SBI Loan Insurance Policy

Overview

The SBI Loan Insurance policy offers comprehensive coverage to the policyholder and helps them 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 useful in addressing the primary causes affecting loan repayment and relieves the policyholder from the stress of debt. Read along to explore more about the plan.

SBI Loan Insurance Plan Coverage

Before buying SBI Personal Loan Protection Insurance, you should understand what is covered under the plan. With comprehensive coverage, you can ensure that your family doesn't have to worry about your outstanding loans in your absence.

Take a look below to explore the coverage offered by the SBI Loan Insurance plan:

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 as follows:

First Diagnosis of Specified Illnesses

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

Undergoing Specified Surgical Procedures for the First Time

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

Occurrence of Specified Medical Events for the First Time

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

Exclusions for Critical Illnesses

• Any pre-existing illness.
• Any critical illness discovered within 90 days of the policy inception.
• 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.

Personal Accident

The plan pays out the outstanding loan amount or sum insured based on the option chosen by the policyholder in case of death or permanent total disablement that occurred due to an accident.

Exclusions for Personal Accident

• Payment under more than one specified category (e.g., death or permanent total disablement).
• Any infirmity/conditions existing before the inception of the policy.
• Persons learning to operate an aircraft, operating as a crew, or participating in adventure sports (including winter sports, hazardous activities, etc.).
• Death or permanent total disability arising out of illness.
• Venereal diseases or insanity.

Loss of Job

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

Exclusions for Loss of Job

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

General Exclusions

• War, invasion, acts of terrorism, riot, malicious damage, or similar perils.
• Nuclear perils or ionizing radiations.
• Drug abuse or alcoholism.
• Self-inflicted injury, attempted suicide, or suicide.
• HIV/AIDS.
• Consequential loss or indirect expenses arising from animal bites.