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Launch Date Product Code UIN Status
22/6/2016 1P 111N098V02 Active

About SBI Life Smart Champ

The SBI Life Smart Champ plan is a participating life insurance policy that aims to protect the educational needs of the policyholder’s child. The child is the nominee while the parent is the proposer under this plan. Apart from offering assured benefits, the plan accumulates bonuses every year until the child turns 18.

Before we get into details, let’s first get a bird’s-eye view of the plan.

Modes of Payment

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly
  • Single Premium

Claim Settlement Ratio of the Insurer

96.69%

USPs of the Policy

  • Security to child’s education in case of uncertainties like death or accidental disability
  • Flexible premium payment
  • Premium waiver benefit

Bonus Rate

  • 2.75% reversionary and interim bonus for regular premium plans
  • 3.25% reversionary and interim bonus for single premium plans

Illustration with Premium of INR 1 lakh

At INR 1,00,000 premium and for a policy term of 21 years, the beneficiaries stand to receive INR 24,86,000 (at 4% RoR) and INR 34,59,000 (at 8% RoR) as the maturity benefit while the death benefit received by the nominee will be INR 19,59,000.

How Does the Plan Work?

Under the SBI Life Smart Champ policy, the proposer (parent) first selects a nominee (child) whose educational future they wish to secure. While the minimum basic sum assured is INR 1 lakh, the maximum can go up to INR 1 crore. As soon as the policy commences, the beneficiaries are entitled to the following benefits:

Death Benefit

In case of death or accidental total permanent disability (ATPD), depending on which is earlier, a lump sum benefit shall be paid to the beneficiary. This lump sum amount will be the higher of either the basic sum assured or 105% of all premiums paid till death.

Maturity Benefit

Maturity benefit is provided under this plan as long as the policy continues till the end of the policy term.

Premium Waiver Benefit

The future premiums will be waived off in case of death or accidental disability while the policy will continue to accumulate bonuses.

Smart Benefits

Instalments due shall be paid as smart benefits and terminal bonus (if any) shall be paid along with the last due instalment.

Riders and Add-ons

No riders and add-ons are available under SBI Life Smart Champ policy.

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Bonus History

Company Name : SBI Life Insurance

Plan Name : Smart Champ Insurance

BonusYear RevBonus InterimBonus MinPPT MinPT MaxPT
2014-15 2.50% 2.50% Regular Pay 8 11
2014-15 2.50% 2.50% Regular Pay 12 16
2014-15 2.50% 2.50% Regular Pay 17 21
2014-15 2.50% 2.50% Single Pay 8 11
2014-15 2.50% 2.50% Single Pay 12 16
2014-15 2.50% 2.50% Single Pay 17 21

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Why Should You Buy This Plan?

The SBI Life Smart Champ policy provides peace of mind to parents by financially securing their child’s educational future in addition to providing decent returns on investments in the form of maturity benefits.

Who Should Buy This Plan?

An Indian individual in the age bracket of 21 to 50 years can buy the SBI Life Smart Champ for a child who is 0 to 13 years of age.

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. It continues to offer a wide range of life insurance and pension products at economical prices.

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