Sexual and reproductive health (SRH) policy raises important normative questions. Accordingly, this article—inspired by a discursive approach to public policy—uses social inclusion approach to analyze Chilean SRH policy (2000–2018). It argues that despite long decades of capitalist neoliberal modernization and four consecutive center/left-wing governments, Chilean SRH policy remains as conservative as under right-wing dictatorship, and focused mainly on fertile women. The proposed conceptual model that informs this analysis considers three features of the public policy: the normative referent that guides it, the vision of society that underlies its discourse, and the presupposed concept of subject. The methodology includes tracing Chile’s SRH policy, critical frame analysis of relevant political texts, and interviews with governmental and nongovernmental political stakeholders.