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.

Read along to explore more about the plan:

Eligibility Criteria of SBI Loan Insurance Policy

Age at EntryMinimum: 18 years
Maximum: 65 years
Sum InsuredUp to Rs. 1 Crore
Policy TenureMaximum for 3 years
Coverage Offered againstCritical Illness
Job Loss
Critical Illnesses Covered13 Illnesses

**Last Updated on August, 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

How To Buy SBI Loan Insurance Policy

Buying From SBI Health Insurance
Buying From Policyx Website SBI Health Plan

What Is the Claim Process for SBI Loan Insurance Policy?

SBI Health Insurance offers a direct process to file the claims. Let's take a look at it.

  • Inform the company about the claim by dialing the toll-free number: 1800 22 1111, or SMS 'CLAIM' to 561612.
  • One of the SBI customer representatives will reach out to you within 24 hours of filing the claim with details of the required documents and further steps.
  • Submit all the required documents.
  • The company will initiate the process and settle all relevant claims within 30 days of the final survey report.

SBI General Important Links

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.7/5 (30 Total Rating)

October 12, 2021

Avantika Nagpal


Very amazing and helpful service offered by SBI Health. I am impressed by the way this company works.

October 8, 2021

Rekha Tyagi


Well done SBI Health. You are doing a great job. Also, I wanna thank for your continuous support. Best of luck to both companies.

September 2, 2021

Kuwali Rai


truly grateful for all the help received at PolicyX. the agents are smart, dont waste time and have good knowlege

September 1, 2021

Vishwanber Sharma


Satisfied with the purchased plan. Will recommend others to invest too. Policy X team has guided, so thanks for that too

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.

Last updated on August, 2021

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