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SBI Life – Smart Women Advantage

SBI LIfe Smart Women Advantage is a participating individual traditional endowment plan by SBI Life. This comprehensive insurance product has been designed for women, providing benefits of life insurance, savings and critical illness benefit. There is an optional benefit of additional pregnancy complication and congenital anomalies that provides insurance cover for childbirth-related abnormalities and pregnancy-related complications.

About SBI Life - SBI Life is among the leading life insurance providers in India. It is a joint venture between State Bank of India and the global insurer BNP Paribas Cardif. The company offers a wide range of life insurance and pension products at competitive prices.

(Note - All the information contained in this page has been sourced from the official website of SBI Life.)

Features of Smart Women Advantage Plan

The features of SBI Life - Smart Women Advantage Plan are as under:

  • It provides the combined benefit of life insurance, savings and critical illness benefit.
  • There is an optional benefit of Additional Pregnancy Complication and Congenital Anomalies cover.
  • Users can choose from two plans - Gold Plan and Platinum Plan.
  • Critical illness benefit will be paid out on the happening of the specified critical ailment.
  • There is in-built premium waiver benefit in the event of major stage critical illness.
  • Policyholders have the flexibility to select level of death cover and critical illness cover.
  • There is large sum assured rebate.

Benefits of Smart Women Advantage Plan

Maturity Benefit:

Basic Sum Assured plus Vested Simple Reversionary Bonuses plus Terminal bonus, if any.

Death Benefit:

In the event of the life assured’s demise, the sum assured with vested simple reversionary bonuses plus terminal bonus (if any) or 105% of the premiums paid, whichever is more, shall be paid to the beneficiary. Here, sum assured on demise is higher of:

a) 10 times of annualised premium, b) Guaranteed sum assured on maturity, c) The absolute amount assured to be paid on demise, which is SAMF x Basic Sum Assured at Maturity.

Critical Illness Benefit:

a) At the minor stage of critical illness, the benefit payable is 25% of critical illness coverage amount. b) At the major stage of critical illness, the benefit payable is 100% of critical illness coverage amount less any previously paid critical illness claims under the policy. c) At the Advanced Stage of critical illness, the benefit payable is 150% of critical illness coverage amount less any previously paid critical illness claims under the policy.

Here, critical illness sum assured = SAMF x Guaranteed Sum Assured at Maturity

Eligibility Criteria

Parameters Eligibility
Age at entry (base plan)
Minimum: 18 years
Maximum: 50 years
Age at entry (APC and CA option)
Minimum: 18 years
Maximum: 35 years
Maximum age at maturity (base plan)60 years
Maximum age at maturity (APC and CA option)45 years
Basic sum assured
Minimum: Rs. 2,00,000
Maximum: Rs. 10,00,000
Policy Term10 years and 15 years

Premium Details

Premiums ModeMinimum
YearlyRs. 15,000
Half Yearly Rs. 7,500
QuarterlyRs. 4,000
MonthlyRs. 1,500

Additional Features of SBI life Smart Women Advantage Plan

Additional Pregnancy Complication and Congenital Anomalies option: During the time of the policy's commencement, the policyholder has the option of availing the APC&CA benefit on child birth. The premium for this optional benefit needs to be paid over and above basic premium. Under this benefit, the 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.

The contingencies covered under the option are:

A. Pregnancy Complications:

  • Disseminated Intravascular Coagulation
  • Molar Pregnancy
  • Eclampsia
  • Ectopic Pregnancy B. Congenital Anomalies
  • Down’s Syndrome
  • Spina Bifida
  • Tetralogy of Fallot
  • Patent Ductus Arteriosus
  • Surgical Separation of Conjoined Twins
  • Cleft Palate
  • Ventricular Septal Defect
  • Atrial Septal Defect

Documents Required

To buy a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:

ID Proof - PAN card, Passport, Voter ID card, etc.

Address Proof - Passport, Driving License, Voter ID card, etc.

Why Buy Smart Women Advantage Plan?

With SBI Life – Smart Women Advantage Plan, policyholders can avail triple benefits - life insurance, savings and critical illness benefit under a single, women-centric plan. Users can also benefit from inbuilt premium waiver benefit in case of major stage critical illness for plans that are in-force. The insurance product gives policyholders the flexibility to choose the level of critical illness or death cover, as per their choice. They can also select between the two plan variants – Gold (Life Cover + Savings + Cover against female specific Critical Illnesses) or Platinum (Life Cover + Savings + Cover against female specific Critical Illnesses + Other Critical Illnesses).

Exclusions for Smart Women Advantage

If the life assured - sane or insane - commits suicide within one year from the date of the policy's inception, the nominee or beneficiary shall be entitled to 80% of the premiums paid. If the life assured commits suicide within a year from the date of policy's revival, the nominee or beneficiary shall be entitled to higher of 80% of the premiums paid till the date of demise or the surrender value.

Review of Smart Women Advantage

SBI Life - Smart Women Advantage is an endowment plan with many added protection features. The policy pays out regular bonuses (if any) along with the sum assured. Tax benefits can be claimed under Section 80D of the Income Tax Act, 1961, for premiums paid toward the health benefit component and under Section 80C for the life insurance premiums paid.

FAQs on SBI Life Smart Advantage Plan

What are the critical illnesses covered under the gold plan?

The critical illnesses covered under the gold plan include -

a. Minor, Major and Advanced staged female specific cancer of Breast, Cervical, Uterus, Ovaries, Fallopian tubes and Vagina b. Systemic Lupus Erythematosus c. Third Degree Burn d. Severe Rheumatoid Arthritis e. Severe Osteoporosis

What are the critical illnesses covered under the platinum plan?

The critical illnesses covered under the platinum plan include -

a. Minor, Major and Advanced staged cancers b. Systemic Lupus Erythematosus c. Thematosus (SLE) d. Severe Rheumatoid Arthritis e. Severe Osteoporosis f. First Heart Attack – of Specified Severity g. Open Chest CABG h. Open Heart Replacement or Repair of Heart Valves i. Angioplasty

Is loan facility available with Smart Women Advantage Plan?

Yes, loans will be available after the policy has acquired surrender value. The loan will be limited to a maximum of 90% of the surrender value.

How much is the premium frequency loading of Smart Women Advantage Plan?

The premium frequency loading applicable will be:

Half-yearly: 51.00% of annual premium

Quarterly: 26.00% of annual premium

Monthly: 8.50% of annual premium

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