Loan Insurance Policy

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

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 General’s Loan Insurance Policy is 18 years and maximum age of entry is 60 years

Tenure:

SBI General’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; ionising 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