SBI Life – Smart Champ Insurance is designed to safeguard the educational needs of a child in the future. The benefits are assured with this life insurance plan. It is sure to meet the objectives of parents as they can secure the bright future of their child, regardless of the uncertainties of life.
SBI Life – Smart Champ Insurance offers insurance cover to the policyholder where he is assured of this cover throughout the policy term, for accidental total permanent disability or even death. The contingent benefit on the occurrence of some event is paid to the beneficiary. In addition, the nominee must be a child at the point of sale so that your interest is to safeguard the child’s future. This policy accrues bonuses at every year end till the child attains 18 years and also a final terminal bonus.
SBI Life – Smart Champ Insurance-Key Features:
- Meets Education Requirements: As the child attains 18 years she or he gets annual installments up to 21 years, which means the last 4 policy years. The Smart benefits are received by the child as 1st installment on completing 18 yrs, the 2nd on completing 19 yrs, 3rd on completing 20 yrs and 4th on his 21st Each installment will be 25% of the assured basic sum and 25% of the vested reversionary bonuses. In case, there is a Terminal bonus, it will be paid with the Smart benefits last installment. This ascertains meeting the educational requirements of a child.
- Triple Protection: In case, during the SBI life insurance child plan smart scholar policy term when it is in force, there is an unfortunate event, the first protection is the immediate payment done. The sum assured is payable on the occurrence as a lump sum on the insured event. The second protection is your family is free of burden such that all the premium installments if any, to be paid is in balance, is waived. In fact, the policy accrues continuing with bonuses if applicable. The third protection is the Smart Benefit where the smart benefits are paid in due installments. Likewise, the Terminal bonus, if any is also paid with the last installment.
SBI Life – Smart Champ Insurance Details
- Life Assured is for 21 yrs minimum and 50 yrs maximum. For a child 0 to 13 years.
- Life Assured is for 70 years and for a child it is 21 years
- Minimum sum assure is 1,00,000 to Rs. 1 crore
- Premium can be paid as single premium/half-yearly/yearly/ quarterly/ monthly
- The aggregate maximum basic sum assured for all SBI Life – Smart Champ Insurance policies include:
- Premium to be paid in advance is for 3 months and the renewal premium payment is done as per standing instructions or ECS.
- 2 months premium is to be paid in advance for monthly salary saving scheme and the renewal premium payment is done only via salary deduction.
SBI Life – Smart Champ Insurance:Tax Benefit:
- Tax benefits are available under Section 80C.
- Under Section 10(10D) tax exemption is available at the maturity time, with the restriction that the premium does not exceed the basic sum assured to 10%.
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