SBI Life Insurance Company is a reputed name in the Indian insurance industry as it is backed by one of the largest banks, the State Bank of India. As different individuals have different financial needs for which they need different insurance products, SBI Life offers a range of insurance plans. All categories of life insurance products are sold by the company with protection being the core element in all plans. In terms of protection plans, SBI Life has a host of term insurance plans with varying features. The company also offers a health insurance plan which covers cancer. Let’s understand protection and health insurance plans and the list of plans offered by SBI Life –
Protection plans are the basic types of insurance plans which cover the premature death of the insured. If the insured dies during the term of the policy, protection plans pay the insured’s family a lump sum benefit so that they can take care of their financial obligations. Protection plans primarily cover mortality risk and so the premiums are low. As the premiums are low policyholders can opt for higher levels of coverage ensuring that they can provide financial security to their families if they are not around.
Health plans which are offered by life insurance companies are insurance plans which cover specified illnesses. These plans pay a lump sum benefit to the insured if he/she suffers from the illness which is covered by the plan. These plans, therefore, help policyholders meet the high medical costs and other financial obligations that they might face when they suffer a medical contingency.
Protection and health insurance plans have the following salient features –
SBI Life offers a wide variety of protection plans which are as follows –
SBI offers only one standalone health plan called SBI Life Sampoorn Cancer Suraksha. The plan has various features and benefits which include the following –
Yes, the premium paid for health plans is allowed as a deduction under Section 80D. The limit of deduction available under this section is up to INR 25,000 for individuals below 60 years of age and INR 50,000 for individuals aged 60 years and above.
Health plans have no maturity benefit. The benefit is paid only if the covered illness occurs during the policy tenure.
Yes, the entire amount of death benefit received under a term insurance plan is completely tax-free under Section 10 (10D).
Policyholders can choose to buy as many riders as they want. However, the total premium of riders should not exceed 30% of the premium of the base plan.
SBI Life Protection (Term) Insurance & Health Insurance Plans