SBI Life - Smart Champ Insurance | One of the best Child Insurance Policy
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SBI Life - Smart Champ Insurance

UIN: 111N098V02

Product Code: 1P

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Turn your champ's dreams into reality.

  • Payouts based on your child's age
  • Premium waiver benefit
  • Regular simple reversionary bonuses
  • Accidental Total & Permanent Disability coverage
Individual Non-linked, Participating life insurance plan

Education provides the much-needed skills required to navigate the world. Have you started planning for your child’s higher education?

SBI Life - Smart Champ Insurance, a traditional participating child insurance plan, helps in securing your child's educational needs. Enjoy smart benefits through four equal annual installments after your child turns 18 years of age.

This plan offers an array of benefits, including –
  • Security – to ensure your family is financially protected
  • Reliability – to secure your child's future
  • Flexibility – to choose the premium payment option

Try our Benefit Illustrator below to get a roadmap for investing in your child's future.

Highlights

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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

J & K Resident

Yes No

Discount:

Staff None

Let's finalize the policy duration you are comfortable with...

Policy Term

8 21

Payment Term Option

5 18

A little information about the premium options...

Premium Frequency

Sum Assured

1,00,000 1,00,00,000

Reset

Sum Assured


Premium frequency

Premium amount
(excluding taxes)


Premium Payment Term


Policy Term


Maturity Benefit Exclaim

At assumed rate of returns** @ 4%


or
@ 8%

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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:
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
    *Annualized 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

Option to receive the discounted value of the future due installment(s) plus the terminal bonus, if any, in a lump sum amount during the last 3 policy years.
 

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 here. 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.

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
#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

1P.ver.03-10/17 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:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
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 here. Please consult your tax advisor for details.

Call us toll free at

1800 22 90 90(Available from 9:00 am to 9:00 pm everyday)

E-mail us at

info@sbilife.co.in