Sunday, December 30, 2018

SBI Life - Smart Champ Insurance Plan (English)

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About SBI Life - Smart Champ Insurance

SBI Life - Smart Champ Insurance has assured benefits which are payable during the term of the policy. In addition, it is a participating policy and will accrue bonuses at the end of every policy year till the child completes 18 years of age and a final Terminal bonus, if any.

SBI Life - Smart Champ Insurance provides the insurance cover to the proposer, who will be the life assured and the policyholder, for death and Accidental Total Permanent Disability (ATPD) throughout the term of the policy. The ATPD benefit is accelerated, hence the insured event is death or ATPD, whichever is earlier. On occurrence of the insured event, the contingent benefits are payable to the beneficiary and the insurance cover will cease thereafter. The nominee at the point of sale must be a child whose interest you want to protect.

Introduction:

SBI Life - Smart Champ Insurance, an Individual Non-linked, Participating life insurance plan, is designed to protect your child’s future educational needs. SBI Life - Smart Champ Insurance is designed to meet your objectives and concern as a parent - saving for your child’s education and securing their bright future with the uncertainties of life.



Key Features: 
 

Education Needs: Guaranteed (Conditions Apply##) Smart Benefits are payable in four equal annual installments after the child attains 18 years of age till he/she turns 21 years of age, i.e. at the end of each of last 4 policy years. 1st installment, 2nd installment, 3rd installment and last installment of Smart Benefits are payable at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age respectively. Each installment of Smart Benefits will consist of 25% of the basic sum assured and 25% of the vested simple reversionary bonuses. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits. This ensures your child’s higher educational needs are met.
Triple protection for your child, in case of an unfortunate insured event any time during the term of the policy which is in-force:
Immediate Payment: Sum assured on insured event is payable as a lump sum on the occurrence of the insured event.
Waiver of Due Premium: To ensure that your family is not financially burdened in your absence, all the future premium installment(s), if any, will not be required to be paid under the policy. The policy continues to accrue bonuses, if applicable.
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 regular premium (Limited Premium Payment Term Policy - LPPT Policy).
Option to receive the discounted value of the future due installment(s) of Smart Benefits plus the terminal bonus, if any, in a lump sum amount during last 3 policy years.
##For inforce policy


SBI Life - Smart Champ Insurance at a Glance : 

Age** at Entry
Life Assured
Min: 21 yearsMax: 50 years
Child
Min: 0 yearsMax: 13 years
Maximum Age** at MaturityLife Assured70 years
Child
21 years
Basic Sum Assured
Min: Rs.1,00,000 (× 1,000/-)Max^: Rs. 1 Crore
Policy Term21 minus  Child’s Age at entry
Premium Payment Term for LPPT Policy18 minus Child’s Age at entry
Premium FrequencySingle Premium / Yearly / Half-yearly / Quarterly / Monthly#
Premium Frequency LoadingHalf-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium
Minimum / Maximum Premium
Premium Payment ModeMinimum Premium (Rs.)
Monthly500
Quarterly1,500
Half-Yearly3,000
Annual6,000
Single66,000

Maximum Premium : Based on the basic sum assured
**All the references to age are age as on last birthday.

^Maximum aggregate basic sum assured for  all individual policies taken under this product

# 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card)

For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction

Premium mentioned in the above table is excluding applicable taxes
  
Benefits: 
 

In the unfortunate event of death or ATPD, whichever is earlier, during the policy term, the following benefits are payable, provided the policy is in-force:
A lump sum amount immediately:
For SP Policy: The amount of benefit is Sum Assured.
Where Sum Assured is higher of Basic Sum Assured or a multiple of Single Premium; where multiple is:
Policy TermAge at entry of Life Assured less than 45 yearsAge at entry of Life Assured 45 years or more
All terms1.251.10
  •
For LPPT: The amount of benefit is Sum Assured
Where Sum Assured is higher of basic sum assured or multiple of annualized premium* or 105% of all the premiums paid till the date of occurrence of the insured event.
   
where multiple is:
Policy TermAge at entry of Life Assured less than 45 yearsAge at entry of Life Assured 45 years or more
8 and 9 years55
10 years or more107
   
*Annualised premium is the premium payable in a year, excluding service tax, cess,  the underwriting extra premiums and loadings for modal premiums, if any.
  •
No future premium instalments(s), due, if any, are required to be paid. The policy continues to accrue bonuses, if applicable.
  •
Due installment(s) of Smart Benefits are payable. Terminal bonus, if any, will be paid along with the last installment of Smart Benefits.
 Benefit payable on survival  
You will receive the Smart Benefits, which will be paid at the end of the policy year in which the child completes 18, 19, 20 and 21 years of age, as mentioned in the table below:
Age of ChildSmart Benefits
18 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus
19 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus
20 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus
21 years25 % of Sum Assured + 25% of Vested Simple Reversionary Bonus + Terminal Bonus, if any
     
Tax Benefits
Tax deduction under Section 80C is available. However in case the premium paid during the financial year, exceeds 10% of the basic sum assured, the benefit will be limited up to 10% of the basic sum assured.
Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the basic sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.
* Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. . Insurance is the subject matter of solicitation.

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Mr. Deepak Kumar
Call us on - +91-9717496372
Whatsapp on  - +91-7011227189
Mail us - osmanagementservice@gmail.com
Address - Shop No - 353, Pocket - 5, Sector - 2, Rohini, Near Jain Sweet, Delhi - 110085
Timing for call - 10AM - 6PM Monday to Saturday
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