In the society, women play a lead role for any household. A woman is probably the only one who can multitask without any problem. They are that part of society that can do manage things to the best of its potential. This management is very unique and requires a lot of stress and health. She has to play a lot of roles, the role of a mother, wife, an employee etc. For all the needs of women, SBI introduced a plan “SBI Life Smart Women Advantage Plan” for all that needs. This plan is an individual traditional endowment plan with added protection feature that helps you with financial planning and offers a sense of security.
This plan comes with two options to choose from –
Gold- Benefit include life cover + savings + Cover against female specific critical illness
The gold plan covers critical illnesses which are female specific. This illness this plan covers is listed below-
- Minor, major and advanced stage cancer specific to women
- Systematic Lupus Erythematosus (SLE)
- Third-degree burn
- Severe Rheumatoid Arthritis
- Severe Osteoporosis
Platinum- Benefit include life cover + savings + Cover against female specific critical illness + other critical illness
The Platinum plan covers critical illness with added other illness. The list of illness covered under this plan is listed below-
- Minor, major and advanced stage cancer specific to women
- Systematic Lupus Erythematosus (SLE)
- Third-degree burn
- Severe Rheumatoid Arthritis
- Severe Osteoporosis
- First Heart Attack
- Open Chest CABG
- Open Heart Replacement or Heart Valves
- Angioplasty
Benefit of SBI Life Smart Women Advantage Plan
Maturity benefit
After the maturity of this plan, the basic sum assured after maturity will be paid along with vested simple revisionary bonus and terminal bonus.
Death benefit
In the unfortunate death of the policyholder, the basic sum assured after death along with a terminal bonus, simple vested revisionary bonus or 105% of the total premium paid will be paid. The amount which is higher will be paid.
Additional benefit
Critical Illness Benefit:
- At the Minor Stage of CI, the benefit payable is 25% of CI Sum Assured
- At the Major Stage of CI, the benefit payable is 100% of CI Sum Assured less any previously paid CI claims under the policy
- At the Advanced Stage of CI, the benefit payable is 150% of CI Sum Assured less any previously paid CI claims under the policy.
Additional Pregnancy Complication and Congenital Anomalies (APC&CA) option:
At the time of commencement of the policy, you have an option of availing the Additional Pregnancy Complications & Congenital Anomalies (APC&CA) on childbirth. The premium for this optional benefit has to be paid additionally over and above basic premium.
Pregnancy Complications
- Disseminated Intravascular Coagulation
- Ectopic Pregnancy
- Molar Pregnancy
- Eclampsia
Congenital Anomalies
- Down’s Syndrome
- Spina Bifida
- Tetralogy of Fallot
- Cleft Palate
- Ventricular Septal Defect
- Atrial Septal Defect
- Patent Ductus Arteriosus
- Surgical Separation of Conjoined Twins
Rebate
| Basic Sum Assured (BSA) | Rebate On Premium Per Thousand Basic Sum Assured(in Rs.) |
|---|---|
| 2.00 lac<BSA<5.00 lac | Nil |
| 5.00 lac<BSA<7.00 lac | 2.50 |
| 7.00 lac<BSA<10.00 lac | 3.00 |
Eligibility for SBI Life Smart Women Advantage Plan
| Age limit (Base Plan) | Minimum: 18 years | Maximum: 50 years | ||
| Age limit (APC & CA) | Minimum: 18 years | Maximum: 35 years | ||
| Maturity Age(Base Plan) | 60 years | |||
| Maturity Age(APC & CA) | 45 years | |||
| Basic Sum Assured | Minimum: 2,00,000 | Maximum: 10,00,000 | ||
| APC & CA sum assured | 20% of the basic sum assured | |||
| Policy term | 10 & 15 years | |||
| Premium frequency | Yearly/ Half-Yearly/ Quarterly/Monthly | |||
| Premium paying term | Same as policy term | |||
| Premium frequency loading | Half-Yearly
Quarterly Monthly |
51% of the annualized payment
26% of the annualized payment 8.5% of the annualized payment |
||
| Premium | Minimum | Maximum | ||
| Mode | Amount | Based On Sum Assured | ||
| Yearly
Half-Yearly Quarterly Monthly |
15,000
7,500 4,000 1,500 |
|||
Surrender value
The policy can be surrendered at any time after payment of at least 3 years. The surrender value is higher of the Guaranteed Surrender Value or Special Surrender Value. The Guaranteed Surrender Value is equal to GSV factors multiplied by the premiums paid. The premiums, in this case, will exclude applicable taxes, CI benefits premiums, APC&CA premiums, extra premiums, if any The GSV factors for various policy durations are given below:
| Policy Year | Percentage Of Premiums Paid |
|---|---|
| 1 -2 years | 0% |
| 3 year | 30% |
| 4-7 years | 50% |
| 8-10 years | 55% |
| 11-12 years | 60% |
| 13-15 years | 70% |
Policy loan of SBI Life Smart Women Advantage Plan
At the time of need, Loans will be available after the policy acquires surrender value. The policy loan will be limited to a maximum of 90% of the surrender value. The loan interest rate to be charged will be declared by the company from time to time
Tax benefit of SBI Life Smart Women Advantage Plan
The policyholder is eligible to avail income tax exception under this policy by accordance of the income tax law, section 80C.
Free lookup period
A 30 days grace period from the premium due date for yearly/half-yearly/quarterly premium and 15 days for a monthly premium. The policy will remain in force during the grace period and will lapse if no premium is paid at the end of the grace period.
Revival
A policy in lapsed condition can be revived within a period of two years from the date of first unpaid premium but before that date of maturity. If less than three years’ premiums have been paid in respect of the policy and any subsequent premiums are not duly paid, all the benefits under the policy shall cease at the end of the revival period from the date of first unpaid premium.
Exclusion
If the life assured commits suicide within one year from the date of inception of the policy. The nominee or beneficiary shall be entitled to 80% of the premiums paid, provided the policy is in force. The policy will be void and no death benefit will be payable in such cases and from the date of revival of the policy the nominee or beneficiary shall be entitled to higher of 80% of the premiums paid till the date of death or the surrender value.
List of exclusion Additional Pregnancy Complications and Congenital Abnormalities (APC&CA)-
- Acquired Immune Deficiency Syndrome (AIDS), AIDS-related complex or infection by Human Immunodeficiency Virus (HIV).
- Any congenital or inherited disorder or developmental conditions of the Life Assured.
- Narcotics used or consumption of alcohol
- Any illness resulting from a physical or mental condition which existed before the effective date
- Failure to seek or follow medical advice or treatment under reasonable circumstances from any registered and qualified Medical Practitioner
- War, invasion, the act of foreign enemy, hostilities
- Participation by the insured person in any flying activity, except Passenger flight.
- Participation by the insured person in a criminal or unlawful act with criminal intent.
- Engaging in or taking part in professional sport(s)or any hazardous pursuits.
- Nuclear contamination
