SBI Life Sampoorn Cancer Suraksha is an individual, non-participating and non-linked health insurance pure risk premium product that provides a comprehensive insurance cover during a cancer diagnosis and its subsequent treatments. This policy provides cover for all three stages of cancer – minor, major, and advanced-stage cancer. It is designed to supplement your existing medical insurance policies and ensure that an untimely diagnosis does not hamper your family's financial and emotional capabilities.
|Entry Age||Child: 6 years to 17 years |
Adult: 18 years to 65 years
|Maximum age at entry||75 years|
|Sum Assured||10 Lakhs to 50 Lakhs|
|Policy Tenure||5 years to 30 years|
|Grace Period||15 days to 30 days|
The SBI Sampoorna Cancer Suraksha policy provides three types of benefits:
Under this benefit structure, minor stage and major stage cancer diagnosis are covered. Following are the benefits under this cancer insurance plan:
Under this benefit structure, the minor, major, and advanced stage cancers are covered. Following are the benefits under this plan:
Under this benefit structure, the minor, major, and advanced stage cancers are covered. However additional benefits are provided as explained below:
The policy gives the policyholder an option to get a second opinion on his cancer diagnosis. This service is provided by M/S Medguideindia, an independent body, and can be availed anytime during the tenure of the policy.
The SBI Sampoorn Cancer Suraksha plan is an independent policy, and the claim settlement will not be impacted if you are submitting a claim from other medical insurance policies too.
Unlike other life and medical insurance policies in the market, no medical examination needs to be conducted when buying the SBI Life Sampoorn Cancer Suraksha policy.
Unlike other medical insurance policies, the payout in this policy is not dependent on medical expenses. So the claim will be paid as per the benefit structure chosen by the policyholder and not as per his treatment expenses incurred after the diagnosis.
SBI life Sampoorn Cancer Suraksha premium can be paid monthly, quarterly, half-yearly, or yearly. The frequency can be changed on the policy anniversary for which a written notice needs to be submitted one month in advance. The premium would be fixed for 5 years after which it will be reviewed according to company policy and the policyholder's previous claims.
The plan offers benefits in terms of the premium amount. If we calculate the SBI Cancer Suraksha premium amount for the basic structure plan, the premium amount would come to Rs. 50 per month or Rs. 600 per year depending on the sum assured and the entry age of the policyholder.
Under the standard benefit plan, if the policyholder submits a claim for the first minor stage cancer diagnosis, his premium for the first five years will be waived off. This benefit is only applicable to the first minor stage cancer claim. Under the classic, and enhanced plan, on the diagnosis of the first major stage cancer, the premium for the entire SBI Cancer Suraksha policy term is waived off.
The claim needs to be submitted within 90 days of the diagnosis. On submitting the claim, the payments will be made on a stage-wise basis based on the benefit structure. On diagnosis of minor stage cancer, the policyholder can claim 30% of the sum assured and if cancer moves to a major stage, the balance 70% can be claimed.
If an individual has any pre-existing cancer, even a minor stage, it will be excluded from the policy cover. Also, the policyholder will not be covered for diseases occurring due to exposure to nuclear, biological or chemical contamination.
Cancer is becoming a dreaded ailment that can drain a family's hard-earned earnings. With the treatment costs rising high, it is important to be prepared financially to fight cancer. Since the policy is designed to pay amounts at different stages of cancer, it is a potentially beneficial product to invest in. Also, the monthly benefit option helps policyholders to manage their treatment expenses that may be exorbitant. Families who have a history of cancer can opt for this policy for complete family protection.
No. The policy benefit structure once chosen cannot be replaced or modified later on during the policy term.
Yes, there are certain discounts available to policyholders who take a policy cover between 25 lakhs and 50 lakhs. Discounts are also available if the policyholder is an SBI employee, or a family member (spouse or children).
There is a 180 days waiting period for the policy to come into effect. Hence if cancer is detected during this period, it will not be covered. Also, after diagnosis, the policyholder should survive for at least 5 days to claim the amount.
No. There is no provision to avail loans on the policy.
No. The policy does not have any maturity or death benefit.
Last updated on 05-11-2020