SBI Loan Insurance Policy

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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SBI Loan Insurance Policy

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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    SBI Loan Insurance Policy: Key Highlights

    Coverage Type Loan Repayment Policy
    Tenure Up to 3 years
    Sum Insured Up to 1 cr.
    Coverage Offered for
    • Critical Illness
    • Personal Accident
    • Job Loss
    Medical Check-up Not required up to the age 55 years
    Critical Illness Covered 13

    Coverage Offered

    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:

    Critical Illness

    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:

    • Cancer
    • End-stage renal failure
    • Pulmonary Hypertension
    • Multiple sclerosis
    • Organ transplant
    • Bypass surgery and aorta graft
    • Heart valve surgery
    • Stroke
    • Myocardial infarction
    • Coma
    • Total blindness
    • Paralysis

    Accidental Coverage

     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.

    Inclusions of this Plan

    Other than the necessary coverage mentioned above, the following are also included under the SBI Loan Insurance policy:

    • Pan-India Coverage- The policy coverage can be availed across India. In other words, the insured can apply for claims or coverage anywhere in India.
    • Coverage for Minors- The minimum age of entry is 18 years. However, suppose the loan is taken on a minor's name and requires insurance for repayment. In that case, policy coverage is permitted on the condition that the nominee is appointed by the parent/guardian.
    • Critical Illness Surgery- In the event of critical illnesses, surgical costs are covered for organ or bone marrow transplant, bypass, aorta surgery, and heart valve repair.

    Exclusions of the Plan

    Under SBI Loan Insurance Policy, the following are excluded:

    • Calamities arising out of war, rioting, or acts of violence
    • Exposure to nuclear or biological radiation
    • Adverse effects of alcohol or drug consumption
    • Self-inflicted due to suicide attempt or other means
    • Congenital abnormalities or ailments
    • Hormonal replacement procedure
    • HIV/AIDS or other STDs
    • Self-medication or therapy not recommended
    • Injuries due to airline, sport, mountaineering, military activities
    • Any treatment outside India
    • Pregnancy or infertility treatment

    Features & Benefits of the SBI Loan Insurance Policy

    The main features and benefits of SBI Loan Insurance policy:

    • For critical illnesses, the waiting period is 90 days.
    • Medical test deferred till 55 years of age and/or sum insured of Rs 1 crore.
    • Policy tenure lasts from one year to three years, depending on the insured.
    • For unclaimed policy, renewability permitted up to 3 years.
    • Renewal benefit is offered by a waiver of the waiting period upon policy renewal.
    • Following claim acceptance, if the payment is not settled within 7 working days, the insured receives an additional interest of 2% on top of the claim amount.
    • Premium payment is subject to tax exemption under Section 80D of the Income Tax Act, 1961

    Eligibility Criteria

    The minimum eligibility conditions to buy this plan include:

    Type Individual
    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 Terms of the Policy

    Cancellation of SBI Loan Insurance Policy occurs in the following conditions:

    • A time period of 15 days is provided, known as the free look period. In this duration, if the insured chooses to withdraw from the policy, no loss is suffered. Consequently, the policy is canceled.
    • Withholding information affecting policy terms results in immediate termination.
    • Applying for a critical illness/accident claim results in the termination of the policy.

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    SBI Loan Insurance Policy Reviews & Ratings

    / 5 (Based on 31 Reviews)
    (Showing Newest 9 reviews)
    Omkar
    Chennai , October 26, 2021
    Great features
    I have got day care hospitalization feature under the mediclaim policy which i have purchased from the policybazaar. It offered me lifelong renewability Cover. It includes tax exemption benefits, cashless hospitalization and many other facilities. overall i like my plan.
    Angoor
    Kolkata , October 26, 2021
    Trustworthy website
    I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
    Kush
    Surat, October 26, 2021
    Helpful staff
    I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
    Ranveer
    Pune, October 26, 2021
    Low cost plan
    Such a simple and easy process to buy a policy was provided to me by Policybazaar. Someone suggested me to check the health plans on Policybazaar website. i went through a lot of plans and i found the right plan here. i bought star health insurance at low cost.
    Kushal
    Jaipur, October 26, 2021
    Good Coverage
    I have bought Bajaj Allianz Health Insurance for my family and by taking a health plan, I have secured my entire family. I have got coverage against medical expenses and buying my policy online has saved my money as I did not have to pay agent fees.
    Jitendra
    Lucknow, October 26, 2021
    Affordable plan
    A friend of mine told me about Policybazaar. He said that he has found an affordable health plan deal in Policybazaar. I went to Policybazaar to buy the same plan. I wanted a family health plan so I took Aditya Birla health insurance and it has covered every member of my family.
    Rajesh
    Kanpur, October 26, 2021
    Easy to compare
    Last week i went to Policybazaar for taking health plan for my family. An executive explained the policy very well and showed me various plans out of which i chose digit health insurance and it has covered me and my wife.
    Kuvar
    Nagpur, October 26, 2021
    Good plan
    I was able to compare the various plans easily on the website of Policybazaar. At first, i was confused about what i should choose as so many options were given there but then i bought sbi general health insurance for my parents. I got really good senior citizen health plan.
    Abhijeet
    Allahabad, October 26, 2021
    Hassle free experience
    I had an amazing and hassle free experience with policybazaar. Everything has beem very smooth when i was purchasing health insurance from policybazaar. Their team assisted me in well mannered way.
     
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