SBI Life Smart Women Advantage Life Insurance Plan – Should you opt it?

SBI Life Smart Women Advantage plan ReviewSBI Life Smart Women Advantage Life Insurance Plan Review


Few days back, on women’s day, SBI Life has launched Smart women Advantage life insurance plan. This insurance plan provides life cover + savings +critical illness benefits to women. This comes with some unique features, hence it is catching attention. What are the features of SBI Life Smart Women Advantage Life Insurance Plan? What are the benefits of SBI Life Smart Women Advantage Life Insurance Plan? Should women opt such plans to protect and grow their savings?

Features of SBI Life Smart Women Advantage Life Insurance Plan


  • This is comprehensive plan for women which provides life cover plus savings plus critical illness (CI) Benefit.
  • This is available in 2 plans i.e. Gold plan and silver plan.
  • Gold plan provides benefits from life cover + savings + cover against female specific critical illness.
  • Platinum plan provides benefits from life cover + savings + cover against female specific critical illness + other critical illnesses.
  • Optional benefit of Additional Pregnancy Complication and Congenital Anomalies (APC&CA) which provides cover for Pregnancy related complications and Child Birth related abnormalities.
  • Critical illness benefit payout would be done based on severity of Critical Illnesses.
  • Premium Waiver benefits, in the event of Major Stage CI.
  • One has flexibility to choose the level of Death cover & CI cover – one/two/three times of Basic Sum Assured.
  • Discounts on premium for high sum assured.

Also Read: How Star Rating for ULIP Funds would help you to choose right ULIP?

What are the different plans available?


There are two plans available, Gold plan and Platinum Plan.

Gold Plan: Contingencies covered are death and female specific critical illnesses like

  • Minor, Major and advanced female specific cancer of breast, cervical, Uterus, Ovaries, Fallopian tubes and Vagina.
  • SLE
  • Third degree burn
  • Severe Rheumatoid Arthritis
  • Severe Osteoporosis

Platinum Plan: Contingencies covered are death and female specific critical illnesses like

  • Minor, Major and advanced female specific cancer of breast, cervical, Uterus, Ovaries, Fallopian tubes and Vagina.
  • SLE
  • Third degree burn
  • Severe Rheumatoid Arthritis
  • Severe Osteoporosis
  • First Heart Attack.
  • Open Chest CABG
  • Open Heart Replacement.
  • Angioplasty

What are the eligibility details to subscribe to this plan?


Eligibility and features - SBI Life Smart Women Advantage plan

Benefits from SBI Life Smart Women Advantage Life Insurance Plan


a) Maturity Benefits


On the survival of life assured on maturity, one would get Basic Sum Assured + Vested Simple reversionary bonus + Terminal Bonus. Here, basic sum assured is equal to guaranteed sum assured at maturity.

b) Death Benefits


In case, the life insured is died, highest of the following would be paid:

  • 10 times of annualized premiums.
  • Guaranteed sum assured at maturity.
  • The absolute sum assured to be paid on death.
  • 105% of premiums paid.

c) Critical Illness Benefit (CIB)


  • 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.

d) Premium Waiver Benefit


If life insured claims major stage of Critical Illness and it is accepted by company, all future premiums would be waived off and policy would continue for the rest of the term of the policy.

e) Pregnancy Complication and Child birth related abnormalities


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 cease.

Also Read: LIC Jeevan Labh Insurance plan closes in Mar-2016 – Should you invest in it?

Sample Illustration


I have run one sample illustration on SBI Life website to see how premiums to be paid and how the benefits would be paid. Here is the sample illustration by name Ms.Maithili, aged 30 years and taken Rs 5 Lakhs plan.

Illustration - SBI Life Smart Women Advantage plan

Should you opt for SBI Life Smart Women Advantage Life Insurance Plan?


No doubt, this is a unique plan. This life insurance has two components, health and life insurance. Whatever you pay would go even to health component. Means your savings under this plan would be less compared to what you pay as premium. This plan is good especially where it covers pregnancy related complications and child birth abnormalities. One can consider this plan towards life insurance + critical illnesses coverage. One can ignore such plans if you are looking from savings point of view.

You can download the brochure at this link.

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Suresh

SBI Life Smart Women Advantage Life Insurance Plan

4 comments

  • Bipin

    Dear Sir, Could you please suggest best medical insurance plan ?

  • Girija

    Hello sir..I’m new to investing and have read your articles but one thing I wanted to know is From which website do I get to know about new mutual funds,which companies are offering deposits,new ipo’s that have been launched..??

    • There are many websites to follow for investmnet options. If you want to know latest updates, you can follow my blog, valueresearchonline etc., But you should know where to invest first. e.g. for mutual funds, you can check my top 10 funds article listed on home page. You need to open MF account and start investing.

  • Aishwarya Vasu

    I need more information about the difference between gold and silver plan. whether they have post this information in their official websites? because i have asked nearby SBI branch !! SBI manager didn’t aware about this.

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