SBI Life – Sampoorn Cancer Suraksha

SBI Life Insurance Company is a joint venture company formed by coming together of two globally known brands in the financial domain, State Bank of India and BNP Paribas Cardif, S.A. SBI Life Insurance Company, headquartered in Mumbai offers a wide array of insurance products through its multi-distribution channel. The products offered range from pure protection plan to traditional savings plan, critical illness plan, pension plans and unit-linked insurance products etc. SBI Life Insurance Company is known not just for its product but also for its excellence in providing customer service through operational efficiency.

What is the Cancer Insurance Plan?

Cancer is one such ailment that is not just life-threatening but extremely expensive to treat and even to diagnose. Cancer insurance plans are special and specific insurance policies that prepare people financially against this life-threatening illness called cancer. These plans are specially crafted to provide financial assistance to those who are diagnosed with cancer. Cancer-specific policies offer multi-level cover depending on the stages of diagnosis and treatments.

SBI Life’s Sampoorn Cancer Suraksha Plan

Today’s lifestyle and the stressful environment is a major cause of critical illnesses. Cancer is one such dreaded ailment that is increasing around the world. It has become important to have a backup financial plan to fight this disease. Though medical science is advancing, Treatment costs are also rising. SBI Life’s Sampoorn Cancer Suraksha is a tailor-made solution to be well prepared against critical illnesses like cancer.

SBI Life’s Sampoorn Cancer Suraksha is a non-participating, non-linked health insurance product for individuals. SBI Life’s Sampoorn Cancer Suraksha plan helps you secure yourself and your family against any types of cancer. This works like a supplement to your existing medical insurance. The policy pays out the benefits at various levels depending on the stages of illness, its diagnosis and treatment. The policy comes with multiple amazing features that can be beneficial.

Features of SBI Life’s Sampoorn Cancer Suraksha Plan

  • Easy and stage-wise lump sum payouts on diagnosis
  • Choose from three different benefit structures
  • No medical examination
  • In-built premium waiver benefit depending on the benefit structure chosen
  • Avail second medical opinion from a panel of medical experts
  • Manage your expenses with a monthly income benefit option

Benefits of SBI Life’s Sampoorn Cancer Suraksha Plan

Benefits under the plan are offered through three different benefit structure

  • Standard benefit structure: Benefits are paid out at different levels.
    • Minor stage cancer: On diagnosis of early-stage cancer, 30% of the sum assured will be payable. The maximum of 60% of the sum assured can be paid at this stage. The premium for the next five years would be waived off.
    • Major stage cancer: On diagnosis of cancer of the major stage, the balance out of 100% sum assured would be paid. There is also an option to convert 40% of sum assured chosen at inception as a monthly income benefit plan over three years. The benefit would continue to pay for three years irrespective of the death of the life assured.
  • Classic benefit structure: This structure covers minor, major and advanced stage of cancer
    • Minor stage of cancer: On diagnosis of early-stage cancer, 30% of the sum assured will be payable. The maximum of 60% of the sum assured can be paid at this stage. All the future premiums would be waived off.
    • Major stage of cancer: The balance of 100% sum assured would be paid on diagnosis of major stage of cancer. There is an option to convert 40% of the initial sum assured into monthly income benefit for 36 months.
    • Advanced stage cancer: On diagnosis of the advanced stage of cancer, the balance of 150% of the sum assured fewer benefits already claimed would be payable.
  • Enhanced benefit structure: Benefits are paid out at below stages of cancer
    • Minor stage of cancer: On diagnosis of early-stage cancer, 30% of the sum assured will be payable. The maximum of 60% of the sum assured can be paid at this stage. All the future premiums would be waived off.
    • Major stage of cancer: The balance of 100% sum assured would be paid on diagnosis of major stage of cancer with future premiums being waived off. There is an option to convert 40% of the initial sum assured into monthly income benefit for 36 months.
    • Advanced stage cancer: On diagnosis of the advanced stage of cancer, the balance of 150% of the sum assured fewer benefits already claimed would be payable.
    • Sum assured reset: Under this, after a period of three years from the date of valid minor or major cancer claim within the policy term, the full sum assured will be restored.

