SBI Life Smart Women advantage is a participating individual traditional plan. It provides overall coverage to the women. Such as life insurance, savings as well as critical illness benefit. This plan is made to meet the needs of the women’s when they are actually in the need at the time of pregnancy or at childbirth or many other times. This endowment plan consists of two plans platinum and gold. According to that plans the policyholder can receive the claims and benefits.
Features of LIC Smart Women advantage
- SBI Smart Women advantage is a participating traditional endowment plan which is specially designed for womens to provide them live coverage, plus Savings, Plus critical illness benefits
- It is a regular premium paying policy that means. The policyholder will have to pay the premium equal to the policy term.
- In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
- In case of policy holder meet to death within the policy term. Then there is a provision of death benefit.
- There is discount on premium available on higher sum assured plans.
- The claim is provided as a lump sum or through the monthly installments.
Details of plan offered under SBI Life Smart Women advantage
- Gold plan
This plan provides life coverage plus savings plus female specific critical illness.
- Platinum plan
This plan provides life cover, plus saving plus, female specific critical illness and other critical illness.
Benefits provided under SBI Life smart women advantage
Eligibility condition for the SBI Life smart bachat.
- The minimum age for the entry of this plan is 18 years and the maximum age for the entry of this plan is 50 years
- The minimum age for the maturity of this plan is 60 years.
- The policy can be taken for the term of 10 years and 15 years as per the choice of policy holder.
- The premium paying term is equal to the policy term that is 10 years or 15 years.
- The premium can be paid monthly, quarterly, half yearly or annually.
Documents required for SBI life Smart Women advantage
- Offline/Online filled application form.
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
Terms related to SBI Life smart women advantage
- Free look period
If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.
- Grace period
There is a provision of grace period for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.
- Revival of policy
If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.
- Surrender of policy
Policy can be surrendered or terminated after the completion of 3 years of the policy term. Only after 3 years the policy will be able to get a surrender value.
- Loan benefit
There is facility of loan available according to this policy plan. Loan available is the 90% of the surrender value of the policy plan.