Known as SBI Life – Smart Champ Insurance, the new policy offers flexibility for premium payments.
SBI Life Insurance managing director and CEO Arijit Basu 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 of concern for parents today.
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"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."
The contingent benefits are given to the beneficiary in case of any unforeseen circumstances or accidental total permanent disability (ATPD), whichever may occur earlier.
According to the India-based life insurer, every instalment of the smart benefits consists of 25% each of the basic sum assured and the simple vested reversionary bonus. In case of any terminal bonus is applicable, it is paid with the last instalment of smart benefits.
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By GlobalDataThe age at entry of the life insured can be between 21 to 50 years of age and that of the child, between 0 to 13 years of age.
