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SBI Life Smart Champ Insurance Plan
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SBI Life Smart Champ Insurance is an individual, non-linked, participating and children education oriented savings plan. It provides guaranteed smart and assured benefits to support the education of your children in both your presence and absence. These smart benefits are payable in 4 installments when the child turns 18, 19, 20, and 21 years of age. Also, being a participating plan, it provides for vested simple reversionary bonuses and a terminal bonus, if declared.
Moreover, in case of any unfortunate event, the plan waives off all the future premiums to reduce the financial burden on the family. This plan is available with both a single premium payment option and limited payment options to invest in it as per your convenience. During the last 3 years of the policy, you can choose to receive the discounted value of the future smart benefit instalments along with the terminal bonus (if any).
Best Features of SBI Life Smart Champ Insurance
The best features of SBI Life Smart Champ Insurance are as follows -
- Guaranteed Smart Benefit- The plan provides guaranteed smart benefits in 4 equal annual instalments during the last 4 policy years when the child attains the age of 18, 19, 20 and 21 years to help you meet your child’s higher education finances.
- Waiver of Due Premium- In case of any unfortunate event like death or accidental total permanent disability of the life assured, the future premium payments are waived off by the insurer and the policy continues till maturity.
- Bonuses- The plan provides 3 types of bonuses namely simple reversionary annual bonus, simple reversionary bonuses, and a terminal bonus (subject to declaration) to maximise your investment corpus.
- Policy Loans- You can avail policy loans of up to 90% of the surrender value, except in the last 3 policy years. Currently, these loans are available at an interest rate of 7.75% p.a. Compounded half-yearly.
- Large Sum Assured Discount- The plan provides discounts of up to INR 11 per INR 1,000 basic sum assured on policies featuring a basic sum assured of INR 2 Lakh and more.
- Paid-Up Policy Benefit- If you fail to pay the premium after the payment of the first 2 years’ premiums, then the policy will get converted into a reduced paid-up policy with reduced benefits.
- Policy Revival- A lapsed or reduced paid-up policy can be revived within 5 consecutive years starting from the date of the first unpaid premium.
Benefits of SBI Life Smart Champ Insurance
Following are the key benefits offered by SBI Life Smart Champ Insurance to its investors -
1. Survival Benefit
In case of survival of the life assured till the completion of the policy term, the smart benefit is payable as the survival benefit in 4 equal annual instalments at the end of each of the last 4 policy years. Each instalment consists of 25% of the basic sum assured and 25% of the vested simple reversionary bonuses (if declared). Terminal bonus (if any) is paid along with the last instalment of the smart benefit.
2. Insured Event Benefit
In the case of an unfortunate death or accidental total permanent disability of the life assured, the nominee is entitled to receive the higher of the following as the benefit -
- Basic sum assured
- 1.25 times of the annualised premium (in case of single premium policy) or 10 times of annualised premium (in case of limited premium payment term policy)
- 105% of the total premiums paid till the date of death
In addition to the above, all the future premiums will be waived off and the policy will continue till accrued bonuses (if any) till maturity. All the due smart benefits shall be payable along with the terminal bonus (if any) in the last policy year.
SBI Life Smart Champ Insurance Eligibility
SBI Life Smart Champ Insurance comes with the following eligibility conditions -
Eligibility Criteria For SBI Life Smart Champ Insurance Plan
|Minimum Age at Entry|
Life Assured- 21 years
Child- 0 years
|Maximum Age at Entry|
Life Assured- 50 years
Child- 13 years
|Minimum Age at Maturity|
Life Assured- 42 Years
Child- 21 years
|Maximum Age at Maturity|
Life Assured- 70 years
Child- 21 years
|Policy Term||21 minus child's age at entry|
|Premium Payment Term (PPT)||18 minus child’s age at entry|
|Premium Payment Frequency||SinglePremium/ Yearly/ Half-yearly/ Quarterly/ Monthly|
|Minimum Premium Amount|
|Maximum Premium Amount||No limit, subject to underwriting|
|Minimum Basic Sum Assured||INR 1 Lakh|
|Maximum Basic Sum Assured||INR 1 Crore, subject to underwriting|
SBI Life Smart Champ Insurance Review
SBI Life Smart Champ Insurance is a savings plan specifically designed to financially support the education expenses via its guaranteed smart benefits. One of the notable features of the plan is its insured event benefit, which pays out a guaranteed sum even in the case of accidental total and permanent disability (ATPD). This feature eliminates the need for opting additional riders to secure your family during unfortunate events.
Additionally, the plan provides the facility of policy loans to help you meet sudden and emergent financial needs, without liquidating your assets.
SBI Life Smart Champ Insurance plan can be shortlisted by individuals looking for age specific educational benefits for their children along with large sum assured rebate and reduced paid-up policy benefit.
SBI Life Smart Champ Insurance FAQs
What is the grace period under the plan?
The plan offers you a grace period of 30 days for all premium payment modes other than monthly mode and of 15 days for the monthly mode from the date of the first unpaid premium.
How much discount can be availed on large sum assured policies?
The policy provides for a large sum assured discount for policies with a basic sum assured of INR 2 Lakh and more in the following manner -
Basic Sum Assured (BSA)
Rebate per INR 1,000/- Basic Sum Assured
LPPT Policies * SP Policies**
INR 2 Lakh - INR 3 Lakh
INR 3 Lakh- INR 5 Lakh
More than INR 5 Lakh
*Limited Premium Payment Term policies. ** Single Premium policies.
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