(UIN - 111N098V03)
Why SBI Life - Smart Champ Insurance Plan?
SBI Life - Smart Champ Insurance, an Individual, Non-linked, Participating, Life insurance savings product. It is designed to
protect your child's future educational needs and to meet your objectives and concerns as a parent, i.e., saving for your child's
education and securing their bright future against the uncertainties of life.
• Child's Education Planning: Planning for your child's higher educational needs through Guaranteed (Conditions Apply#)
Smart Benefits.
• Protection: In case of happening of any unfortunate insured event, provides financial support to meet the needs of child
and the family.
• Tax Savings*: As per prevailing norms under the Income Tax Act, 1961.
Key Features
• Guaranteed (Conditions Apply#) Smart Benefits, are paid in four equal annual installment(s) after the child completes 18,
19, 20 and 21 years of age.
+
• Smart Benefits consist of Basic Sum Assured plus vested simple reversionary bonuses in four equal installment(s).
Terminal bonus, if any, will be paid along with the last installment(s) of Smart Benefits.
• Triple protection for your child, in case of an unfortunate insured event (Death or ATPD {Accidental Total Permanent
Disability} of parent {life assured}, whichever is earlier) any time during the term of the policy which is in-force:
Ø Immediate Payment: Sum assured is paid as a lump sum.
Ø Waiver of Due Premium: All the future premium installment(s), if any, will not be required to be paid.
Ø 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
• Option to pay one-time premium (Single Premium Policy - SP Policy) or limited premium (Limited Premium Payment Term
Policy - LPPT Policy).
*Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
#
For In-force Policies
+
Basic sum assured is absolute amount to be paid on insured event
ILLUSTRATION
Particulars:
Life Assured Age: 30 years Plan Type: Limited Policy Term: 21 Years
Child's Age: 0 years Premium Payment Term - Yearly Premium Payment Term: 18 Years
Basic Premium: ` 51,790 p.a. Basic Sum Assured: ` 10,00,000
(Premium exclusive of
Applicable Taxes)
Policy Term = 21 Years
Life Cover Continues throughout
Premium Payment Term = 18 Years Payout Term
Age of
Child Smart Benefits^^ Instalment @4%:
- First 3 years: ` 3,08,500
0 ` 51,790 p.a for 18 Years 18 19 20 21 - Last year: ` 3,43,600
Years Years Years Years Years
OR
Smart Benefits^^ Instalment @8%:
Smart Benefits payable at end of year - First 3 years: ` 4,16,500
- Last year: ` 5,16,400
^^ Smart Benefit figures are for illustrative purposes & for healthy life. Please note that the above mentioned assumed rates of returns @4% and @8%
p. a. respectively, are only illustrative scenarios at these rates after considering all applicable charges. The bonus rates are assumed constant during
the bonus accrual period, where as actual bonus could vary, depending on the investment experience of the Company. These are not guaranteed and
they are not higher or lower limits of returns. Returns are dependent on a number of factors including future investment performance. For more
information, please request for your policy specific benefit illustration.
SBI Life – Smart Champ Insurance at a Glance:
Age** at Entry Life Assured
Min: 21 years Max: 50 years
Child
Min: 0 years Max: 13 years
Age** at Maturity Life Assured
Min: 42 years Max: 70 years
Child
21 years
Basic Sum Assured Min: `1,00,000 (x 1,000/-) Max^: ` 1 crore, subject to board approved
underwriting policy
Policy Term 21 minus Child's Age** at entry
Min: 8 years Max: 21 years
Premium Payment Term for 18 minus Child's Age** at entry
LPPT Policy Min: 5 years Max: 18 years
Premium Frequency Single Premium / Yearly / Half-yearly / Quarterly / Monthly
Premium Frequency Loading Half-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium
Minimum / Maximum Premium Premium Payment Minimum Premium (`)
Mode (excluding Applicable Taxes)
Monthly 500
Quarterly 1,500
Half-Yearly 3,000
Annual 6,000
Single 66,000
Maximum Premium: Based on the maximum basic sum assured, as per the
Board Approved Underwriting Policy.
**All the references to age are age as on last birthday.
^ Maximum aggregate basic sum assured for all individual policies taken under this product
Prohibition of Rebates:
Section 41 of Insurance Act 1938, as amended from time to time, states:
a) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an
insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any
rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such
rebate as may be allowed in accordance with the published prospectus or tables of the insurer.
b) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.
(UIN - 111N098V03)
Toll Free: 1800 267 9090 (Between 9 am to 9 pm) | Visit us at: [Link] | SMS: “CELEBRATE” to 56161 | E-mail: info@[Link]
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS!
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone
calls are requested to lodge a police complaint.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Trade logo displayed above
belongs to State Bank of India and is used by SBI Life under license. SBI Life Insurance Company Limited. Registered & Corporate Office: Natraj,
M. V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069 | IRDAI Regn. No.111 | CIN: L99999MH2000PLC129113.
[Link].01-11-19 SP ENG
