Key Highlights of ‘SBI Life – Sampoorn Cancer Suraksha’plan:
1. Easy Payout on diagnosis
2. Monthly income benefit to manage expenses
3. Second Medical Opinion to help decide the course of treatment
4. Premium waived off on diagnosis
5. Affordable premium
6. Tax benefits under Section 80D
SBI Life Insurance Company Limited (“SBI Life”), a leading private life insurance Company, today announced the launch of “SBI Life – Sampoorn Cancer Suraksha”, an individual, non- participating, non – linked health insurance product is a comprehensive insurance plan which helps one to prepare financially on diagnosis of Cancer With this offering, SBI Life aims to provide financial stability by covering the treatment cost and the unforeseen expenses that may arise during or later in the treatment process.
The comprehensive cancer insurance product comes with three benefit structures (Standard, Classic and Enhanced) to cover different stages of cancer starting from minor to major to advanced stage cancer.
Commenting on the launch of the product, Mr. Arijit Basu, Managing Director and Chief Executive Officer of SBI Life said that, “I believe that cancer cases have increased significantly in the last decade and the disease by all means can be stressful for the whole family. A person’s strong will power, positivity and advancements in technology has made the dreadful disease curable but the cost of treatment is getting even more expensive putting it out of reach for many people. With SBI Life- Sampoorn Cancer Suraksha we aim to provide an insurance product that may keep the financial worries at bay and prepare the policyholders better to fight against cancer.”
The insurance policy is available for people between the ages of 6 years to 65 years of age. The maximum maturity age will be 75 years.
This is a regular premium payment product with policy term ranging from 5 years to 30 years. The minimum sum assured is Rs. 10,00,000 and maximum sum assured is Rs. 50,00,000.
Other benefits of the policy include easy payout on diagnosis of Cancer, simplified issuance with no medical examination and the option to avail second medical opinion. The customers also get the flexibility to avail 1.20% of sum assured as monthly payout for 3 years on diagnosis of Major stage cancer. Policyholders can also get stage wise lumpsum pay out benefit – 30% to 150% 150% of sum assured, based on the stage at which it is diagnosed and benefit structure chosen. The plan also has an inbuilt premium waiver benefit. Policyholders can also avail an option of getting 40% of sum assured chosen at inception as monthly income benefit and rest as lumpsum benefit in case of claim under major stage cancer. The insurance plan gives tax benefits under the prevailing norms under section 80D.