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Investment Plans 1404 views May 1, 2020
SBI Life Smart Woman Plan is a traditional and participating Endowment Assurance plan. It has been designed in such a way that it helps to cater to the insurance requirements of women. The SBI Life Smart Woman Plan provides today’s women with dual benefits of savings and insurance cover both. This plan is women-centric and provides the opportunity by which women can save for accomplishing their major goals along with having the benefit of life protection cover.
Table of Contents
The major features of the SBI Life Smart Woman plan can be summarized below.
The major benefits provided by the SBI Life Smart Woman Plan can be summarized below.
If there is the demise of the insured person during the tenure of the plan, then the highest amongst the below-mentioned would be received by the policyholder as the Death Benefit.
The Sum assured on death would be the highest among the below-mentioned
SAMF=Sum Assured Multiplicative Factor which can be 1, 2 or 3.
When the Smart Woman Plan matures, the maturity benefit that would be payable to the policyholder would be equal to
Basic Sum Assured+ the vested reversionary bonus +if any terminal bonus
For a minor stage of the critical illness, the Smart Woman Plan provides a benefit of 25% of the Critical Illness Sum Assured. In the case of the advanced stage of the illness, 150% of the Critical Illness Sum Assured is provided by the plan. If the critical illness is at its major stage, then 100% of the benefit would be provided to the policyholder.
Critical Illness Sum Assured=SAMF (Sum Assured Multiplicative Factor which can be 1, 2 or 3)* Basic Sum Assured.
This is an optional benefit and can be chosen by payment of an extra premium by the policyholders When this benefit is chosen, then the cover would be provided against any complications arising due to pregnancy. This benefit is equivalent to 20% of the Basic Sum Assured and then would terminate if the benefit is being paid out during the policy term or if the policyholder reaches 45 years of age, whichever is later.
The policyholders can receive a Simple Reversionary bonus and terminal bonus. The terminal bonus might be paid on the death, maturity or surrender of the policy whereas simple reversionary bonus is paid on the insurance provider’s performance.
Parameters | FY 2017-18 | FY 2018-19 |
---|---|---|
Net Earned Premium (in Cr) | 1349.32 | 1826.99 |
Net Claims Incurred (in Cr) | 921 | 1396.80 |
Incurred Claims Ratio (in %) | 68% | 76% |
Particulars | Minimum | Maximum |
---|---|---|
Age of entry | 18 years | Base Plan=50 years APC & CA option=35 years |
Maturity Age | NA | Base Plan=60 years APC & CA option=45 years |
Policy Term | 10 years and 15 years | |
Premium Paying Term | 10 years and 15 years | |
Premium Paying Frequency | Monthly, Quarterly, Half-yearly, Yearly or Single premium | |
Premium Payable | Monthly=Rs. 1500 Quarterly=Rs. 4000 Half-yearly=Rs. 7500 Yearly=Rs. 15,000 | Depends on the chosen sum assured |
Sum Assured | Rs. 2 lakhs | Rs. 10 lakhs |
For quarterly, half-yearly and annual mode of premium payment, a grace period of 30 days is allowed for the payment of premium. But in case of monthly premium payment, a grace period of 15 days is allowed for the policyholder to pay the premium.
This can otherwise be known as a cooling period which is of 15 days within which the policyholder can review the policy documents and can even cancel the policy if he seems to be dissatisfied with the terms and conditions.
The policyholder is eligible for the surrender of the Smart Woman plan only if he has paid the full premium for at least 3 years.
Policyholders can revive their Smart Woman plan within 2 years from the date of the unpaid premium. The policyholder would have to pay the premium that is due and any other interest if charged by the insurance provider.
In the case of the Smart Woman plan, policyholders can avail the facility of loan up to 90% of the surrender value of the plan.
Hence, the SBI Life Smart Woman Plan is a comprehensive insurance plan for women which acts as saving as well as a protection plan. The various benefits and options provided by the plan, help in addressing all the basic financial needs of today’s women.