If you have strategy and planning to fight any situation, it is a given you can never fail, even if the enemy is cancer. Cancer is a fatal disease, and there are many people who fear the expenses of its treatments and stay away. This disease not only affects physically and mentally but also financially. SBI came forward with a policy that gives assurance to cancer patients, named SBI Life Sampooran Cancer Surakshaa. This policy gives protection to you and your family from the deadly cancer. Not only that, this policy works additional to the health policy and is independent of any another health policy with respect to benefits, payments, etc. Policy stays up to the age of 75. Minimum insured amount is 75 lakhs and incremental by One lakh thereafter up to a maximum of 50 lakhs.
Minimum period of Five years, maximum 30 years. Premium payments· Premium payment period, need to pay premium till the policy tenure. Premium can be paid yearly, half-yearly, quarterly or monthly. If you have chosen monthly payment, you have to pay the first Three months at once. If you take 15-lakh, based on age, the least premium is 50 rupees per month and 600 per year. Premium gets changed based on age, policy tenure, smoking habits, etc. There is a block period of Five years for premiums, which means the premiums remain unchanged for the first Five years, which can be changed thereafter. Types of policies Standard, classic, enhanced. Standard type: Of you this policy, the payments are as follows· If the cancer is diagnosed at a minor stage, 30% of the insured amount is paid. If the same is done the second time, another 30% is paid. If a major cancer is diagnosed later, the remaining 60% is paid.
For example, a person took standard policy worth 10 lakhs. If a minor stage cancer is found after some months, Three lakhs will be paid, and if the same thing is done after some time, again Three lakhs and if a major cancer is found, the remaining Four lakhs. · After diagnosing the minor stage cancer for the first time, premiums for the next Five years are waved off, but this is not done if the same is done the second time. If a major stage cancer is diagnosed, the total insured amount is paid or 60% of the insured amount is paid, and the remaining 40% is kept with the company and paid 1. 2% of it every month that can be availed up to 36 months. For example, for a 10-lakh policy, the monthly income benefit can be up to 12 lakhs. Classic type· Similar to standard type, the payments for minor stage cancer are 30% for the first two times. But here, further premiums are waived after diagnosis of minor stage cancer for the rest of the policy period. The payment for major stage cancer is similar to standard where the whole sum is paid or 60% of the insured amount is paid, and the remaining 40% is kept with the company and paid 1. 2% of it every month that can be availed up to 36 months. If an advanced stage cancer is found, 150% of the insured amount is paid.
For example, you can get compensation up to 15 lakhs for a 10-lakh policy. After getting Three lakhs each for minor stage cancers, and Four lakhs for major stage completing the 10 lakhs and if now an advanced stage is found. You will get 15 lakhs, but since you already got 10 lakhs, you get the remaining Five lakhs as the last installments. Enhanced type…· Similar to classic, payments for minor and major stage are 30, 30, and 40. Similar to classic type, advanced stage is paid 150%. Premiums are waved off after recognizing minor or major stage cancer. Sum assured reset benefit. If you take enhanced type, after diagnosing minor or major stage, if no cancer symptoms are found after Three years, the insured sum is reset to the original. For example, a person bought policy worth 10 lakhs and took a compensation worth Five lakhs for minor and major stages, and he did not show any symptoms of cancer for the next Three years, then the reset benefit comes into effect and the insured sum gets back to 10 lakhs. Conditions…· Complete therapy like Radiculopathy and chemotherapy have to obtain for minor and major stage cancers. This reset benefits work irrespective of the first type of cancer. This resent benefit can be availed within policy period itself.