Eligibility Criteria for SBI Life’s Sampoorn Cancer Suraksha Plan

Eligibility conditions Minimum Maximum
Entry age
Adults
Child

18 years
6 years

65 years
17 years
Maturity age - 75 years
Policy term 5 years 30 years
Policy paying term Same as policy term
Premium payment frequency Yearly/Half-yearly/Quarterly/Monthly
Premium frequency loading Half-yearly: 51% of the annual premium
Quarterly: 26% of the annual premium
Monthly: 8.5% of the annual premium
Premium range
Yearly
Half-yearly
Quarterly
Monthly

Rs. 600
Rs. 300
Rs. 150
Rs. 50

Based on the sum assured and age
Sum assured range Rs. 10 lakhs Rs. 50 lakhs

Here is a sample annual premium (exclusive of applicable taxes) for a sum assured Rs. 15 lakhs for various policy terms and age

Age Term
10 years 20 years 30 years
10 Rs. 867 Rs. 853.50 Rs. 903
20 Rs. 874.50 Rs. 880.50 Rs. 1,041
30 Rs. 925.50 Rs. 1,141.50 Rs. 1,761
40 Rs. 1488 Rs. 2,484 Rs. 4,306.50

Please note: In a monthly mode of premium payment, three months premium needs to be paid in advance. Renewal premium payment can be made only through the electronic clearing system and standing instructions.

Who should buy SBI Life’s Sampoorn Cancer Suraksha plan?

SBI Life’s Sampoorn Cancer Suraksha plan should be part insurance portfolio of every individual seeking complete protection for family. Specifically, SBI life’s Sampoorn Cancer Suraksha plan is the most ideal option for individuals having a family history of cancer.

When should you buy SBI Life’s Sampoorn Cancer Suraksha plan?

SBI Life’s Sampoorn Cancer Suraksha plan can be bought anytime from 18 years of age to 65 years. The plan can also be availed for children from 6 years to 17 years of age. Staying protected at an early age is important, hence it’s recommended to buy early.

Documents required for buying SBI Life’s Sampoorn Cancer Suraksha Plan

  • PAN card is mandatory
  • Identity proof: PAN card/Voter’s ID card /passport/driving license etc.
  • Proof of residence: bank account statement/ Property tax receipt/ utility bill/ passport etc.
  • Proof of income: Income Tax return /employer certificate/salary slip
  • Age proof: PAN card/School certificate/ birth certificate/Passport, etc

Revival of SBI Life’s Sampoorn Cancer Suraksha plan

If premium payments are not done within 30 days of grace period, policy will get lapsed. SBI Life’s Sampoorna Cancer Suraksha plan when lapsed can be revived within two years from the date of first unpaid premium.

Surrender of SBI Life’s Sampoorn Cancer Suraksha plan

There is no surrender value available under SBI Life’s Sampoorn Cancer Suraksha plan

Loan facility in SBI Life’s Sampoorn Cancer Suraksha plan

There is no loan provision offered under SBI Life’s Sampoorn Cancer Suraksha plan

Exclusions in SBI Life’s Sampoorn Cancer Suraksha plan

Exclusions are specific to the stage of cancer. However, below are some of the general exclusions under SBI Life’s Sampoorn Cancer Suraksha plan for cancers resulting directly or indirectly by:


  • Sexually transmitted disease AIDS or HIV
  • Any pre-existing cancer including carcinoma in situ
  • Nuclear, biological or chemical contamination (NBC)
  • Diagnosis or signs or symptoms of cancer first occurred during the waiting period

Conclusion

SBI Life’s Sampoorn Cancer Suraksha is a comprehensive cancer plan that makes expensive cancer treatment options reachable for individuals without any hassles and worries.


FAQs

Yes. SBI Life’s Sampoorn Cancer Suraksha plan comes with the waiting period of 180 days from the date of commencement of risk or date of revival, whichever is later. Claims would not be admitted during this period.


Yes. There is a rebate on premium available for a large sum assured. Applicable slabs are as below.

Sum Assured (in Rs.) Rebate on premium per Rs. 1000 sum assured
10 lakhs to 24 lakhs Nil
25 lakhs to 39 lakhs Rs. 0.12
40 lakhs to 50 lakhs Rs. 0.20

Survival period applicable in SBI Life’s Sampoorn Cancer Suraksha plan is 5 days. Claims are valid if the life assured survives for a period of 5 days from the date of diagnosis.


Yes. You can cancel SBI Life’s Sampoorn Cancer Suraksha plan within the free look period by submitting a letter requesting for cancellation. For offline policies, the free look period is 15 days and 30 days for online bought policies or policies sourced through distance marketing channels. However, it’s important to state the reason in cancellation request.