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Home > Savings Plans > SBI Life - Smart Women Advantage

SBI Life - Smart Women Advantage
(UIN : 111N106V01)

(Product Code : 2C)
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Introduction
Key Features
Product Snapshot
Benefits
 

Introduction:
 
You are special, you are smart, and you have put in your very best to turn your dreams into reality. You have reached a stage in life where you have achieved what you had dreamt to achieve.

You juggle between home and work, you find a way through the ways of the world, you run to keep up with the changing trends while you stand firm for your family. You are an enigma the world is yet to decode. You are unique and so are your financial needs. Now it is time for you to plan your finances and secure you and your family’s future.

We at SBI Life understand your needs and offer you a product that is crafted just for your unique needs. Presenting to you ’SBI Life - Smart Women Advantage’, a participating Individual Traditional Endowment Plan with added protection features that helps you with financial planning and offers you that security that you will value forever.
 
 
Key Features:
 
A comprehensive Insurance plan designed for females providing benefits of - Life Cover + Savings + Critical Illness (CI) Benefit
 
Optional benefit of Additional Pregnancy Complication and Congenital Anomalies (APC&CA) which provides cover for Pregnancy related complications and Child Birth related abnormalities.
 
Choice of 2 plans #:-
 
Gold Plan - Benefits include Life Cover + Savings + Cover against female specific Critical Illnesses
 
Platinum Plan - Benefits include Life Cover + Savings + Cover against female specific Critical Illnesses + Other Critical Illnesses
 
Critical illness payout (based on stage of severity) on happening of the specified CI
 
In-built Premium Waiver benefit in the event of Major Stage CI
 
Flexibility to choose the level of Death cover & CI cover – one/two/three times of Basic Sum Assured
 
Large Sum Assured Rebate - Get Discount on premium rates, for customers opting for higher level of Basic Sum Assured
 
Avail Tax benefits as per the prevailing norms under Section 80 D of the Income Tax Act, 1961 for premiums paid towards Health Benefit & 80 C benefits under the base policy^^
 
# Specific Critical Illnesses (CI) are covered based on the plan chosen. Plan once selected at inception cannot be changed during the policy term.
   

Product Snapshot :
 
Age** at Entry (Base Plan) Minimum: 18 years Maximum: 50 years
Age** at Entry (APC&CA option) Minimum: 18 years Maximum: 35 years
Maximum Age at Maturity (Base Plan) 60 years
Maximum Age at Maturity (APC&CA option) 45 years
Basic Sum Assured (in multiples of Rs 1,000) Minimum: Rs2,00,000 Maximum: Rs 10,00,000
SAMF (Sum Assured Multiplicative Factor) 1, 2 or 3
Absolute Amount Assured on Death / Critical Illness Sum Assured SAMF x Basic Sum Assured

Max. Absolute Amount Assured on Death and Critical Illness Sum Assured under all SBI Life – Smart Women Advantage Plans is restricted to Rs. 20, 00,000. For example, if the Basic Sum Assured is Rs. 10, 00,000, the maximum absolute amount assured on death and Critical Illness Sum Assured will be Rs. 20, 00,000 only, i.e policyholder can choose maximum SAMF of 2 in this example.
APC & CA Option Sum Assured 20% of Basic Sum Assured
Policy Term^ 10 years & 15 Years
Premium Frequency Yearly / Half-Yearly/Quarterly/ Monthly##
Premium Paying Term Same as policy term
Premium Frequency Loading Half-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium
Premium (In Rs.) Mode Minimum Maximum
Yearly 15,000 Based on the sum assured
Half Yearly 7,500
Quarterly 4,000

Monthly

1,500
"The premium towards health benefits are used entirely for providing health cover and would not contribute towards providing maturity. Only the savings premium would result into maturity benefit."
**All the references to age are age as on last birthday.
## For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card) For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.
^ In cases where APC&CA option is chosen, policy term should be appropriately chosen, so as the Maximum age at Maturity of the option is not breached.

 

Benefits:
 
Maturity Benefit (For In-force policies): On survival of the Life Assured up to maturity, Basic Sum Assured* + Vested Simple Reversionary Bonuses + Terminal bonus, if any, will be paid.
* Here, Basic Sum Assured is equal to Guaranteed Sum Assured at Maturity.
 
Death Benefit (For In-force policies): In the unfortunate event of death of the Life Assured, ‘Sum Assured on death’ along with Vested Simple Reversionary Bonuses Plus Terminal bonus (if any) or 105% of the premiums paid, whichever is higher, will be payable to the beneficiary. Where, Sum Assured on death is higher of following:
  I 10 times of annualised premium,
  II Guaranteed Sum Assured on Maturity,
  III
The absolute amount assured to be paid on death, which is SAMF x Basic Sum Assured at Maturity.
  The Policy would terminate on payment of death benefit.
 
Critical illness Benefit (For In-force policies): Is payable based on stage of severity:-
  I
At the Minor Stage of CI, the benefit payable is 25% of CI Sum Assured.
  II
At the Major Stage of CI, the benefit payable is 100% of CI Sum Assured less any previously paid CI claims under the policy.
  III
At the Advanced Stage of CI, the benefit payable is 150% of CI Sum Assured less any previously paid CI claims under the policy.
 
 

Where CI sum assured = SAMF x Guaranteed Sum Assured at Maturity.

 

CI sum assured and absolute amount assured on death are equal.

   
In-built Benefit:
  Premium Waiver Benefit (For In-force policies): Once a claim under the Major stage of CI is  accepted by the Company, all future premiums including APC&CA option premium, if any, for the policy will be waived for the rest of the policy term, from the date of diagnosis of the medical condition. The remaining policy benefits shall continue throughout the policy term.
 
     
Additional Pregnancy Complication and Congenital Anomalies (APC&CA) option: Provides cover against pregnancy related complications and child birth related abnormalities for which sum assured is fixed at 20% of Basic Sum Assured. This benefit is payable only once during the term of the option or till age of 45 years whichever is earlier. The Premium payable for this option will also ceases.
 
^^Tax Benefits:
  You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.
 
For details regarding the coverage, definitions, waiting period, exclusions etc of Critical Illness (CI) cover and APC & CA option, please refer the sales brochure.
For more details on other risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
 
2C.ver.01-03/16 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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