Loan Insurance Policy
  • Loan repayment after any unfortunate scenario
  • Understand the Plan in Detail
  • Inclusions and exclusions

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SBI Loan Insurance Policy

SBI Loan Insurance policy offers comprehensive coverage to the policyholder and helps them to repay their loan in case of medical emergencies arising due to critical illnesses or accidents, that lead to loss of job or death.

The plan proves to be useful in meeting the primary cause affecting loan repayment and relieves the policyholder from the stress of debt dealing.

Read along to explore more about the plan:

Eligibility Criteria of SBI Loan Insurance Policy

Age at Entry Minimum: 18 years
Maximum: 65 years
Sum Insured Up to Rs. 1 Crore
Policy Tenure Maximum for 3 years
Coverage Offered against Critical Illness
Job Loss
Critical Illnesses Covered 13 Illnesses

**Last Updated on 29-04-2021

What Is Covered Under SBI Loan Insurance Policy

  1. Critical Illnesses

    The plan covers 13 critical illnesses and pays the Outstanding Loan Amount or Sum Insured based on the option chosen by the policyholder. The critical illnesses covered are:

    A. The first diagnosis of the below-mentioned Illnesses more specifically described below:

    • Cancer of Specified Severity
    • Kidney Failure Requiring Regular Dialysis
    • Primary Pulmonary Arterial Hypertension
    • Multiple Sclerosis With Persisting Symptoms

    B. Undergoing for the first time of the following surgical procedures, more specifically described below:

    • Major Organ/ Bone Marrow Transplant
    • Open Chest CABG
    • Aorta Graft Surgery
    • Open Heart Replacement or Repair of Heart Valves

    C. Occurrence for the first time of the following medical events more specifically described below:

    • Stroke Resulting in Permanent Symptoms
    • First Heart Attack of Specified Severity
    • Coma of Specified Severity
    • Total blindness
    • Permanent Paralysis of Limbs


    • Any pre-existing illness
    • Any critical illness discovered within 90 days of the policy
    • Self-medication or unauthorized treatment
    • Congenital illness or defects and/or treatment administered for them
    • Hormone Replacement Therapy; contraceptive procedures
    • Gender change or cosmetic surgery or treatment/procedures associated with the same
  2. Personal Accident

    The plan pays out the outstanding loan amount or sum insured based on the option chosen by the policyholder in case of the Death or Permanent Total Disablement that occurred due to an accident.


    • Payment under more than one category specified i.e Death or Permanent Total Displacement
    • Any infirmity/conditions existing before the inception of the policy
    • Persons learning to operate an aircraft or operating as crew or participating in adventure sports including winter sports, hazardous activities, and the like
    • Death or permanent total disability arising out of illness
    • Venereal diseases or insanity
  3. Loss Of Job

    The plan pays out the maximum of 3 EMIs in the unfortunate event of temporary unemployment or dismissal or retrenchment.


    • Termination, dismissal, temporary suspension, or retrenchment due to fraud or dishonesty, poor performance
    • Businessmen; self-employed persons
    • Employees on a casual, temporary or contractual basis
    • Unemployment due to resignation, retirement whether voluntary or otherwise
    • Unemployment at inception or arising within first 90 days of Inception

What Is Not Covered Under SBI Loan Insurance Policy

Other than the above-mentioned exclusions, the plan does not offer coverage against:

  • War, invasion; acts of terrorism, riot, or malicious damage
  • or such similar perils
  • Nuclear perils; ionizing radiations
  • Drug abuse or alcoholism
  • Self-inflicted injury attempted suicide or suicide
  • Consequential loss or indirect expenses

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Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (18 Total Rating)

April 29, 2021

Meenal Varun Joshi


If you are looking for an ideal health insurance company, SBI is the name. One of the best health insurance company I have come across. Go for this company without any second thoughts. One of my best decisions.

April 29, 2021

Rakesh Koul


I am in love with this company. From the plan they offer to their services, everything is A class. If you are looking for a company that really care about its customers, SBI is the name.

April 13, 2018



I took my SBI Arogya Premier Policy in SBI General Insurance for last 4 years. As of now I don't have any claim experience. The premium was decent and good compared to others

May 11, 2021

manmohan tiwari


I brought health insurance plan from SBI in 2019 and i am very happy with my plan and customer service of SBI insurance company. Keep it up SBI !

April 29, 2021

Vihaan Gupta


Me and my family have been lucky to have bought an SBI Health Insurance plan during the covid situation. The policy has proved to be a saviour for all of us, Thankyou SBI health Insurance for helping us in the time of our medical need.

Last updated on 29-04-2021

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