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:
|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 |
|Critical Illnesses Covered||13 Illnesses|
**Last Updated on August, 2021
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:
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:
B. Undergoing for the first time of the following surgical procedures, more specifically described below:
C. Occurrence for the first time of the following medical events more specifically described below:
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.
The plan pays out the maximum of 3 EMIs in the unfortunate event of temporary unemployment or dismissal or retrenchment.
Other than the above-mentioned exclusions, the plan does not offer coverage against:
SBI Loan Insurance Policy allows the policyholder to buy the plan easily through the online portal. With easy and simple steps we at PolicyX.com 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 PolicyX.com for help. Below-mentioned is the buying process of SBI Loan Insurance Policy through the official website or through PolicyX.com. Take a look:
Buying Through SBI Official website:
Buying through PolicyX.com
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