SBI Life Smart Champ
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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.
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Modes of Payment |
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Claim Settlement Ratio of the Insurer |
96.69% |
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USPs of the Policy |
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Bonus Rate |
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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.
COMPARE & BUY SIMILAR PLANS
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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