SBI Cancer Insurance
SBI Cancer Insurance
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SBI Cancer Insurance

Established in 2001, the SBI Life Insurance company is a joint venture between BNP Paribas Cardif and State Bank of India. In terms of share, State Bank of India has 74% of total capital, and BNP Paribas Cardif has 26%. Ever since its establishment, SBI Life Insurance has managed to revolutionize the insurance game in India and become one of the major players in the industry.

The company offers several products, which are carefully designed to meet the needs of its customers. One of its popular offerings, Sampoorn Cancer Suraksha Plan, provides a complete cover from the Cancer disease and saves an individual from the needless worry and concerns arising out of diagnosis and treatment of cancer. SBI Life only provides one cancer plan, which is more than sufficient for its customers.

SBI Life Sampoorn Cancer Suraksha Plan

It is an individual, non-participating, non-linked health insurance pure risk premium product that provides financial stability to people diagnosed with cancer. Let's discuss this plan in detail.

Features & Eligibility Criteria

Age at entry

Minimum: 6 years for a child, 18 years for adult

Maximum: 17 years for a child, 65 years for adult

Maximum age at maturity

75 years

Sum Assured

10 Lacs – 50 Lacs

Policy Term

5 years – 30 years

Minimum Premium

Monthly: Rs. 50, Yearly: Rs. 600

Table Data updated on 05-11-2020

As a comprehensive cancer insurance product, it has the following useful features:

Benefits

Premiums

The benefit structures are designed to give maximum benefit to the individual. For e.g. under the standard benefit, the premiums are waived off for the next 5 years from the date of a minor stage cancer diagnosis. Whereas, under the classic and enhanced structure, the premiums are waived off after the first diagnosis of minor or major stage cancer. The premiums for all the structures are locked for a period of 5 years and are reviewed after that.

Waiting, Survival, and Grace Periods

Under this policy, there is a waiting period of 180 days, within which no claims can be submitted. Similarly, for a claim to be valid, the insured individual should survive 5 days after the diagnosis of a minor, major, or advanced-stage cancer. Regarding the grace period, a period of 15 days is provided for monthly premiums, and 30 days for other frequencies (to pay the premiums), failing which the policy will lapse.

Second Opinion

If the insured individual is diagnosed with cancer, (s)he can get a medical opinion by Medguide India. (S)he can also have the diagnosis and treatment plans evaluated by the doctors to ensure all precautions are well-taken care of.

All the above features make the SBI Sampoorn Cancer Suraksha a necessary product for the vulnerable masses. It is very important to analyze one's situation and make an informed decision to purchase this policy that can protect you and your loved ones from the cancer disease.

How to buy SBI Sampoorn Cancer Suraksha Plan?

You can buy SBI Sampoorn Cancer Suraksha Plan through SBI Life Insurance. Here are the steps for the same:

  1. On the SBI's website, go to this link and click on the 'Calculate here' button below the 'Highlights' section.
  2. In the new section, you will have to enter your personal details such as your name, date of birth, gender, discount, policy term, premium frequency, the sum assured, and benefit option, which will give you an estimate of the premium.
  3. Once the estimate is generated on the right-hand side of the page, you will need to click on the 'Give a missed call' button below and an advisor from SBI will call to guide you through the process of purchasing the SBI Sampoorn Cancer Suraksha Plan.

Claim Process of SBI Sampoorn Cancer Suraksha Plan

Like any other SBI plan, there are three steps in processing a claim:

Claim Intimation

If the insured is diagnosed with cancer, the claimant should intimate the company about the diagnosis. As per the opted benefit structure, the claim under the policy should be filed within 90 days of the date of diagnosis. The claim can be intimated in four ways:

  1. Website
  2. Post
  3. Physically visiting at the nearest SBI branch
  4. Email

Claim Document Submission:

Once the intimation is made, the company will start the process, for which the following documents need to be provided: 

  1. Copy of Policy Document
  2. Claim Form
  3. Doctor's certificate and Proof of Diagnosis
  4. Proof of treatment undergone
  5. Others requested by the company

Claim Decision & Settlement

The claim will be assessed based on the documents submitted by the insured and once the decision is taken to approve, the claim amount will be released to the claimant.

Frequently Asked Questions (FAQ’s)

1. Can I cancel an SBI cancer policy if I have purchased it just last week, and have already paid the first premium?

If you have purchased a policy through distance marketing, you will be allowed a period of 30 days to cancel it. However, if it is purchased through any other channels, the period is 15 days. Any premiums paid during this period will be refunded after deducting the necessary changes.

2. Can I submit the premium payment receipts of my SBI Sampoorn Cancer Suraksha Plan for availing Income Tax benefits?

Yes. Income Tax benefits can be availed on the premiums paid for this policy.

3. I had taken a policy 6 years back, which got lapsed due to some unavoidable circumstances. Can I revive it now?

Yes. If a policy has been lapsed due to any reason, it can be revived after 5 years from the date of the first unpaid premium.

4. What recourse do I have if the insurance company delays in processing the claim for my SBI Sampoorn Cancer Suraksha Plan?

If there is a delay in processing the claim, the insurance company is liable to pay an interest of 2% of the bank rate to the individual.

5. Can I avail of a loan on my SBI Cancer policy?

No. As per the terms and conditions, a loan cannot be availed under this policy.

6. My brother had minor stage cancer 3 years ago, which was treated successfully. Can I now take the SBI Sampoorn Cancer Suraksha Policy for him?

Yes. Under the terms of the policy, if you are purchasing a policy for your brother, he should not be diagnosed by cancer in the previous 48 months.

Last updated on 05-11-2020