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