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Overview
In an unpredictable world, safeguarding yourself and your family's future against the threat of critical illness, such as cancer, is of utmost importance. Introducing SBI Life Sampoorna Cancer Suraksha, a term insurance plan diligently designed to offer you and your loved ones financial security and peace of mind during difficult times. This plan is not just another cancer policy; it shields you against various stages of cancer diagnosis, including Carcinoma in Situ (CIS), Early Stage Cancer, Major Stage Cancer, and even formidable advanced-stage cancer. Let's explore this insurance policy that promises to safeguard your well-being and your family's future.
To better understand this plan, let's explore its benefits and eligibility criteria in detail.
Key Benefits of SBI Life Sampoorna Cancer Suraksha Plan
The SBI Life Sampoorna Cancer Suraksha Plan offers a range of benefits, including:
- Covers all stages of cancer
- Add-on riders
- Tax benefits as per prevailing laws
- Reset benefit
- Staged lump sum payouts
- In-built premium waiver benefit
Riders Associated with SBI Life Sampoorna Cancer Suraksha Plan
You can add the following riders to your SBI Life Sampoorna Cancer Suraksha Plan:
SBI Life Accidental Death Benefit Rider
The Accidental Death Benefit Rider provides an additional sum if the policyholder dies within 120 days of an accident.
SBI Life Accidental Total and Permanent Disability Rider
The Accidental Total and Permanent Disability Rider covers the policyholder if an accident leads to permanent disability.
Plan Features
Staged Lump Sum Payouts
Depending on the chosen benefit structure, you can receive up to 150% of the sum assured as payouts. This provides financial support at different stages of cancer diagnosis.
Reset Benefit
After 3 years from a major, minor, or advanced cancer claim, and subject to no further diagnosis of any stage of cancer within the same period, the full sum assured will be restored.
Second Medical Opinion
Cancer is a serious disease. It is important to seek a second medical opinion to confirm the diagnosis before proceeding with any medical procedure.
Tax Benefits
Policyholders can avail tax benefits on the premium amount as per prevailing rules under the Income Tax Act of 1961.
Exclusions
- Any cancer resulting from self-inflicted injuries or suicide attempts within a specific timeframe (usually the first policy year) may not be covered.
- Diagnosis of cancer within the waiting period is not covered.
- Claim denials may occur due to incorrect information, misrepresentation, or non-disclosure of relevant medical history during the application process.
- Death due to any pre-existing disease not disclosed at the policy's inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee.
Payouts for Different Stages of Cancer
Minor Stage Cancer
30% of the sum assured is paid. The policyholder can claim CIS and Early Stage Cancer Benefit during the policy term, up to a maximum of 60% of the sum assured. Future premiums are waived.
Major Stage Cancer
The remaining 100% of the sum assured is payable after deducting any benefits paid earlier for Minor Stage Cancer. Future premiums are waived. The policyholder can also opt for a monthly income benefit for 3 years.
Advanced Stage Cancer
150% of the sum assured is payable, with any previously paid benefits deducted.
Additional Benefits
Sum Assured Reset Benefit
The insured can restore the sum assured after 3 years from a valid Minor or Major Stage Cancer claim, provided no further cancer diagnosis occurs during this period. This benefit is available once during the policy term and is applicable after an advanced-stage cancer claim.
High Sum Assured Discount
Discounts on large Sum Assured are available on the tabular premium based on different slabs.
