SBI Life Sampoorn Cancer Suraksha Plan

Here is the list of the salient features and benefits of SBI Life Sampporna Surakasha Plan.

1. Standard Benefit Structure: Benefits are paid out at different levels.

• Minor stage cancer: 30% of the amount insured will be due upon a cancer diagnosis in the early stages. At this point, a maximum of 60% of the money promised may be paid. The subsequent five years premium would not be charged.

• Major stage cancer: The remaining portion of the 100% sum insured would be paid upon detection of cancer in the advanced stage. Additionally, 40% of the initial sum insured can be converted into a three-year monthly income benefit plan. Despite the ensured life’s death, the benefit would continue to be paid for three years.

2. Classic benefit structure: This structure covers minor, major and advanced stages of cancer

• Minor stage of cancer: 30% of the amount insured will be due upon a cancer diagnosis in the early stages. At this point, a maximum of 60% of the money promised may be paid. All upcoming premiums would not be charged.

• Major stage of cancer: Upon the diagnosis of a serious stage of cancer, the remaining 100% of the money promised would be paid. 40% of the initial cash assured may be converted into 36 months of monthly income benefits.

• Advanced stage cancer: The remaining amount of 150% of the sum assured fewer benefits previously claimed would be due upon diagnosis of the advanced stage of cancer.

3. Enhanced benefit structure: Benefits are paid out at the below stages of cancer

• Minor stage of cancer: 30% of the amount insured will be due upon a cancer diagnosis in the early stages. At this point, a maximum of 60% of the money promised may be paid. All upcoming premiums would not be charged.

• Major stage of cancer: When a major stage of cancer is diagnosed, the remaining 100% of the sum assured is paid, and all future premiums are waived. 40% of the initial cash may be converted into 36 months of monthly income benefits.

• Advanced stage cancer: The remaining amount of 150% of the sum assured fewer benefits previously claimed would be due upon diagnosis of the advanced stage of cancer.

• Sum assured reset: Under this option, the whole sum assured will be returned three years following the date of a valid minor or major cancer claim made during the insurance term.

4. Tax benefits: Section 80(C) of the Income Tax Act would provide tax exemption for premium payments made under the scheme.

5. Large Sum Assured Rebate: Discounts on premiums based on the following slabs are provided as rebates on the large sum assured:

• A rebate of 0.12 rupees per every 1,000 rupees is offered on the value assured between 25 and 39 lakhs.

• A rebate of 0.20 rupees per every 1,000 rupees is offered on the value assured between 40 and 50 lakhs.

• The sum assured between 10 lakhs and 24 lakhs is not refunded.

6. Free-look Period: The person is recommended to read the policy carefully. If s/he has any concerns about the terms and conditions of the policy, s/he has 15 days (the “free-look period”) to cancel the policy by sending a signed written notice to the insurance provider outlining the concerns. In this case, the person will be entitled to a refund of the premium paid, minus a few fees like stamp duty fees.

7. Policy Revival: A lapsed insurance may be reinstated within two years of the latest date of non-payment of premiums, provided the firm receives adequate proof of insurability as needed from time to time.

8. Survival Period – Any claim must be admitted within five days of the survival period beginning. Five years must pass after the policyholder’s cancer diagnosis, regardless of stage.

9. Waiting Period – No claim will be approved within 180 days of the date the risk started or the day the claim was revived.