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SBI Life - Smart Champ Insurance
UIN: 111N098V03
Product Code: 1P
An Individual, Non-linked, Participating,Life insurance savings product
With growing age, your child dreams of the career they want to pursue and look up-to you as a guardian to fulfill those ambitions. Make every dream of your child come true with SBI Life – Smart Champ Insurance which provides benefits for their future educational needs as soon as they turn 18 years of age.
Key Benefits:
#Guaranteed Smart Benefits are payable in 4 equal installments after child attains 18 years of age till he/she turns 21 years of age.
*Immediate payment of sum assured on insured event.
Try our Benefit Illustrator below to get a roadmap for investing in your child's future.
With growing age, your child dreams of the career they want to pursue and look up-to you as a guardian to fulfill those ambitions. Make every dream of your child come true with SBI Life – Smart Champ Insurance which provides benefits for their future educational needs as soon as they turn 18 years of age.
Key Benefits:
- Guaranteed Smart Benefits# to ensure your child's higher educational needs are met
- Triple protection of your child by way of lumpsum payout*, premium waiver and Smart Benefits#
- Convenience to pay one-time or limited premium
#Guaranteed Smart Benefits are payable in 4 equal installments after child attains 18 years of age till he/she turns 21 years of age.
*Immediate payment of sum assured on insured event.
Try our Benefit Illustrator below to get a roadmap for investing in your child's future.
Highlights
Individual Non-linked, Participating life insurance plan
Sunain can ensure her daughter, Tanya, can see her dream become a reality thanks to this child plan.
Enter the required details below to realize the benefits of SBI Life – Smart Champ Insurance.Name Of Parent:
DOB:
Name Of Child:
DOB:
Gender:
Male Female Third GenderChild Gender:
Male Female Third GenderDiscount:
Staff None
Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
or
@ 8%
Features
- Life and Accidental Total Permanent Disability (ATPD) coverage throughout the policy term
- Immediate payment of sum assured and premium waiver in case of an eventuality
- Smart benefits in four equal annual instalments after the child reaches 18 years of age
- Pay one-time premium or limited premium
Advantages
Security
- In case of an eventuality, your family receives a lump sum amount to tide over immediate financial challenges
Reliability
- Your child will receive the plan benefits as you envisaged, without the burden of premium payment
Flexibility
- Option to pay one-time premium or limited premium as per your comfort
Avail tax 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:
+Basic sum assured is absolute amount to be paid on insured event.
#Annualized premium is the premium amount payable in a year chosen by the policyholder,excluding the applicable taxes, underwriting extra premiums and loadings for modal premiums, if any.
&Total Premiums paid / received means total of all the premiums received, excluding any extra premium and applicable taxes.
Option to receive the discounted value of the future due installment(s) plus the terminal bonus, if any, in a lump sum amount at a discounted rate. The discount rate will be 6.25% per annum.
- A lump sum amount equal to higher of Sum Assured on Insured Event or 105% of total premiums received& upto the date of death or ATPD, whichever is earlier, is paid immediately:
- For SP Policy: Sum Assured on Insured Event is higher of Basic Sum Assured + or 1.25 times of Single Premium
- For LPPT: Sum Assured on Insured Event is higher of Basic Sum Assured+ or 10 times of annualized premium#
+Basic sum assured is absolute amount to be paid on insured event.
#Annualized premium is the premium amount payable in a year chosen by the policyholder,excluding the applicable taxes, underwriting extra premiums and loadings for modal premiums, if any.
&Total Premiums paid / received means total of all the premiums received, excluding any extra premium and applicable taxes.
- 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 Basic Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 19 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 20 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus |
| 21 years | 25 % of Basic Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any |
Option to receive the discounted value of the future due installment(s) plus the terminal bonus, if any, in a lump sum amount at a discounted rate. The discount rate will be 6.25% per annum.
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.
For more details on risk factors, terms and conditions of SBI Life – Smart Champ Insurance, read the following documents carefully.
++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
#Upto 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
^Maximum aggregate basic sum assured for all individual policies taken under SBI Life - Smart Champ Insurance
#Upto 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
NW/1P/ver/01/01/22/WEB/ENG
**Assumed rates of returns @4% and @8% p. a. respectively, are only illustrative scenarios at these rates after considering all applicable charges. The bonus rates are assumed constant during the bonus accrual period, where as actual bonus could vary, depending on the investment experience of the Company. These are not guaranteed and they are not higher or lower limits of returns. Returns are dependent on a number of factors including future investment performance.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
*Tax Benefits:
You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details click here. Please consult your tax advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
*Tax Benefits:
You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details click here. Please consult your tax advisor for details.