SBI General Critical Illness Insurance Plan
The Critical Illness Insurance Policy from SBI General offers a fixed amount, regardless of your actual medical expenses, and provides financial protection against 13 significant critical illnesses. This policy provides a set amount, regardless of your medical costs, allowing you to maintain your financial stability in trying times. Individuals between the ages of 18 and 65 may purchase this SBI Critical Illness Health Insurance Policy.
The primary benefit of the plan is that it offers a lump sum that can be used for medical expenses, rehabilitation aids, debt repayment, and any lost wages resulting from a decline in earning capacity or to finance a lifestyle change.
Read on to learn more about the SBI Critical Illness Insurance policy in detail!
Here are the eligibility criteria for the SBI Critical Illness Insurance Policy.
Minimum Entry Age – 18 Years
Maximum Entry Age- 65 Years
|Sum Insured||Up to Rs.10 Lakhs|
|Policy Tenure Options||1 & 3 Years|
|IT Exemption||Under Sec 80D|
Here are the coverage details for the SBI Critical Illness Insurance Policy.
|Grace Period||30 Days|
|Tax saving||Under Sec 80 D of the Income Tax Act|
|List of Diseases Covered||13|
|No medical test||Up to 45 Years|
Key Features and Benefits of Choosing the SBI Critical Illness Insurance Policy?
The following are the key features and benefits of choosing the SBI Critical Illness Insurance Plan.
Covers 13 Critical Illnesses:
This is a fixed-benefit health plan that covers 13 critical illnesses protecting you and your loved ones from life-threatening issues.
- Kidney failure
- Total Blindness
- Primary Pulmonary Arterial Hypertension
- Coronary artery bypass grafts
- Multiple Sclerosis
- Myocardial Infarction (First Heart Attack)
- Heart Valve Surgery
- Aorta Graft Surgery
- Organ Transplant
Sum Insured – Rs. 10 Lakhs:
Under this policy, a maximum benefit of Rs. 10 lakhs may be received. Throughout the policy’s lifetime, only one critical illness claim may be filed.
Two Tenure Options:
You can select this policy for a tenure of either one year or three years. Only until the age of 57 years old can a policy with a three-year term be renewed or offered. All renewals are only permitted for terms of one year after the age of 57.
Tax Deduction – Sec 80D:
Section 80D of the Income Tax Act allows for a tax deduction for policy premium payments.
Free Look Period:
You have a certain amount of time, known as the “Free Look Period,” to consider the critical illness insurance you bought from SBI. You can cancel the policy if you don’t like it or find any clauses that you feel are inappropriate for you. The insurer may or may not deduct some fundamental costs before returning the money you paid as an insurance premium, depending on their rules and regulations.
If you have a critical illness policy with any other insurance provider and want to switch to SBI for renewal, you are welcome to do so. The portability policy of SBI is customer-friendly and aims to transfer the majority of accrued benefits while making the necessary waiting period allowances.
What are the Exclusions Under the SBI Critical Illness Insurance Policy?
Listed below are the things not included under the SBI Critical Illness Insurance Plan.
- An event that occurred during the policy-defined waiting period.
- Any illnesses that result in the insured’s death within the allotted survival period, calculated from the illness’s date of occurrence.
- Any medical procedure or treatment that is neither performed by a medical practitioner nor is medically necessary.
- Congenital diseases or conditions.
- Any covered critical illness brought on by hormone replacement therapy, birth control procedures, or both, as well as any related complications.
- Any treatment/surgery for change of sex or any cosmetic surgery treatment/surgery /complications/illness arising as a consequence thereof.
- Any covered critical illness brought on by self-medication, family member treatment, or any other form of care that is not accepted by science, as well as any complications that may result.
- Any Covered Critical Illness arising from Treatment with alternative medicines like Ayurvedic, Homeopathy & Unani, acupuncture, acupressure, osteopath, naturopathy, chiropractic, reflexology, aromatherapy, and like and any complications arising thereof / therefrom.
- Intentionally self-inflicted injury or illness or attempted suicide (whether sane or insane).
Premium Illustration Of SBI Critical Illness Insurance Policy
Let’s look at Mr. Tarun Goyal, a 30-year-old resident of New Delhi who works for a reputable MNC as a Senior Graphic Designer. He was looking to purchase a specific health plan that would protect him from high medical costs and save him time and money. He considered many options before settling on the SBI Critical Illness Insurance plan. Let’s take a look at the premium amount that he needs to pay under different circumstances.
|Age||Sum Insured||Policy Tenure||Premium Amount|
|30 Years||Rs. 2 Lakhs||1 Year||Rs. 281 (Including Taxes)|
|30 Years||Rs. 10 Lakhs||3 Years||Rs. 3977 (Including Taxes)|
How To Zero In On the SBI Critical Illness Insurance Policy?
