• SBI Life - Smart Women Advantage Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    SBi Life Smart Women Advantage is a life insurance plan designed to meet the unique financial needs of women. It’s a participating traditional endowment plan with extra protection features that helps you secure your future. It comes with the advantage of life cover, savings, and critical illness benefit.

    Eligibility - Who is the SBI Life Smart Women Advantage for?

    You have to meet the following conditions to be eligible for SBI Life Smart Women Advantage plan:

    Minimum age at entry (base plan) 18 years
    Maximum age at entry (base plan) 50 years
    Minimum age at entry (APC & CA) 18 years
    Maximum age at entry (APC & CA) 35 years
    Maximum age at maturity (base plan) 60 years
    Maximum age at maturity (APC & CA) 45 years

    Note that the age mentioned in the above table is the age as on the last birthday of the applicant/policyholder.

    Sum Assured and Premium Range - What you get and what it costs?

    SBI Life Smart Women Advantage plan comes with two options – Gold Plan and Platinum Plan. The details of the sum assured and modes of payment are given below:

    Minimum Basic Sum Assured Rs.2 lakh
    Maximum Basic Sum Assured Rs.10 lakh
    Policy term 10 years and 15 years
    Premium payment mode Yearly, half-yearly, quarterly, and monthly
    Premium payment term Same as policy term
    Minimum premium amount
    Yearly mode Rs.15,000
    Half-yearly mode Rs.7,500
    Quarterly mode Rs.4,000
    Monthly mode Rs.1,500
    Maximum premium amount Based on the sum assured chosen by the policyholder
    Multiplicative factor for sum assured 1,2, or 3
    Maximum absolute amount assured on death/ critical illness sum assured The maximum absolute sum assured is limited to Rs.20 lakh

    The premiums paid towards the health insurance fraction of the plan will be utilized entirely for offering health cover and will not be counted for maturity benefits.

    Plan Coverage - What the SBI Life Smart Women Advantage Plan covers?

    SBI Life Smart Women Advantage Plan is a comprehensive protection plan by SBI designed to provide life cover and critical illness benefits to women. Given below are the details of coverage offered under the plan:

    Choice of plans The plan offers the following two types of plans: Gold Plan – The benefits of gold plan include life cover, savings and critical illnesses specific to women. Platinum Plan – Apart from what’s covered under Gold Plan, the Platinum Plan covers some additional critical illnesses.
    Maturity Benefits On survival of policyholder till the maturity of the policy, the following maturity benefits shall be paid:
    • Basic sum assured
    • Vested simple reversionary bonuses
    • Terminal bonus
    Death Benefits In case of the unfortunate death of the policyholder during the tenure, her beneficiaries shall either receive 105% of the premiums paid till death or the following benefits:
    • Sum assured on death
    • Vested simple reversionary bonuses
    • Terminal bonus
    Note that the policy will terminate on payment of death benefits.
    Critical Illness Benefit Critical illness benefit is payable depending on the stage severity:
    • During minor stage of critical illness, 25% of the critical illness benefits shall be paid
    • During major stage the benefits payable shall be 100% of the sum assured under critical illness cover
    • At an advanced stage, 105% of the critical illness sum assured minus claims shall be paid
    The critical illness sum assured is equal to Sum Assured Multiplicative Factor (SAMF) times the sum assured on maturity.
    Premium Waiver Benefit Once a claim for critical illness under the major stage has been accepted by the company, then all future premiums shall be waived off for the rest of the policy term from the date of diagnosis. The rest of the policy benefits shall continue throughout the policy term.
    APC & CA (Additional Pregnancy Complication & Congenial Anomalies) The option provides coverage against complications during pregnancy and other birth related abnormalities. The sum assured for APC & CA is 20% of the basic sum assured.


    Exclusions - What the SBI Life Smart Women Advantage Plan doesn’t cover?

    Suicide Exclusion - In the event of suicide of the life assured within one year from the start of the policy or within one year from the date of reinstatement, the insurance contract will become void and the company shall not pay any of the benefits other than the following:

    • 80% of the premiums paid till death excluding service tax shall be paid to the beneficiaries, if death occurs within one year of commencement of the plan.
    • A sum higher of 80% of the premiums paid till death shall be paid, if the death occurs within one year of revival of the policy.

    No benefits under APC & CA option shall be paid if the shall be paid if the claims are due to self-harm caused by the individual.

    Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

    Some additional features of the SBI Life eWealth Insurance Plan are described below:

    Free look period If the policyholder disagrees with any of the terms and conditions mentioned in the policy contract, he/she can return the policy within 30 days from the date of policy inception.
    Surrender value You can surrender your policy anytime during the policy term. But once surrendered, the policy cannot be revived thereafter. If the policy is surrendered within 5 years, then the following conditions shall apply:
    • The lock-in terms will be taken into consideration
    • The fund value will be transferred to discontinued policy fund
    • The minimum interest rate of 4% per annum will be applicable
    However, if the policy is surrendered after 5 years of policy inception, then the fund value will be paid immediately to the policyholder.
    Revival If the policy gets lapsed, it can be revived within two years from the date of first unpaid premium. While reviving a policy, the policyholder will be required to clear the outstanding premiums and the handling charges.
    Grace period The plan offers a grace period of 30 days for annual mode of premium payment and 15 days for the monthly mode.

    Tax Benefits – How you can save with the SBI Life Smart Women Advantage Plan?

    Policyholders can avail tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961. The tax laws are subjected to change from time-to-time and therefore, customers are advised to consult a tax advisor before purchasing the plan.

    Other Benefits – How you can save with the SBI Life Smart Women Advantage Plan?

    You can view the details of your SBI Life Smart Women Advantage Plan online through the customer portal of SBI Life Insurance. You also have the option to renew your policy online. Payments can be made through the following channels:

    Debit Cards MasterCard, Visa, Maestro, and RuPay cards are accepted
    Credit Cards MasterCard, Visa, Maestro, American Express, and Diners Club cards are accepted
    Net Banking You can use the Net Banking facility to make premium payments online
    e-Wallets Premiums can be paid through e-Wallets as well

    Why you should buy the SBI Life Smart Women Advantage Plan from SBI Life?

    SBI Life Insurance was started as a joint venture with BNP Paribas in 2001 and they operate primarily in the bancassurance segment. A part of State Bank Group, SBI Life has expanded its outreach within years after commencement of operations and has built a customer base of over 100 million customers in India. The insurance company has been a recipient of some of the prestigious awards offered in the life insurance category and it also maintains a high claims settlement ratio.

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