive the discounted value of the future due installment of Smart Benefits plus the terminal bonus, if any, in a lump sum amount during last 3 policy years if the policy is in force.
Education Needs:
- Guaranteed Smart Benefits are payable in four equal annual installments after the child attains 18 years of age till he/she turns 21 years of age, i.e. at the end of each of last 4 policy years.
- 1st installment, 2nd installment, 3rd installment and last installment of Smart Benefits are payable at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age respectively.
- Each installment of Smart Benefits will consist of 25% of the basic sum assured and 25% of the vested simple reversionary bonuses. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.
- This ensures your child’s higher educational needs are met.
Triple protection for your child, in case of an unfortunate insured event any time during the term of the policy which is in-force
Immediate Payment:
- Sum assured on insured event is payable as a lump sum on the occurrence of the insured event.
Waiver of Due Premium:
- The policy continues to accrue bonuses, if applicable even after the insured person absence.
Smart Benefit:
- Due installment of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.
Sbi life smart champ insurance plan Eligibility conditions
Age at Entry:
| Life Assured | |
| Minimum: 21 years | Maximum: 50 years |
Maximum Age at Maturity:
| Life Assured 70 years |
Child 21 years |
Premium Payment Mode:
- Maximum Premium : Based on the basic sum assured.
| Premium Payment Mode | Minimum Premium (Rs.) |
| Monthly | 500 |
| Quarterly | 1,500 |
| Half-Yearly | 3,000 |
| Annual | 6,000 |
| Single | 66,000 |
Sum Assured:
| Basic Sum Assured | Minimum: Rs.1,00,000(x1,000/-) | Maximum: Rs. 1 Crore |
Policy Term:
- 21 minus Child’s Age at entry
Premium Payment Term for LPPT Policy:
- 18 minus Child’s Age at entry
Premium Frequency:
- Single Premium / Yearly / Half-yearly / Quarterly / Monthly
Premium Frequency Loading:
| Half-Yearly: | 52% of annual premium |
| Quarterly: | 26.5% of annual premium |
| Monthly: | 8.9% of annual premium |
Sbi life smart champ insurance plan benefits
Death Benefit:
In the unfortunate event of death or ATPD(Accidental Total Permanent Disability), whichever is earlier, during the policy term a lump sum amount will be given immediately.
For Single Premium Policy:
The amount of benefit is Sum Assured. Where Sum Assured is higher of Basic Sum Assured or a multiple of Single Premium:
| Policy Term | Age at entry of Life Assured less than 45 years | Age at entry of Life Assured 45 years or more |
| All terms | 1.25 | 1.10 |
For Limited Premium Payment Term Policy:
The amount of benefit is Sum Assured ,Where Sum Assured is higher of basic sum assured or multiple of annualized premium is the premium payable in a year.
| Policy Term | Age at entry of Life Assured less than 45 years | Age at entry of Life Assured 45 years or more |
| 8 and 9 years | 5 | 5 |
| 10 years or more | 10 | 7 |
Survival Benefits:
You will receive the Smart Benefits, which will be paid at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age.
| Age of Child | Smart Benefits |
| 18 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 19 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 20 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 21 years | 25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any |
Tax Benefits:
Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the basic sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. For more information regarding Tax Benefits, visit www.taxqueries.in.
Sbi life smart champ insurance plan Rebates
| Basic Sum Assured | Rebate per Rs.1,000/- basic S.A | |
| LPPT Policies | SP Policies | |
| Rs.1.oo Lac<BSA< Rs.2.00 Lac | Nill | Nill |
| Rs. 2.00 Lac = < BSA< Rs. 3.00 Lac | Rs. 3.00 | Rs.6.50 |
| Rs. 3.00 Lac = < BSA< Rs. 5.00 Lac | Rs. 4.50 | Rs. 9.50 |
| >= Rs. 5.00 Lac | Rs. 5.50 | Rs. 11.00 |
Sbi life smart champ insurance plan Premium Calculator
You can also check your premium details and calculate your premium with premium calculator. For that you have to give your details like name of the parent, name of the child, Age, Term, Gender, Sum Assured etc.
Sbi life smart champ insurance plan Exclusions
Suicide exclusion:
If the life assured commits suicide within one year from the risk commencement date then the policy will be void and no death benefit will be payable
An amount equal to 80% of the premiums paid will be payable to the nominee in case of suicide within one year from the risk commencement date provided the policy is in force.
The Accidental total and permanent disability benefit will not be payable if the life Assured is under:
Drug abuse.
Criminal acts.
War and civil commotion.
Nuclear contamination.
Hazardous sports and pastimes.
Sbi life smart champ insurance plan Example
Mr. Vimal is a 35 years old and has a 6 years old daughter.To secure his child’s future educational needs, Mr. Vimal decides to buy SBI LIFE Smart champ insurance.
He wants to buy a LPPT plan with a basic sum assured of Rs. 5 lakhs.
He pays his premium yearly. The date of commencement of risk is 1st march 2014.
policy term: 15 years
premium paying term: 12 years
Premium: 41,410
The benefits that Mr.Vimal will get when the child attains 18 years of age are:
Sbi life smart champ insurance plan Customer care
Call Toll Free:
1800-22-9090
1800-425-9010
(Customer Service timings: 9:00 a.m. to 9:00 p.m., seven days a week)
Corporate Office:
Telephone No. : 022 – 6191 0000
Email us: info@sbilife.co.in
Corporate Address:
SBI Life Insurance Co. Ltd.,
“Natraj”,
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai – 400 069
Sbi life smart champ insurance plan FAQs
1. Is Riders available under sbi life smart champ insurance plan?
A. No Riders Available.
2. Is Revival facility available under sbi life smart champ insurance plan?
A. A lapsed policy may be revived within 2 years from the date of the first unpaid premium subject to satisfactory proof of insurability as required by the company from time to time.
You are required to pay all overdue premiums with interest and any indebtedness outstanding on date of lapse.
Sbi life smart champ insurance plan Forms and Documents
SBI life smart champ insurance plan brochure
SBI life smart champ insurance policy document
SBI life smart champ insurance policy buying form