Loan Insurance Policy

Key Feature

No medical check-up up to Sum Insured of Rs.1 Crore and/or age up to 55 years
Policy can be availed for maximum of three years benefitting the purse strings
Coverage for 13 critical illnesses, accidental death or permanent disablement and loss of job
Sum Insured available on fixed or reducing basis

Coverage

SBI General's Loan Insurance Policy offers the following covers -

Critical Illness Personal Accident Loss of employment

Section I - Critical Illness

Policy provides coverage against 13 critical illnesses listed below. Immediately on diagnosis of any one of them, benefit amount is paid 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

Section II - Personal Accident

Policy pays for

Accidental Death or
Permanent Total Disability
Permanent Total Disablement % of compensation
Loss of sight in both eyes 100%
Actual loss by Physical Separation of both hands or both feet or one entire hand and one entire foot 100%
Loss of use of both hands or both feet or of one hand and one foot without Physical Separation 100%

Section III - Loss of Job

Maximum of 3 EMI will be payable in the unfortunate event of temporary unemployment or dismissal or retrenchment

Age eligibility:

The minimum age of entry for the SBI GeneralÃÆ'¢â‚¬â„¢s Loan Insurance Policy is 18 years and maximum age of entry is 60 years

Tenure:

SBI GeneralÃÆ'¢â‚¬â„¢s Loan Insurance Policy is available for a maximum period of three years.

Extent of compensation under Loan insurance Policy:

If any of the contingencies occurs during the policy period, compensation will be provided as given below -

Death: Outstanding Loan Amount or Sum Insured respectively for reducing SI basis and Fixed Sum Insured

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


General Exclusion

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

Specific Exclusion

Section I- Critical Illness

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

Section II-Personal Accident

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

Section III-Loss of Job

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