SBI Life – Smart Women Advantage

SBI Life Insurance Company is a leading public sector life insurance company in India. It is an amalgamation of Indian largest multinational bank, State Bank of India and a global insurance company BNP Paribas Cardiff. With a comprehensive range of life insurance products in its offerings, SBI Life Insurance Company has emerged as a leading insurer. The company has also been awarded as ‘life insurance Company of the year ’, ‘bancassurance leader life insurance’ and many more.

What are Endowment Plans?

Endowment life insurance policies are insurance cum savings plans that provide lump sum benefit at the end of a specific term or on death. There are many endowment policies that come with various additional riders such as critical illness benefit, accidental death benefit and accidental disability benefit etc. Endowment plans can be with a profit or without profit plans.

SBI Life’s Smart Women Advantage

SBI life’s smart women advantage plan is a traditional participating endowment plan that is specifically crafted for women. The plan concentrates on financial security and protection for women, who play an important role in everyone’s life. Only a woman can apply for this policy herself.

This women-centric plan provides women, an opportunity to save regularly for the long-term goals along with giving life protection and critical illness cover during the policy term. Smart women advantage plan. There are multiple features offered by the plan to address the unique needs of women.

Features of SBI Life’s Smart Women Advantage

  • A comprehensive plan designed especially for women with three-fold benefits –savings, life cover and critical illness
  • Optional benefit of additional coverage for pregnancy and childbirth-related complications
  • Two different plans to choose the life cover :
    • Gold plan: Benefits under the plan includes
      • life cover +
      • savings +
      • cover against female specific critical illnesses
    • Platinum plan: Benefits under the plan includes
      • life cover +
      • savings +
      • cover against female specific critical illnesses +
      • other critical illnesses
    • Payment of critical illness benefit is based on the severity of the stage
    • In-built premium waiver benefit in cases of critical illness of major stage
    • Flexibility to choose the level of life cover and critical illness cover
    • Rebate for a large sum assured

Benefits of SBI Life’s Smart Women Advantage

  • Death benefit: In the event of policy holder’s death, higher of the below are payable to the beneficiary
    • Sum assured on death + vested simple reversionary bonuses + terminal bonuses if any.
    • 105% of total premium paid till date,

    Where Sum assured on death is higher of the below :

    • 10 * annualized premium
    • Basic sum assured on maturity
    • The absolute sum assured to be paid on death i.e. basic sum assured at maturity* sum assured multiplicative factor.
  • Maturity benefit: On survival of the policy period, the basic sum assured + vested simple reversionary bonus + terminal bonus, if any is paid to the policyholder.
  • Critical illness benefit: Pay-out of these benefits are based on the stage of critical illness and its severity.
    Stage of critical illness Benefits payable
    Minor 25% of critical illness sun assured
    Major 100% of critical illness sum assured – previously paid CI claims under the policy
    Advanced 150% of critical illness sum assured – previously paid CI claims under the policy
  • Additional pregnancy complication and congenital anomalies (APC & CA) benefits (optional): This is an optional benefit available that can be availed at an extra cost of the premium. The contingencies covered are :
    • Pregnancy complications such as ectopic pregnancy, molar pregnancy, disseminated intravascular coagulation and eclampsia
    • Congenital anomalies such as Down’s syndrome, cleft palate, atrial septal defect and spina bifida etc.
  • Premium waiver benefit: Once critical illness claims for the major stage are made, all the future premiums for the policy will be waived off. The benefits under the policy continue to exist for the rest of the policy term.
  • Tax benefit: Tax deductions on the premium paid and tax exemptions on the benefit received can be availed under Section 80 C and Section 10 (10D) of the Income Tax Act.

Eligibility Criteria for SBI Life’s Smart Women Advantage

Eligibility conditions Minimum Maximum
Entry age
Base plan
APC & CA option

18 years
18 years

50 years
35 years
Maturity age
Base plan
APC & CA option

60 years
45 years
Basic sum assured (in multiples of Rs. 1,000) Rs. 2,00,000 Rs. 10,00,000
Sum assured multiplicative factor (SAMF) 1,2 or 3
APC & CA option sum assured 20% of the basic sum assured
Policy term 10 years 15 years
Premium payment frequency Yearly/Half-yearly/Quarterly/Monthly (for monthly mode 3 months premium needs to be paid in advance. Renewal premium needs to be paid through ECS or Standing instruction mode only
Premium payment term Same as the policy term
Premium frequency loading Half-yearly: 51% of the annual premium
Quarterly: 26% of the annual premium
Monthly: 8.5% of the annual premium
Premium range
Yearly
Half-yearly
Quarterly
Monthly

