SBI Life Smart Champ Insurance Plan

SBI Life Smart Champ Insurance is a non-linked participating life insurance plan, designed to protect your child’s future educational needs. In this plan, the parent will be the payer and life insured the child would be a nominee. The plan offers assured benefits and since its participating plan, it will accumulate bonus at the end of the every policy year, till the child turns 18.

Key Features

  • Guaranteed Smart Benefits are payable in 4 equal annual installments after the child attains 18 years of age Future premiums are waived off on death of the policyholder and the policy continues to accrue bonuses Flexible premium paying Term.

Benefits

  • Death benefit
In the event of death or ATPD, whichever is earlier, a lump sum benefit is paid.
  • Income Tax benefit
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C.

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 21 50
POLICY TERM - 21
AGE OF MATURITY - 70
SUM ASSURED 1,00,000 1,00,00,000
PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

What if?

  • I am unable to pay on time
If the premium is not paid within 30 days from the date of due date, the policy lapses. The policy can be revived within 2 years from the date of first unpaid premium and the benefits would attached to the policy will commence.
  • I stop the payment
The policy can be surrendered after 3 years of policy, as it would have acquired some value to be paid off at the time of surrender. On surrender, higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be paid.

Exclusions

  • If the life assured commits suicide within one year from the risk commencement date then the policy will be void and no death benefit will be payable. An amount equal to 80% of the premiums paid will be payable to the nominee in case of suicide within one year from the risk commencement date provided the policy is in force. The Accidental total and permanent disability benefit will not be payable if the life Assured is under: Drug abuse, Criminal acts, War and civil commotion, nuclear contamination, Hazardous sports and pastimes.