SBI Life Smart Champ Insurance Plan : Every parent tries to provide the best for their kids, even if it means sacrificing things themselves. With the rising cost of education in India, it is important to start saving to meet the rising costs. Seeing your children fulfill their dreams provides incomparable joy, but if something unfortunate happens to the parents, all these dreams can remain just that, dreams. That’s why it’s important to invest in an insurance plan that secures the future of our loved ones.
When it comes to the education of children, no parent wants to compromise. They want to make the best investment for their children’s education. Want to know about the best child plan or the best policy for children’s education. SBI Life’s Smart Champ Insurance Plan is one of the best insurance policies for your child. Know more about this plan and see whether you should invest in it.
SBI Life Smart Champ Insurance Plan
SBI Life’s Smart Champ Insurance Policy is a non-linked life insurance plan that aims to provide financial support to meet any of the child’s needs. This policy offers assured benefits, wherein the policyholder is protected under life insurance, ensuring that lack of finances does not hinder the dreams of his children.
SBI Smart Champ Policy Details
SBI Life Smart Champ Insurance Plan is an individual non-link participating life insurance plan offered by SBI-Life Insurance Company. This plan is specifically designed keeping in mind the educational needs of your child and the uncertainties that lie ahead. With the help of this plan, you can ensure the bright future of your child along with saving for their future education.
This plan offers assured benefits that are paid irregularly over the policy term. Being a participating plan, SBI Life Smart Champ Insurance Plan collects bonuses at the end of every policy year until the child completes 18 years.
SBI Life Smart Champ Insurance Plan is designed to protect the future educational needs of your child. In this plan, the parents will be the payees and the child with the life assured will be the nominee. The plan offers assured benefits and since it is a participating plan, it will accumulate bonuses at the end of each policy year, until the child turns 18 years of age.
SBI Life Smart Champ Insurance Plan provides insurance protection to the policyholder as well as the nominee in the event of death of the policyholder and Accidental Total Permanent Disability (ATPD). Insurance coverage is available throughout the policy term. However, the nominee must be a child for whom you seek protection.
The guaranteed minimum initial amount under the policy is Rs. Rs.100000/- however the maximum amount is Rs. Up to Rs 1 crore. So, if you are not happy with the terms and conditions of your plan, the SBI Life Smart Champ Insurance Plan payment can be withdrawn within 15 days to 30 days.
SBI Life Smart Champ Insurance Plan Features
The main features of this plan are:
- Education Expenses – Guaranteed Smart benefits are paid in four equal installments from the time the child attains 18 years of age till he/she reaches 21 years, i.e. at the end of each of the last four policy years .
- Immediate Payout – In case of death of the policyholder, the sum assured is paid as a lump sum on the insured event.
- Waiver of premium due – In case of death of the policyholder, all future premium installments will be waived by the insurer and the policy will continue to exist and earn bonuses as applicable.
- Smart Benefits – Terminal Bonus, if any, will be paid.
Why you should buy SBI Life Smart Champ Insurance Plan?
In this current day and age, it is important to plan for our future, because life can be unpredictable. This plan is a must for individuals who are keen to protect their children while ensuring that their dreams are not compromised due to any unexpected events. Not only does this plan offer benefits to ensure that the child’s future is not compromised, but it also earns bonuses, which helps the investments keep pace with inflation.
The policy is easy to buy and maintain, it is possible to customize it according to individual needs. Additionally, SBI Life Insurance is one of the largest private insurance companies in the country with a high claim settlement ratio of 93.39% (as on 2015-2016), highlighting its dedication to honoring commitments.
Other Key Features of SBI Life Smart Champ Insurance Plan
- Grace period: 30 days if premium is paid quarterly, annually or half yearly. 15 days if premium is paid monthly.
- Free Look Period: Policies purchased through distance marketing can be refunded within 30 days from the date of purchase. Policies bought through other means have a free look period of 15 days. Revival A policyholder can revive a lapsed policy by paying all due amounts within two years of the first missed payment. Revival is subject to certain terms and conditions, and is at the sole discretion of the Company.
- Loan: A policyholder can avail loan facility, provided the policy has attained the surrender value. Maximum loan amount is equivalent to 90% of the surrender value.
- Discount on higher sum assured: Discounts are offered.
Read Also
- What is the Meaning of Term insurance? Types, Features (5 Big Benefits)
- SBI Life RiNn Raksha Policy: Review, Benefits and Details
- SBI Life Smart Humsafar Plan: Review, Features(5 Big Benefits)
- SBI BPCL Credit Card Benefits ( 9 benefits)
- SBI Life Shubh Nivesh Plan: Review, Eligibility and Benefits
SBI Life Smart Champ Insurance Plan FAQS
Why should you buy SBI Life Smart Champ Insurance Plan?
SBI Life Smart Champ Policy provides peace of mind to parents by financially securing their child’s educational future apart from providing good returns on investment in the form of maturity benefits.
Who should buy this Smart Champ plan of SBI?
An Indian individual in the age group of 21 to 50 years can purchase SBI Life Smart Champ for a child in the age group of 0 to 13 years.
What is the entry age for SBI Life Smart Champ plan?
Minimum entry age of the policyholder is 21 years and maximum entry age is 50 years.
For the child, there is no minimum age limit and the maximum age limit of the child is 13 years.
What is the maturity age of SBI Life Smart Champion Plan?
For the policyholder, there is no minimum age limit for the maturity age and the maximum maturity age is 70 years. There is no minimum age limit for child and maximum age is 21 years.