SBI Life Insurance Company is one of the reputed and reliable insurance companies in the market. This company has different types of insurance. SBI Life Smart Champ Insurance is one of the best products of this company. With this policy, you can give your child a great career in the future.

Features of SBI Life Smart Champ Insurance:

1. This policy provides coverage in case of total permanent disability (life and accidental), throughout the term of the policy

2. Premium Waiver and sum assured is paid immediately in case of an eventuality

3. When your child becomes 18 years old, smart benefits are available in 4 installments in equal amount annually

4. You have the option of paying the premium one time or limited

SBI life Smart Champ

Advantages of this Insurance:

1. This policy provides excellent security. If eventuality occurs, your family will get a lump sum amount for overcoming the financial challenges

2. It is 100% reliable. Your child will get the benefits of the plan. There will be no burden of premium payment

3. This policy is flexible in nature. You have the option of paying the premium one time or limited

4. Tax benefits are available

Eligibility of this Insurance

Entry age Minimum age of the life insured- 21 years Maximum age of the life insured-50 years Minimum age of the child- 0 years Maximum age of the child- 13 years
Maturity age Minimum age of the life insured- 42 years Maximum age of the life insured-70 years Age of child-21 years
Term of policy (21-child’s entry age) Minimum age- 8 years Maximum age- 21 years
Term of premium payment ( for LPPT policy) (18-child’s entry age) Minimum age- 5 years Maximum age- 18 years
Frequency of premium The premium can be single Or can be monthly or yearly or quarterly or half-yearly
Assured Sum Minimum Rs 1 lakh x Rs 1 thousand Maximum- Rs 1 crore  

Benefits of SBI Life Smart Champ Insurance:

For accidental death or unpredictable death, a lump sum amount will be given to the insurance holder party which is approximately 105% of basic premium.

When the child will be 18 years of age, he will get 25% of the sum assured (basic) along with 25% of vested simple reversionary bonus

When the child will be 19 years of age, he will get 25% of the sum assured (basic) along with 25% of vested simple reversionary bonus

When the child will be 20 years of age, he will get 25% of the sum assured (basic) along with 25% of vested simple reversionary bonus

Conclusion: Here I discussed the details about the SBI Life Smart Champ Insurance. This will help you in comparing it with other child education plans

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