Rs. 15,000
Rs. 7,500
Rs. 4,000
Rs. 1,500

Based on the sum assured

APC: Additional pregnancy complication
CA: Congenital anomalies

Premium illustration for SBI Life’s Smart Women Advantage plan

Below are the premium rates for SBI Life’s Smart Women Advantage plan based on the option and benefit chosen. The illustration is for 30-year-old female availing INR. 5,00,000 life coverage (sum assured multiplier factor 2), INR. 10,00,000 critical illness cover for 10 years term. Premium rates are also shown for including APC & CA option with INR. 1,00,000 coverage.

Plan option Benefits Annual premium (in INR.)
Gold option Without APC & CA 56,635
With APC & CA 58,118
Platinum option Without APC & CA 57,120
With APC & CA 58,603

APC: Additional pregnancy complication
CA: Congenital anomalies

Who should buy SBI Life’s Smart Women Advantage plan?

Women after attaining 18 years of age should buy SBI Life’s Smart Women Advantage plan to secure their financially by having life cover, critical illness cover and also with a view to save some corpus for future. Head of the family can also buy it for his major daughter or wife in their own name.

When should you buy SBI Life’s Smart Women Advantage plan?

As SBI Life’s Smart Women Advantage plan is savings cum insurance plan with in-built critical illness cover, buying it at an early age can help you reap its benefits to the fullest. It’s important to note that the maximum age at entry is also capped at 35 years.

Documents required for buying SBI Life’s Smart Women Advantage plan

  • Proposal form
  • PAN Card
  • Identity proof: Aadhaar card/PAN card/Passport/driving license etc.
  • Address proof: property tax receipt/bank account statement/utility bill etc.
  • Age proof: Aadhaar card/Passport/Voter’s ID card etc.

Discontinuance of premium in SBI Life’s Smart Women Advantage plan

If you discontinue premium payment within the first five years, you can revive the policy within two years from the date of first unpaid premium. If revival is not done, all the benefits under the policy will cease. If premium payment if discontinued after paying first three years premium in full, you will have an option to revive within two years. However, the policy will be in paid-up status wherein policy benefits will continue to exist till maturity.

Surrender of SBI Life’s Smart Women Advantage plan

Surrender can be requested after paying first three years premium in full. After three years of premium payment, policy attains paid-up value. On surrender, higher of guaranteed surrender value ( basic premium paid * GSV factor or special surrender value (based on the past financial and demographic experience of product) is paid. Vested bonus will also be included in surrender proceeds.

Loan facility in SBI Life’s Smart Women Advantage plan

During emergencies, you can avail a loan on your smart women advantage plan up to a maximum of 90% of the surrender value.

Exclusions in SBI Life’s Smart Women Advantage plan

If the life assured commits suicide within the first year of policy commencement or from the date of revival, the policy shall be void. However, 80% of the total premium paid will be payable to nominee or beneficiary.

Conclusion

SBI Life’s Smart Women Advantage is a comprehensive saving cum protection plan for women today. With two plan options, SBI Life’s Smart Women Advantage plan addresses all the women-centric financial needs.


FAQs

There are two types of plans available under the policy – gold plan and a platinum plan. A plan that is chosen at the inception of the policy cannot be changed later.
Let’s take a look at the contingencies covered under both the plans

  • Gold plan: contingencies covered are,
    • Death
    • Female specific critical illnesses, which includes
      • Minor, major and advance staged women-specific cancers such as Cervical, breast, ovaries, vagina, fallopian tube and uterus cancer
      • Third-degree burn
      • Systemic lupus erythematosus
      • Severe osteoporosis
      • Severe rheumatoid arthritis
  • Platinum plan: contingencies covered are
    • Death
    • Critical illnesses mentioned below :
      • Minor, major and advanced staged cancers
      • Third-degree burn +
      • Systemic lupus erythematosus
      • Severe osteoporosis
      • Severe rheumatoid arthritis
      • First heart attack
      • Open Chest CABG
      • Angioplasty
      • Repair of heart valves or open heart replacement

Yes. During emergencies, you can avail a loan on your smart women advantage plan up to a maximum of 90% of the surrender value.


Yes. 30 days grace period is offered for making premium payment via yearly/half-yearly or quarterly mode of payment. For monthly mode premium policies, 15 days is given as a grace period.


Yes. A waiting period of 180 days is applicable for an early stage of cancer from the date of issuance of the policy.