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Product Information
Child Plans SBI Life - Smart Champ Insurance
Synopsis:
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SBI Life - Smart Champ Insurance, an Individual Non-linked, Participating life insurance plan, is designed to protect your child’s future educational needs. SBI Life - Smart Champ Insurance is designed to meet your objectives and concerns as a parent - saving for your child’s education and securing their bright future against the uncertainties of life.

Features:

  • Education Needs: Guaranteed (Conditions Apply##) Smart Benefits are payable in four equal annual installments after the child attains 18 years of age till he/she turns 21 years of age.
  • Triple protection for your child, in case of an unfortunate insured event any time during the term of the policy which is in-force:
  • Immediate Payment: Sum assured on insured event is payable as a lump sum on the occurrence of the insured event.
  • Waiver of Due Premium: To ensure that your family is not financially burdened in your absence, all the future premium installment(s), if any, will not be required to be paid under the policy. The policy continues to accrue bonuses, if applicable.
  • Smart Benefit: Due installment(s) of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.
Eligibility:
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Age at Entry Life Assured
Min: 21 years
Max: 50 years
Child Min: 0 years
Max: 13 years
Maximum Age** at Maturity Life Assured 70 years
Child 21 years
Basic Sum Assured Min: Rs.1,00,000 (× 1,000/-)
Max^: Rs. 1 Crore
Policy Term 21 minus Child’s Age at entry
Premium Payment Term for LPPT Policy 18 minus Child’s Age at entry
Premium Frequency Single Premium / Yearly / Half-yearly / Quarterly / Monthly
Premium Frequency Loading Half-Yearly: 52.0% of annual premium
Quarterly: 26.5% of annual premium
Monthly: 8.9% of annual premium