The SBI Life Smart Champ Insurance plan is one of the most sought after child protection insurance plans in the country. It has many beneficial features that help it to stand out and emerge as a top-rated child plan. Take a look at this article to know more about the SBI Life Smart Champ Insurance plan and why you may consider investing in it.
What is a child insurance plan?
There are some very good child insurance plans available in India. These plans offer many exciting benefits such as regular monetary payouts, maturity benefits, the death benefit of the policyholder and so on. A good child plan, such as the SBI Life Smart Champ Insurance plan, provides financial protection to the child by insuring the life of his or her parents. The parent remains the policyholder while the child becomes the beneficiary. The maturity benefit of the plan is broken up in parts and paid out to the child at fixed and regular intervals. When the child becomes 18 years old, he or she receives a sum of money. At other such important points of his or her life, payments are made by the child insurance plan. This helps to pay for the college admission fee. This is an excellent way in which the parents can plan for the financial milestones of their children’s lives.
What are the benefits of the SBI Life Smart Champ Insurance?
As mentioned above, a good child plan like the SBI Life Smart Champ Insurance plan has many benefits. Apart from the major benefit of regular payouts, there are some other excellent advantages that the children, as well as their parents, receive when they buy the SBI Life Smart Champ Insurance policy. These include:
- Death benefit – If the policyholder, who is the parent of the child, dies within the policy period, the beneficiary gets a death benefit. This helps to take care of the financial needs that come up right after the parent’s demise. The child, however, continues to receive the regular payouts over and above the payment of the death benefit. This is a very big advantage of a child insurance plan.
- Waiver of premium – When the parent dies, the child who is a minor, is unable to pay the premium for the plan. The insurer thus waives off all the remaining premiums but keeps the plan active. This is another excellent benefit of the SBI Life Smart Champ Insurance policy. You can rest assured that even if you die, your child will continue to benefit and all his or her financial needs will be taken care of.
- Tax benefit – The SBI Life Smart Champ Insurance plan is a life insurance policy. This is why you get a tax rebate for the premium you pay under Section 80 C of the Indian Income Tax Act. Premiums paid up to Rs 1.5 lacs a year are eligible for a tax rebate in the SBI Life Smart Champ Insurance plan.
- Sufficient coverage – You can get a maximum coverage amount of Rs 1 crore under this plan. This is a massive amount and quite enough to cover the financial milestones of your child. However, you may not need a sum this large. This is why you need to assess your own needs, do the required calculations and then select an amount that is enough for your child’s needs. Pay the premiums on time and keep your child sufficiently protected always.
- Option to take a loan – You can pledge the SBI Life Smart Champ Insurance plan as collateral and take a loan if there is an urgent requirement. You can take a loan up to 90% of the surrender value. This can help to bail you out of financially tricky situations if any.
These are some of the handiest benefits you get when you buy the SBI Life Smart Champ Insurance plan.
Advantages you get for choosing SBI Life
As we all know, buying an insurance policy from a reputed and well-performing insurance company is of utmost importance. While there are many insurers who sell child plans, you cannot trust everyone. This is why you need to buy your policy from a reputed and popular insurance provider such as SBI Life. Here are some advantages you get when you buy the Smart Champ Insurance policy from the SBI Life Insurance Company:
- High claim settlement ratio – A good insurer is known for its ability to clear the claims. An insurer that is good will always be ethical and clear a majority of the claims and only reject those that are unfair and suspicious. SBI Life has a claim settlement ratio of 96%. This shows just how ethical and disciplined the company is regarding paying out the claims to the people who truly deserve it. Choose this insurer and be assured of your child getting all the financial assistance he or she needs when there is a need.
- Good customer support – If you need any assistance or have any doubt, you can simply contact the customer support team of SBI Life. The customer support team is very efficient, polite and solves your problems in a polite and quick manner. This makes your association with the company very pleasant and satisfactory.
- Excellent digital presence – The company gives you the option to buy and service your policy online. The website and the mobile app, are both very good and well-performing. You can pay premiums, initiate claim requests, etc digitally and save a lot of time and effort in the process.
These are the benefits you get when you choose to buy the plan from SBI Life.
To put it in a nutshell
As you can clearly see from the points mentioned above, SBI Life proves to be a very good provider of the child insurance plan. So if you are looking for a good cover for your beloved child from a credible and trusted life insurance provider, do consider getting the SBI Life Smart Champ Insurance. You and your child will both benefit greatly.