SBI Loan insurance

Key Features of Loan insurance Policy

Coverage of SBI Loan insurance

• Critical Illness
  Policy covers 13 critical diseases listed below. Benefit amount will be paid immediately upon diagnosis of any of them subject to policy terms and conditions.
  • Cancer
  • Kidney Failure (End Stage Renal Failure)
  • Primary Pulmonary Arterial Hypertension
  • Multiple Sclerosis
  • Major Organ Transplant
  • Coronary Artery Bypass Graft
  • Aorta Graft Surgery
  • Heart Valve Surgery
  • Stroke
  • Myocardial Infarction (First Heart Attack)
  • Coma
  • Total blindness
  • Paralysis
• Personal Accident
  Policy pays for
  • Accidental Death or
  • Permanent Total Disability
• Loss of employment
  • In the unfortunate case of temporary unemployment or dismissal or reduction, a maximum of 3 EMI will be payable

Extent of compensation under Loan insurance Policy

• Death: Exceptional Loan Amount or Sum Insured to reduce SI and Fixed Sum Insured respectively
• Accidental Permanent & Total Disability: Outstanding Loan Amount or Sum Insured respectively for reducing SI basis & Fixed Sum Insured
• Critical Illness: Outstanding Loan Amount or Sum Insured respectively for reducing Sum Insured basis and Fixed Sum Insured
• Loss of Job:Maximum 3 EMIs

Exclusions of Sbi Loan insurance

• War, invasion; acts of terrorism, riot, strike, malicious damage
• or such similar perils
• Nuclear perils; ionising radiations
• Drug abuse or alcoholism
• Self inflicted injury, attempted suicide or suicide
• HIV/AIDS
• Consequential loss or indirect expenses

Specific exclusion

• Any pre-existing illness
• Any critical illness discovered within 90 days of the policy
• Self medication; treatment not administered by a doctor or which is not medically necessary
• Congenital illness or defects and/or treatment administered for them
• Hormone Replacement Therapy; contraceptive procedures
• Gender change or cosmetic surgery or treatment/procedures associated with the same
• Self medication; unauthorized treatment

• Payment under more than one category specified i.e Death or Permanent Total Displacement
• Any infirmity/conditions existing before the inception of the policy
• Persons learning to operate an aircraft or operating as crew or participating in adventure sports including winter sports, hazardous activities and the like
• Death or permanent total disability arising out of illness
• Venereal diseases or insanity

• Termination, dismissal, temporary suspension or retrenchment due to fraud or dishonesty, poor performance
• Businessmen; persons who are self employed
• Employees on casual, temporary or contractual basis
• Unemployment due to resignation, retirement whether voluntary or otherwise
• Unemployment at inception or arising within first 90 days of Inception