About SBI Life Sampoorn Cancer Suraksha Plan

The SBI Life Sampoorn Cancer Suraksha plan helps you to financially secure yourself and your family against the eventuality of cancer. The plan also supplements your existing medical insurance policy, as all the benefits and pay-outs are independent of any other health insurance plans held by you.

Moreover, the plan gives the choice to choose between three benefit structures with an in-built premium waiver benefit. The plan provides flexibility to choose the monthly income benefit option or stage-wise lump sum pay-outs, along with many other benefits.

Let’s understand this plan in brief before getting into its details:

How Does the Plan Work?

Firstly, the individual has to decide the policy term. The premium paying term is the same as the policy term. The individual then has to decide the sum assured he requires. The individual has to decide any one of the three benefit structures to cover different stages of cancer given in the plan. Based on the structure and other details selected, the premium amount is calculated by the company. The three benefit structures are as follows:

• Standard
• Classic
• Enhanced

Now, let’s understand how the plan works with regard to the various benefits/pay-outs offered:

Here are some more details that you should know:

• Reviewability: Premiums of this plan are fixed for a block of five policy years. The premium may be reviewed and revised after each block of five years and get IRDAI approval for the same.
• Survival Period: Survival period of five days is applicable; that is, for a claim to be valid, the life assured should have survived for a period of five days from the date of diagnosis of minor-, major-, or advanced-stage cancer.
• Waiting Period: No claims would be admitted within the initial waiting period of 180 days from the date of commencement of risk or date of revival, whichever is later.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some other features of the SBI Life Sampoorn Cancer Suraksha plan:

• Tax benefits: Premiums paid under the plan would be exempt from tax under Section 80(C) of the Income Tax Act.
• Large Sum Assured Rebate: Rebates on large sum assured are available as discounts on the premiums based on the following slabs:

• Rebate of Rs 0.12 per Rs 1,000 is given on sum assured between 25 lakhs to 39 lakhs
• Rebate of Rs 0.20 per Rs 1,000 is given on sum assured between 40 lakhs to 50 lakhs
• No rebate is given on sum assured between 10 lakhs to 24 lakhs

• Free-look Period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company stating the reasons for objection of the policy and the individual will be entitled to a refund of the premium paid, excluding a few charges like stamp duty charges.
• Policy Revival: A lapsed policy can be revived within 2 years from the last unpaid premium date subject to satisfactory proof of insurability as required by the company from time to time.

Riders

This plan does not offer any rider.

Who Should Buy This Plan?

The minimum entry age for a child is 6 years and 18 years for adult. The maximum entry age for a child is 17 years and 65 years for an adult. The SBI Life Sampoorn Cancer Suraksha plan proves to be an ideal plan, for it accommodates your requirements for a comfortable today with its pocket-friendly premiums and helps you to financially secure yourself and your family against cancer.