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SBI Life's Smart Women Advantage: What Is In It For Women?

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Smart Women Advantage from SBI Life, is a participating Individual Traditional Endowment Plan with added protection features which will help in financial planning and offers security.

This insurance plan is a combination Life Cover + Savings + Critical Illness (CI) Benefit.

SBI Life's Smart Women Advantage: What Is In It For Women?
 

Key features of the plan:

  • Gold Plan- Benefits include Life Cover + Savings + Cover against female specific Critical Illnesses
  • Platinum- Benefits include Life Cover + Savings + Cover against female specific Critical Illnesses + Other Critical Illnesses 
  • 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.

Here are 5 benefits of the insurance planning

  1. 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.
  2. 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.
  3. 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. 
  4. 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.  
  5. 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. 

Note that 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.

Conclusion

 

This plan will hold good for those who are not much keen in investing in different sectors for higher returns. However, it will serve the purpose of insurance and savings at the same time. The major advantages of this plan is it considers pregnancy-related complications, child birth related abnormalities and some critical illness.

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