Loan Insurance Policy
  • Loan repayment after an unfortunate scenario
  • Details of the plan
  • 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

SBI Health Insurance Network Hospital List

SBI Health Insurance Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, SBI Health Insurance ensures that you are medically secured, irrespective of the city you reside in.

What Is Covered Under SBI Loan Insurance Policy

Before buying SBI Personal Loan Protection Insurance, you should have an understanding of what you will get 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 SBI Loan Insurance plan:

  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

SBI Loan Insurance Policy allows the policyholder to buy the plan easily through the online portal. With easy and simple steps we at have explained the simple steps that will help you to understand the buying process of SBI Personal Loan Protection Insurance.

Aslo, if you have any confusion, you can turn to for help. Below-mentioned is the buying process of SBI Loan Insurance Policy through the official website or through Take a look:

Buying Through SBI Official website:

  • Visit the official website of SBI Health Insurance & click on the 'Buy' option under 'Health Tab'.
  • Fill the form with the details & submit your form.
  • The next page will show the most-suited olan along the premium amount
  • Choose your plan, and make online payment.
  • Once the payment is confirmed, you will receive your policy details on your registered email address.

Buying through

  • Fill the form 'Calculate SBU Health Insurance Premium Now' available at the top of this page.
  • Once done, click on the continuous tab, and on the next page, your premiums will be displayed.
  • Choose your ideal sum assured and check your premium.
  • Make the patent online.
  • Once the payment is confirmed, you will receive your policy details on your registered email address.
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

SBI Loan Insurance Policy: FAQs

1. What is SBI Loan Insurance policy?

SBI Loan Insurance policy is designed to offer you complete coverage as well as to help you repay your outstanding loan in case of medical emergencies arising due to critical illnesses or accidents, that lead to loss of job or life.

2. How many critical illnesses are covered under SBI Loan insurance policies?

The plan covers up to 13 critical illnesses, namely:

  • Cancer of specified severity
  • Kidney failure requiring regular dialysis
  • Primary pulmonary arterial hypertension
  • Multiple sclerosis with persisting symptoms
  • Major organ/bone marrow transplant
  • Open chest CABG
  • Aorta graft surgery
  • Open heart replacement or repair of heart valves
  • Stroke resulting in permanent symptoms
  • First heart attack of specified severity
  • Coma of specified severity
  • Total blindness
  • Permanent paralysis of limbs

3. Do I need to undergo a pre-medical checkup before buying an SBI Loan Insurance policy?

No, there is no need to undergo a pre-acceptance health check-up if the insured is less than 55 years old and chosen 1 crore as the sum insured.

4. Does SBI Loan Insurance Policy offer any grace period in case I forgot to pay my premium?

Yes, the SBI Loan Insurance policy offers a grace period of 30 days in case premium payment is delayed.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (41 Total Rating)

June 7, 2022



Best buy and reliable. I recently got a life insurance for myself from SBI. Also, my purchasing experience was made easy and swift, apart from the best deal given by PolicyX.

June 7, 2022



I got the sbi general term insurance plan last year as I am concerned about my family. Such great plans. Great work.

March 14, 2022

kuljeet singh


very good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.

February 17, 2022

Dhiraj Khanna


This is a reliable company as they fulfill their promise to help during any medical emergency. I am satisfied with their services.

October 12, 2021

Avantika Nagpal


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

Last updated on August, 2021

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