SBI Life-Smart Women Advantages: Your Best Life Security Buddy

Life Insurances 170 views

Buying a life insurance is a personal decision and you should buy it only when you are very sure that you need a policy. Life insurance policy is a financial tool that helps you in building your funds and at the same time it offers financial security to your family. It provides financial security to your family in situation of your unfortunate death or physical disability. If you have a family and dependents, then buying a policy for building funds and providing them financial security is the right decision. You should always buy a policy from company, which has a good public image and high ratio of policy settlement.

There are numerous companies and banks offering different life insurance policies. You should always choose a policy that fits into your financial needs. These financial firms and banks offer different life insurance policies to meet your financial goals. You can select the one, which offers you better coverage and more benefits. SBI Life-Smart Women Advantages life insurance policy is specially crafted to meet the needs of working women. This is a participating individual traditional endowment plan with added protection features that help you with financial planning. The life insurance policy offers you security and financial protection to your family.

Advantages and Benefits

Maturity benefits: On survival of the life assured upto the maturity the insured will get the basic sum, vested simple reversionary bonuses along with terminal bonus. This policy offers you other benefits as well.

Death benefits: The policy provides your benefits in case of unfortunate event of the death of the life assured. In that situation the nominee or the family members of the assured will get the sum assured along with vested simple reversionary bonuses plus terminal bonus or 105% of the premiums paid, whichever is higher.

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Critical illness benefits: This is critical illness benefits is payable based on stage of severity. The amount is offered in three stages at the minor stage the benefits payable is 25% of the critical illness sum assured. At stage two the payable is 100% of the critical illness sum assured less any previously paid benefits. At the advanced stage the benefits are payable 150% of the critical illness sum assured less any previously paid benefits.

In-built benefits: If the assured will claim benefits under the major stage of critical illness is accepted by the company, all the future premiums will be waived off for the rest of the policy term, from the date of diagnosis of the medical condition. However, the remaining policy benefits shall continue throughout the policy term.

Additional pregnancy benefits: This benefit offers cover against pregnancy-related complications and child-birth related abnormalities for that sum assured is fixed at 20% of basic sum assured. This benefit is payable only once during the term of the option or till of 45 years whichever is earlier. The premium payable for this option will also ceases.

Tax benefits: You can avail the tax benefits from this life insurance according to your assured sum. The maximum tax benefits can be claimed of upto Rs. 1.5 lakhs per annum on your investments.

Other important details

CategoryMinimumMaximum
Age18 years50 years
Age** at Entry (APC & CA options)18 years35 years
Maximum age at maturity 60 years
Maximum Age at Maturity (APC & CA option) 45 years
Basic Sum Assured (in multiples of Rs 1,000)Rs. 2,00,000 Rs. 10,00,000
SAMF (Sum Assured Multiplicative Factor)1, 2 or 3
Absolute Amount Assured on Death / Critical Illness Sum AssuredSAMF x Basic Sum Assured
APC & CA Option Sum Assured20% of Basic Sum Assured
Policy Term^10 years & 15 Years
Premium frequencyYearly / Half-Yearly/Quarterly/ Monthly
Premium Frequency LoadingHalf-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium
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