When it comes to the study of children, then no parent wants to compromise. They want to make the best investment for the education of children. Want to know about the best child plan or best policy for children’s education. SBI Life’s Smart Champ Insurance Plan is such a best insurance policy for your child. Know more about this plan and see if you should invest in this plan.
The SBI Life Smart Champ Insurance plan offers insurance protection to the policyholder as well as a nominator for the death of the policyholder and also the Accidental Total Permanent Disability (ATPD). Insurance protection is available throughout the whole policy term. However, the nominee has to be a kid whose forthcoming you demand to safeguard.
The minimum rudimentary sum guaranteed under the policy is INR 100000/- though the maximum sum is up to INR 1 crore. So, the SBI Life Smart Champ Insurance plan can be repaid within 15 days to 30 days, in case you aren’t happy with the terms and conditions of your plan.
- In this SBI smart champ insurance plan, the payouts are entirely based on the child’s age
- You will get regular modest reversionary extras from this SBI life smart champ Insurance plan
- There are premium waiver advantages under the insurance plan
- Under the Smart Champ SBI Insurance plan, the Accidental Total Permanent Disability (ATPD) coverage is also available.
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It is very important to go through the terms & conditions of the insurance plan before purchasing it.
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Key Features Of The SBI Life Smart Champ Insurance Plan:
Here are the key features of the SBI life smart champ Insurance plan given below:
- The plan type is a non linked participating policy for an individual only.
- The sum assured under the SBI life smart champ insurance plan is minimum INR 100000/- to maximum INR 1 crore
- The term of the policy is 21 years (excluding the entry age of your child)
- You can pay your premium annually, half-yearly, quarterly, monthly or single as per your choice.
- One can revive the policy within 2 years of the policy’s lapse
The SBI Life Smart Champ Insurance Plan is for individuals only.
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Benefits Of The SBI Life Smart Champ Insurance Policy
The SBI Life Smart Champ policy provides the following benefits to its policyholders. Check out the benefits of the SBI life smart champ plan carefully:
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One can avail of the triple security with the SBI Life Smart Champ Insurance Policy if any disastrous event takes place for the period of the policy’s term. Then, the policy will offer these reimbursements:
Instant Sum, Waiver of the due Premium and the Smart Paybacks. The Instant Premium alternative offers the rudimentary sum guaranteed and when some disastrous thing happens to live insured.
The Premium alternative confirms that the policyholder’s family isn’t exploited with dues in their absence. Henceforth, all the future payments are waived in this policy. The policy provides guaranteed Smart Paybacks in 4 equivalent repayments when your child turns 18 years old.
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This SBI Life Smart Champ Insurance plan provides survival profits. The policyholder of this scheme will obtain Smart Profits as the survival profits at the close of the policy term.
This SBI Life Smart Champ scheme provides death profits in case of the Accidental Total Permanent Disability (ATPD) or the death of the life insured, whichever is earlier. The strategy provides either the rudimentary sum guaranteed or 105% of all the payments till the death of the policyholder as the death paybacks.
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This SBI Life Smart Champ Insurance scheme gives maturity profits provided the strategy continues till the close of strategy term. To gain these maturity profits, the plan should be “in –force”.
The SBI Life Smart Champ plan approach offers a ton of adaptabilities as far as paying premiums. You can pick between the Single Premium approach and Limited Premium Payment Policy according to your comforts. In light of your decision, you can either pay a one-time premium and constrained premium installment.
The SBI Life Smart Champ scheme gives accrued extras and terminal extras (if any) at the conclusion of each policy year or each financial year.
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There is a tax benefit under section 80C of the income tax Act, you will collect income tax paybacks by buying the SBI Life Smart Champ Insurance scheme. But, these profits are all subject to modification as per the modifications in the Indian laws of tax.
What Are The Exclusions Of The SBI Life Smart Champ Plan?
- For the accidents, disability rider due to drug abuse, infection, war or civil commotion, self-inflicted injury, aviation, criminal acts, etc. will be excluded under the plan
- In the case of suicide within 12 months of the policy inception, @80% of the premiums paid will be paid to its nominee.
Just like other insurance policies available in the market, the SBI Life Smart Champ Insurance scheme comes with a handful number of benefits with it.
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FAQ Regarding The SBI Life Smart Champ Plan:
Here we have provided the most frequently asked questions and their answers regarding the SBI Life Smart Champ Plan. Check out the FAQ below:
Q. What is the Entry Age of SBI Life Smart Champ plan?
A. The minimum entry age of the policyholder is 21 years and the maximum entry age is 50 years.
For Child, there is no minimum age limit and the maximum age limit of the child is 13 years.
Q. What is the Maturity Age of SBI Life Smart Champ plan?
A. For the policyholder, there is no minimum age limit for maturity age and the maximum maturity age is 70 years
For the child, there is no minimum age limit and the maximum age is 21 years.
Q. What Is the Policy Term Of the SBI Life Smart Champ plan?
A. The policy Term i.e. PT of SBI life insurance smart champ is a minimum of 21 years for the child’s entry age.
Q. What is the Premium Paying Frequency option in the SBI Life Smart Champ plan?
A. There is a total of 5 premium paying frequency options available. These are single, monthly, quarterly, half-yearly & yearly
Q. What is the amount of single pay yearly premium in the SBI Life Smart Champ plan?
A. For the single pay yearly premium, you will have to pay minimum INR 66,000.
Q. What is the amount of yearly premium in the SBI Life Smart Champ plan?
A. The yearly or annual premium of SBI champ is minimum INR 6000
Q. What is the amount of Half-yearly premium in the SBI Life Smart Champ plan?
A. The yearly premium is minimum INR 3000
Q. What is the amount of quarterly premium in the SBI Life Smart Champ plan?
A. The half-yearly premium is minimum INR 1,500.
Q. What is the amount of monthly premium in the SBI Life Smart Champ plan?
A. The yearly premium is a minimum INR 500.
Q. What is the sum assured for SBI Life Smart Champ plan?
A. The sum assured is a minimum of 1 lakhs to a maximum of 1 crore depending on the premium you paid.
Q. What Is The Grace Period Of the SBI Life Smart Champ Plan?
A. The grace period is 15 days for the monthly mode of premium payment.
And for other modes, the grace period of this SBI life plans is 30 days.
Q. What if I fail to make my payment within the grace period?
A. If you fail to make the payment within the given grace period, then your policy will lapse.
Q. Can I surrender for the SBI Life Smart Champ plan?
A. YES… you can but after completing 2 years of the policy in case of the limited pay.
Or You can surrender anytime if your policy is of single pay.
Q. What is Free Look Period?
A. The Free Look Period system allows the policyholder to cancel the SBI life insurance plan within 15 days of receiving the receipt and policy documents.
So, if you are not pleased with the coverage provided by the insurance policy then you can go for the Free Look Period.
Q. Is there any loan available in the SBI Life Smart Champ Plan?
A. YES… loans are available under the SBI Life Smart Champ plan.
Q. How much can I avail through SBI Life Smart Champ Loan?
A. You can avail 90% of your surrender value through the SBI Life Smart Champ loan
Q. What is the Documents required for the SBI Life Smart Champ Plan?
A. Policyholder’s address proof, medical history, and other KYC documents are needed for SBI Life Smart Champ Plan.
Q. Is any Medical check-up required for the SBI Life Smart Champ Plan?
A. Not always. However, depending on the age of the policyholder and the sum assured you may have to go through medical check-up.
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