Life-threatening illnesses like heart attacks, cancer, renal failure, and stroke are covered by critical illness insurance like the SBI Critical Illness Insurance Plan. A critical illness benefit can be used to pay for pre- and post-hospitalization expenses as well as ambulance and lodging costs. You might have to use all of the hard-earned cash you have saved if you do not have a Critical Illness benefit. Years of savings can be wiped out in a matter of months due to the expensive treatment. However, a critical illness benefit provides the immediate financial assistance you require and aids in maintaining the integrity of your other savings for their respective goals.
If you are looking to buy the SBI Critical Illness Insurance Policy, listed below are the steps to follow.
- Go to the Official Website of SBI General Insurance.
- On the home page, you will see the banner “Be Safe. Be Secure. Be Insured”. Under which, locate the “Health” button. Click on it.
- The page will open. Then, scroll down a bit and click on “Show All Products”.
- After that, a page will open, showing all the health plans from SBI. Click on Critical Illness Insurance Policy.
- When you click on it, the plan page will open. On the right-hand side, you will see a quote box, asking you to enter your name, email ID, pin code, and mobile number. Then, click on the checkbox and then click on the “Get a Quick Quote” button.
- The moment you click on it, you will then need to select your gender and insured members and their date of birth. Then, click on the “Submit” button.
- After that, select the checkboxes if you find anything related to your condition. Then, again click on the “Continue” button. Then, again click on the “Continue” button.
- In the next step, select your sum insured and policy tenure. Then, click on recalculate to find the premium amount you need to pay. Then, if you are satisfied with the amount, click on the “Continue” button.
- In the main further step, you will now need to enter your residence address and nominee details. After entering all the details, click on the “Continue” button.
- You must select the document proof and enter your birthdate after clicking on it. After entering the details for your ID proof and birthdate, click “Proceed”.
- When you click it, a payment page will open where you can use your credit/debit card, net banking, EMI, or UPI. Choose the approach that best serves your needs. Click “Proceed to Pay” after that.
- Your email address and registered mobile number will be used to send you a message and the policy documents as the last step.
Claim Process of SBI Critical Illness Insurance Policy
Follow the steps mentioned below to make claims under a critical illness insurance policy:
- Inform the insurance company, i.e., SBI about the diagnosis as soon as possible
- The company representative will give you a precise list of the documents you need to submit.
- Gather the aforementioned documentation and submit it within 90 days of the illness’s initial diagnosis.
- The claim amount will be released for use at the user’s convenience following verification of the submitted documents.
Documents Required for Claim Process:
The following documents are needed for filing claims:
- ID Proof of the claimant
- Claim form (duly filled & signed)
- Copy of hospital summary, discharge papers, prescription, medical reference, etc.
- Copy of medical reports, records
- Doctor’s certificate
- Any other relevant document as requested by the Insurer
How To Renew the SBI Critical Illness Insurance Plan?
The SBI Critical Illness Insurance Plan requires renewal on a predetermined schedule. The policy expires, health insurance coverage ends, and accrued benefits are forfeited if the renewal is not finished by the deadline or the grace period. The loss of accrued benefits can be a major setback, especially if the policy has been in effect for a long time. Getting a new health insurance policy is one option, but it can be costly.
- Go to the official website of SBI General Insurance.
- On the top, you will see the “Renew” button. Click on it.
- Once you click on it, you will need to select “Health Policy” under the section “Renew Your SBI General Insurance Policy Within Minutes” to continue renewing your SBI Critical Illness Insurance Plan. Click on the “Continue” button under health policy.
- After that, select your policy type and then enter your policy number. Then, click on “Get Quote”.
- The specifics of your SBI Critical Illness Insurance plan will then be visible.
- After that, paying to have your insurance renewed is required. After that, you can renew your insurance using a credit or debit card.
- After you pay, a message containing details about your policy will be sent to the email and phone number you have on record.
Frequently Asked Questions
The benefit of purchasing a long-term policy for three years is that there is no hassle of annual renewal and the premium amount remains constant for three years, regardless of premium increases.
Regardless of the type of treatment the insured chooses to receive for a critical illness, the insurance company pays the sum insured amount upon diagnosis of any critical illness.
No, it does not provide coverage for hospitalisation during pregnancy.
No; under the SBI critical illness policy, the claim amount is paid in a lump sum that the insured can use to pay for medical care for their critical illness or any other reason.