SBI Life Smart Women Advantage Plan

The SBI Life - Smart Women Advantage is a participating Individual. It provides three-fold coverage that includes life cover, savings and critical illness benefit.  

It gives you added protection features which will help with your financial planning while it provides you security. Women can choose between two plans: The Gold and the Platinum plan. This SBI Life policy also focuses on providing women with financial security in case of complications during pregnancy and childbirth.

Eligibility Conditions for SBI Life - Smart Women Advantage

Particulars

Type of Plan

Age

Minimum entry age

Base Plan

18 years.

Maximum entry age

Base Plan

50 years

Minimum entry age

APC & CA option

18 years.

Maximum entry age

APC & CA option

35 years

Minimum age at maturity

Base Plan

60 years

Maximum age at maturity

APC & CA option

45 years

Key Features of SBI Life - Smart Women Advantage

Listed below the key features of :

Plan type

A comprehensive participating Insurance plan designed especially for women providing benefits of Life Cover, plus Savings and Critical Illness (CI) Benefit

Plan basis

Individual

Premium paying terms

10 and 15 years.

Policy term

10 and 15 years.

Sum assured

Minimum Rs. 2 lakhs and maximum Rs. 10 lakhs

APC & CA Option Sum Assured

20% of Basic Sum Assured

SAMF (Sum Assured Multiplicative Factor)

1, 2 or 3

Absolute Amount Assured on Critical Illness/Death Sum Assured

SAMF x Basic Sum Assured up to Rs. 20 lakhs.

Premium payment frequency

Monthly, quarterly, half-yearly and annually

Free-look period

15 days 30 days for policies sourced through Distance Marketing.

Grace period

15 days for monthly mode polices 30 days for yearly, half-yearly and quarterly mode policies.

Nomination

Nomination is accepted under this policy.

Loan Facility

Available up to 90% of the surrender value.

Revival

Option is provided

Policy coverage

Life cover + Savings + Critical Illness Benefit

Benefits/Advantages of SBI Life - Smart Women Advantage

The SBI Life - Smart Women Advantage is packed with a number of benefits that will prove to be advantageous in your time of need. The SBI life saving plan provides you with the following key benefits:

  1. Comprehensive cover - The plan provides a three-fold , savings and critical illness rider.
  2. Additional Cover - With the APC and CA (Additional Pregnancy Complication and Congenital Anomalies) cover, policyholders are covered for complications arising out of pregnancy and birth related anomalies. 20% of Basic Sum Assured is payable.
  3. Choice of plans - There are two plans offered under this scheme. 1. Gold Plan Life cover+Savings + Female specific+Critical Illnesses 2. Platinum Plan Life cover + Savings + Female specific Critical Illnesses + Other Critical Illnesses
  4. Premium waiver - In the event of a major stage CI, the payment of premium will be waived for the rest of the policy term. The policy, however, will continue along with its benefits till the end of its term.
  5. Flexibility on Cover - Choose the level of CI or Death cover as 1, 2 or 3 times the basic sum assured.
  6. Rebates - For customers who opt for a higher level of the basic sum assured, discounts are offered on premium rates.
  7. Tax benefits - Premiums paid towards the policy are eligible for tax benefits.
  8. Surrender Option - You can surrender your policy after payment of at least 3 years' full premium.  
  9. Participating Profits - The policy is eligible to participate in the profits of the company.  
  10. Maturity Benefits - On survival of the Life Assured up to maturity, the following will be paid: Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any.
  11. Death Benefit - In case of the policyholder's demise, the sum assured upon death will be paid, along with Vested Simple Reversionary Bonuses. If any Terminal bonus is applicable, this will also be payable, or 105% of the premiums paid, whichever is higher. The beneficiary will receive the sum.
  12. Critical Illness Benefit -

The benefit amount will be payable based on the severity and stage of the diagnosed illness:

Stage of Illness

Benefit Payable

Minor Stage of Critical Illness

25% of the CI Sum Assured

Major Stage of Critical Illness

100% of the CI Sum Assured, less any previously paid CI claims under the policy

Advanced Stage of Critical Illness

150% of the CI Sum Assured, less any previously paid CI claims under the policy

How SBI Life - Smart Women Advantage Plan Works

The SBI Life - Smart Women Advantage scheme was designed to suit the specific needs of women. This plan provides special attention to women-specific critical illnesses. You can purchase this policy and be insured against a list of women -specific illness and also increase your cover to be financially protected in case of pregnancy complications and birth-related anomalies. This policy is loaded with benefits that include death benefit, maturity benefits, premium waiver benefit, and participating profits. The scheme helps women with life insurance, savings and critical illness cover, all in one policy. Premiums can be paid according to the convenience of the policyholder in monthly, quarterly, half-yearly and yearly instalments. Benefits will be paid out upon maturity or diagnosis of any CI. The nominated beneficiary will receive the sum assured in case of the policyholder's unfortunate demise.

Premium Payment

The SBI Life - Smart Women Advantage plan helps you pay your premiums according to your financial convenience, either monthly, quarterly, half-yearly or yearly. Listed below are the different amounts you need to pay:

Frequency

Minimum premium per instalment

Maximum premium per instalment

Monthly

Rs. 1,500

Based on the sum assured

Quarterly

Rs. 4,000

Based on the sum assured

Half- yearly

Rs. 7,500

Based on the sum assured

Yearly

Rs. 15,000

Based on the sum assured

Riders

There is an optional rider to cover Additional Pregnancy Complication and Congenital Anomalies (APC & CA). You will be financially protected in case of complications arising out of your pregnancy and for childbirth related anomalies.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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