April 23, 2024 19:57 (IST)
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SBI Life Insurance launches 'Smart Champ Insurance'
New Delhi, Dec 10 (IBNS): SBI Life Insurance has launched a new non-linked participating Child Plan, SBI Life-Smart Champ Insurance.
The product is structured to ensure fulfillment of a child’s educational aspirations, even in unforeseen circumstances.
On the launch of this product, Arijit Basu, MD and CEO, SBI Life Insurance said, "Parents want to give their children the best in terms of education and quality of life. Escalating cost of education is becoming a major cause for concern for parents today. We have devised ‘SBI Life - Smart Champ Insurance’ in such a way that the payouts under the plan are made during your child’s critical ages (between 18 to 21 years) when larger amounts are required for fulfilling his/her higher education aspirations."
"Additionally, in case of any unforeseen circumstances, the child is relieved of the burden of paying any further premiums while enjoying the benefits of all future payouts as per the plan along with immediate lump sum payment," said basu.
Every installment of the smart benefits consist of 25% each of the basic sum assured and the simple vested reversionary bonus. If terminal bonus is applicable, it is paid with the last installment of smart benefits.
The plan allows flexibility for premium payments. The contingent benefits are paid to the beneficiary in case of any unforeseen circumstances or accidental total permanent disability (ATPD), whichever may occur earlier.
The plan has an affordable basic sum assured starting from Rs.1 lakh upto Rs.1 crore. The age at entry of the life insured (Parents) can be between 21 to 50 years of age and that of the child, between 0 to 13 years of age.
SBI Life has a suite of various categories of products like protection, wealth creation, child, retirement solutions
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