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.
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.
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.
Benefits under the plan are offered through three different benefit structure
|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
|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
|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.
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.
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.
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.
There is no surrender value available under SBI Life’s Sampoorn Cancer Suraksha plan
There is no loan provision offered under 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:
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.
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.
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