SBI Life - Criti Care 13 Non-Linked Rider can be attached to base policies offered by SBI Life Insurance. This rider can be attached at the time of policy inception. Under this plan, you can get the following benefits:
- Critical Illness Benefit is payable upon first diagnosis of any of the 13 covered critical illnesses.
- Tax deductions on premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.
Eligibility - Who is the SBI Life - Criti Care 13 Non-Linked Rider for?
Listed below are the eligibility factors you must meet to purchase SBI Life - Criti Care 13 Non-Linked Rider:
||18 to 55 years
||Up to 64 years
Sum Assured and Premium Range – What you get and how much it costs?
The premium amount, Policy Term, PPT, and Sum Assured for SBI Life - Criti Care 13 Non-Linked Rider are as follows:
||Single Premium or Regular Premium
Plan type depends on the base policy
||Minimum Rs.25,000 to maximum Rs.20 lakhs
|Premium Payment Term (PPT)
||Same as base plan
||Lower of 64 years minus entry age or renewable every 5 years during base cover term
|Premium Payment Mode
||Single, yearly, half-yearly, quarterly or monthly
Monthly premium payment mode is available only through standing instructions of a debit or credit card account and Electronic Clearing System. For monthly Salary Saving Scheme, 2 months' premiums have to be paid in advance. Renewal premium payment has to be made through salary deduction. Premiums for various payment modes is as follows:
||8.9% of annual premium
||26.5% of annual premium
||52% of annual premium
Plan Coverage - What the SBI Life - Criti Care 13 Non-Linked Rider covers?
Under SBI Life - Criti Care 13 Non-Linked Rider, you get the following benefits:
- The 13 critical illnesses covered by SBI Life - Criti Care 13 Non-Linked Rider are cancer, first heart attack, open heart replacement, third degree burns, surgery of aorta, coma, multiple sclerosis with persisting symptoms, permanent paralysis of limbs, stroke, major organ or bone transplant, kidney failure, motor neurone disease, and open chest CABG.
- Critical Illness Benefit: Once you are diagnosed with any of the 13 covered critical illnesses, SBI Life will pay Critical Illness Benefit in the form of a lump sum amount.
Exclusions – What the SBI Life - Criti Care 13 Non-Linked Rider does not include?
SBI Life - Criti Care 13 Non-Linked Rider doesn’t cover any of the 15 critical illnesses if it is caused directly or indirectly by the following events:
- Death occurs within survival period of 30 days of diagnosis of critical illness.
- Diagnosis of critical illness within waiting period of 90 days.
- Presence of AIDS/HIV infection.
- A congenital condition present from birth or pre-existing medical conditions.
- Failure to seek medical advice or delay in treatment.
- Self-inflicted injuries, suicide attempts, insanity or criminal acts.
- Drug or alcohol abuse.
- War, terrorist attacks, riot, civil unrest, rebellion, revolution and the like.
- Participation in peacekeeping activities or any sort of armed forces.
- Accidental injuries occurring from participating in sporting activities like racing, scuba-diving, bungee-jumping, parachuting, hang-gliding, skydiving, etc.
- Nuclear explosion, nuclear waste or radiation exposure.
Other Key Features of SBI Life - Criti Care 13 Non-Linked Rider:
Listed below are the key features of SBI Life - Criti Care 13 Non-Linked Rider:
Free-look period: From the date of receipt of the policy document, you have 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy and get refund of the rider premiums paid minus risk premium for critical illness benefit and stamp duty charges.
Grace period: Same as base policy. If you fail to pay premium within the due date, you are given a grace period of 30 days for yearly, half-yearly, and quarterly premium payment mode, and 15 days for monthly mode to pay the premium without interest. If the premium is not paid within the grace period, then the policy will lapse.
Policy revival: If both the base policy and the rider has lapsed, you can revive the rider within the revival period of the base policy, which is 2 years from the date of first unpaid premium.
Waiting and Survival Period: The critical illness benefit can be claimed only if the illness is diagnosed after a waiting period of 90 days which starts from the date of policy commencement or reinstatement, whichever is later. In addition, the life assured has to survive the illness for a survival period of 30 days starting from the date of diagnosis.
Surrender: Surrender benefit is payable for Single Premium policies only after 1 full policy year from the last Single premium renewal date.
Tax Benefits – How you can save with the SBI Life - Criti Care 13 Non-Linked Rider?
Under SBI Life - Criti Care 13 Non-Linked Rider, you can get tax benefits on premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.
Other Benefits – How you can save with the SBI Life - Criti Care 13 Non-Linked Rider?
There are several other benefits of purchasing group insurance plans from SBI Life Insurance such as:
Insurance Advisor: You can request for a SBI insurance advisor to help you in choosing the right insurance plan to best suit your needs. Fill up an online request form on the company website. An insurance advisor will call and visit you at your convenience.
Premium calculator: With the online premium calculator available on the company website, you can easily calculate how much premium you need to pay for your insurance policy.
Claims: You can make your claim through the following channels:
- Online claim
- Visit the nearest SBI Life branch
- Email SBI Life at email@example.com
- Mail the duly filled claim form along with the supporting documents to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706
Premium payment: You can make premium payments through the following channels:
- Cash deposit at SBI Life branch
- Cheque by post or courier
- National Automated Clearing House
- Direct debit
- Auto-Debit Arrangement
- State Bank Group ATMs
- VISA pay
- Online payment on SBI Life website
- Point of Sales (POS) terminals at select SBI Life branches
- Easy Access Mobile App
Online application: You can apply and purchase life insurance plans online through the SBI Life website.
Policy alerts: You can get policy notifications via SMS on your registered mobile number.
Why should you buy SBI Life - Criti Care 13 Non-Linked Rider from SBI Life Insurance?
Following are the reasons why you should buy SBI Life - Criti Care 13 Non-Linked Rider from SBI Life Insurance:
- From traditional insurance term plan to ULIP and annuity plan, SBI Life Insurance boasts a range of insurance products to suit the needs of its customers.
- SBI Life manages an authorised capital of Rs.2,000 crores and a paid up capital of Rs.1,000 crores.
- The Claim Settlement Ratio of SBI Life Insurance was 95.8% in FY15-16.
- In 2015, SBI Life Insurance won the 'Most Trusted Brands 2015' by The Economic Times.