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SBI Life - Smart Champ Insurance is an Individual Non-linked, Participating life insurance plan designed to secure your child’s future educational needs. It ensures his/her bright future against the uncertainties of life. SBI Smart Champ plan provides assured benefits which are payable during the term of the policy. It also provides cover for death and Accidental Total Permanent Disability (ATPD) through the entire policy term.
Get QuotesIn the event of Death or Accidental Total Permanent Disability (ATPD) during the term of the policy, the following benefits are payable.
A lump sum amount,
For Single Pay Policy: The amount payable is ‘sum assured on insured event’, which is higher of Basic sum assured or a multiple of Single Premium. Here, multiple is 1.25/1.10 times when age at entry of Life Insured is less than 45 years/ 45 years or more, respectively.
For Limited Pay Policy: The amount payable is Sum Assured, which is higher of basic sum assured, multiple of annualized premium or 105% of all the premiums paid. Here, multiple is 5 times for any age at entry under 8 & 9 years policy term. It is 10/7 times when age at entry of Life Insured is less than 45 years/ 45 years or more, respectively under policy term 10 years or higher.
Apart from lump sum payout, due installments of Smart Benefits are payable. Terminal bonus, if any, is payable along with the last installment of Smart Benefits.
No future premium installments due, if any, need to be paid, as the company will apply waiver of premiums on this policy.
Also, there is an option for the nominee/legal heir to receive the discounted value of the future due installments of smart benefits as a lump sum amount. This option needs to be exercised at least 3 months prior to the date of the next installment. The lump sum amount will be equal to the discounted value of all the future installments of smart benefits. The discounted rate is 6.25% per annum. The terminal bonus is also payable with this lump sum amount.
In case of Death/ATPD of nominee child,
Smart Benefits are payable at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age.
This policy provides profits arising out of the company’s with profits life insurance business. Simple Reversionary Annual Bonuses would be declared every year, except the last 3 policy years. It is expressed as a percentage of the basic sum assured. A terminal bonus is payable at maturity or surrender, whichever is earlier.
Up to a maximum of 90% of the surrender value can be availed under this policy.
Surrender Value payable is higher of Non-Guaranteed Special Surrender Value or Guaranteed Surrender Value. The policy will acquire a surrender value on payment of at least 2 full policy year’s premium, when premium payment term is less than 10 years and it can be acquired on payment of at least 3 full policy year’s premium, when premium payment term is 10 years or above.
For single pay policies, the surrender value can be acquired anytime during the policy term.
You can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act. Tax benefits are applicable, as per the prevailing tax laws.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 21 Years (child- 0 Year) | 50 Years (child- 13 Years) |
| Age at Maturity | - | 70 Years (child- 21 Years) |
| Policy Tenure | (21 Minus Child’s Age At Entry) Years | - |
| Premium Paying Term (PPT) | Single Pay, Limited Pay (18-child’s Age At Entry) | - |
| Premium Paying Mode | Single, Annually, Semi Annually, Quarterly & Monthly | - |
| Premium Amount | Rs 66,000 (single Pay), Rs 6,000 (annually), Rs 3,000 (semi Annually), Rs 1,500 (quarterly), Rs 500 (monthly) | Based On The Basic Sum Assured |
| Sum Assured | Rs 1,00,000 | Rs 1 Crore |
| Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | 30 Days (15 Days For Monthly Premium) | - |
| Plan Type | Offline | - |
No rider can be opted under this plan.
Mr. Vijay at 35 years of age, opts to buy SBI Life - Smart Champ Insurance with the policy term of 15 years, premium payment term of 12 years, annual premium amount of Rs 41,410 and basic sum assured of Rs 5,00,000.
Scenario A: Vijay Survives the Policy Term
In case of survival of Mr. Vijay through the policy term, Smart Benefits are payable at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age.
Scenario B: Vijay dies during the Term of the Policy
In the event of death of Vijay during the term of the policy, Sum Assured as applicable is payable. This amount helps fulfill educational expenses of his/her child.
Benefit Illustration:
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