Smart Champ Insurance | Child Insurance Policy in India
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SBI Life - Smart Champ Insurance

UIN: 111N098V03

Product Code: 1P

Child Insurance Plan

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
An Individual, Non-linked, Participating,Life insurance savings product

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, an individual, non-linked, participating, life insurance savings product, 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

SBI Life – Smart Champ Insurance

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 Gender

Child Gender:

Male Female Third Gender

Discount:

Staff None

Kerala Resident:

Yes No

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 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
 

1P.ver.01-11-19 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. You may visit our website for further details here. Please consult your tax advisor for details.

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1800 267 9090(Available from 9:00 am to 9:00 pm everyday)

E-mail us at

info@sbilife.co.in