SBI Loan Insurance Policy offers comprehensive insurance coverage against life’s expectancies. The policy ensures the insured remains financially protected in case of medical emergencies arising due to critical illnesses and accidents, leading to job loss or death. It addresses the primary cause affecting loan repayment and provides relief from debt in case of a mishap.
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All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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|Coverage Type||Loan Repayment Policy|
|Tenure||Up to 3 years|
|Sum Insured||Up to 1 cr.|
|Coverage Offered for||
|Medical Check-up||Not required up to the age 55 years|
|Critical Illness Covered||13|
Under SBI Loan Insurance Policy, the sum insured is offered up to Rs 1 crore with no medical check-up up to the age 55 years. The basic coverage provided under this policy are as follows:
For any of the 13 specified critical illnesses with the insured surviving for a minimum of 28 days, the value of the loan or the insured amount is paid accordingly:
In the event of an accident resulting in death, or disability (total disablement, loss of sight/limb) of the insured preventing a resumption of everyday life, appropriate coverage is provided as per the loan amount or the sum insured.
Loss of Job
In case of the insured's job loss because of accidental disability or dismissal or retrenchment, the insurance company will pay 3 EMIs of the loan.
Other than the necessary coverage mentioned above, the following are also included under the SBI Loan Insurance policy:
Under SBI Loan Insurance Policy, the following are excluded:
The main features and benefits of SBI Loan Insurance policy:
The minimum eligibility conditions to buy this plan include:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Number of people covered||Individual (the person issued the loan)|
|Residential Status||Citizens &Permanent resident of India; any adult who has a loan from an RBI-recognized financial institution|
Cancellation of SBI Loan Insurance Policy occurs in the following conditions:
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