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Home > Child Plans > SBI Life - Smart Champ Insurance

SBI Life - Smart Champ Insurance
(UIN : 111N098V02)

(Product Code : 1P)
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Introduction
Key Features
Product Snapshot
Benefits
 

Introduction:
 
SBI Life - Smart Champ Insurance, an Individual Non-linked, Participating life insurance plan, is designed to protect your child’s future educational needs. SBI Life - Smart Champ Insurance is designed to meet your objectives and concerns as a parent - saving for your child’s education and securing their bright future against the uncertainties of life.

About SBI Life - Smart Champ Insurance

SBI Life - Smart Champ Insurance has assured benefits which are payable during the term of the policy. In addition, it 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 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 contingent 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.
 
 
Key Features:
 
Education Needs: Guaranteed (Conditions Apply##) 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: To ensure that your family is not financially burdened in your absence, all the future premium installment(s), if any, will not be required to be paid under the policy. The policy continues to accrue bonuses, if applicable.
 
  Smart Benefit: Due installment(s) of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits
  
Option to pay one-time premium (Single Premium Policy - SP Policy) or limited premium (Limited Premium Payment Term Policy - LPPT Policy).
 
Option to receive the discounted value of the future due installment(s) of Smart Benefits plus the terminal bonus, if any, in a lump sum amount during last 3 policy years.
 
##For inforce polices
 

SBI Life - Smart Champ Insurance at a Glance :
 
Age** at Entry
Life Assured
Min: 21 years Max: 50 years
Child
Min: 0 years Max: 13 years
Maximum Age** at Maturity Life Assured
70 years
Child
21 years
Basic Sum Assured
Min: Rs.1,00,000 (× 1,000/-) Max^: Rs. 1 Crore
Policy Term
21 minus  Child’s Age at entry
Min: 8 years Max: 21 years
Premium Payment Term for LPPT Policy
18 minus  Child’s Age at entry
Min: 5 years Max: 18 years
Premium Frequency Single Premium / Yearly / Half-yearly / Quarterly / Monthly#
Premium Frequency Loading Half-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium
Minimum / Maximum Premium
Premium Payment Mode Minimum Premium (Rs.)
Monthly 500
Quarterly 1,500
Half-Yearly 3,000
Annual 6,000
Single 66,000

Maximum Premium : Based on the basic sum assured
**All the references to age are age as on last birthday.

^Maximum aggregate basic sum assured for  all individual policies taken under SBI Life - Smart Champ Insurance

# 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card]

For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction

Premium mentioned in the above table is excluding applicable taxes
 

Benefits:
 
In the unfortunate event of death or ATPD, whichever is earlier, during the policy term, the following benefits are payable, provided the policy is in-force:
 
A lump sum amount immediately:
 
For SP Policy: The amount of benefit is Sum Assured.
Where Sum Assured is higher of Basic Sum Assured or a multiple of Single Premium; where multiple is:
 
   
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 LPPT: The amount of benefit is Sum Assured
Where Sum Assured is higher of basic sum assured or multiple of annualized premium* or 105% of all the premiums paid till the date of occurrence of the insured event.
 
   

Where multiple is:

   
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
   
*Annualised premium is the premium payable in a year, excluding service tax, cess,  the underwriting extra premiums and loadings for modal premiums, if any.
 
 
No future premium installment(s), due, if any, are required to be paid. The policy continues to accrue bonuses, if applicable.
 
 
Due installment(s) of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.
 
Benefit payable on survival
 
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, as mentioned in the table below:
 
   
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
 
 
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.
 
These are only the brief features of the plan .For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
 
1P.ver.01-07/16 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS.IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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