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SBI Life Sampoorn Cancer Suraksha Plan

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SBI Life Sampoorn Cancer Suraksha Plan Review

Cancer has become a major health concern nowadays. The treatment costs are high and often result in job loss resulting in loss of income. Your standard health insurance plan will be useful but is unlikely to cater to the full treatment costs in case of cancer. 
 

Our expert  Deepak Yohannan's thoughts on SBI Life Sampoorn Cancer Suraksha Plan. 




The Sampoorn Cancer Suraksha Plan from SBI Life is a protection against such scenarios. This plan can be quite useful and is aggressively priced. The plan makes a payout in case policyholder is diagnosied with cancer and there is waiver of premiums benefit too. The premiums are fixed for the first 5 years and maybe revised after that.

We will understand the workings of this plan with the help of a few examples.
 
Policy Type Health - Cancer Specific
UIN 111N109V01
 

Benefits of SBI Life Sampoorn Cancer Suraksha Plan?

The plan is available in 3 variants - Standard, Classic & Enhanced. You can take a cover anywhere between Rs. 10 lakhs to 50 lakhs. In case the policyholder is diagonsied with cancer, the benefits are paid out as explained below. The benefits are further classified for Early Stage and Major Stage Cancers. 

Standard Variant - covers Minor Stage Cancer (CIS and Early Stage cancers) and Major Stage Cancer.
  • Minor Stage Cancer - On diagnosis of Carcinoma in Situ or Early Stage Cancer, 30% of the Sum Assured is paid to the policyholder. You can claim for one CIS and one Early Stage cancer during the policy term - the maximum payout at this stage would be 60% of the sum assured. The premiums for the next 5 years would be waived off. This premium waiver benefit is available only on the first minor stage claim. 
  • Major Stage Cancer - On diagnosis of Major Stage Cancer, 100% of the Sum Assured less any benefits paid earlier on Minor stage claim would be paid to the policyholder and the policy is terminated. You have the option to take 40% of the sum assured chosen at inception as monthly income benefit over 3 years and rest as  lump sum benefit under Major stage claim. The monthly income benefit would be 1.20% of the sum assured chosen at inception. This is a guaranteed benefit. Once opted, it would continue to be paid for 36 months irrespective of the death of the life assured or termination of the policy contract.
Let us understand the Standard Variant with the help of an example. Suppose Ganesh takes this variant with the following parameters:

Age - 30 years
Sum Assured - Rs. 25 lakhs
Policy Term - 30 years

His Annual Premium will be Rs. 2,956 (inclusive of taxes). 

The Benefits are as follows:
  1. In case he is detected with an early stage cancer, Rs. 7,50,000 (30% of Sum Assured) is paid out to him. He does not have to pay any premiums for 5 years from the detection of this cancer.
  2. In case he is detected with CIS of the colon after a few years, he will be paid another Rs. 7,50,000 (30% of Sum Assured). There will be no premium waiver of 5 years in this scenario as it has been availed earlier.
  3. In case he is then detected with any major stage cancer, he will be paid the balance Rs. 10,00,000 (40% of Sum Assured) and the policy terminates.
  4. In case he is detected directly with a major stage cancer with no prior claims, Rs. 25,00,000 (100% of Sum Assured) will be paid and the policy terminates.
Classic Variant - covers Minor Stage Cancer (CIS and Early Stage cancers), Major Stage Cancer and Advanced Stage Cancer.
  • Minor Stage Cancer - On diagnosis of Carcinoma in Situ or Early Stage Cancer, 30% of the Sum Assured is paid to the policyholder. You can claim for one CIS and one Early Stage cancer during the policy term - the maximum payout at this stage would be 60% of the sum assured. All future premiums would be waived off. This premium waiver benefit is available only on the first minor stage claim. 
  • Major Stage Cancer - On diagnosis of Major Stage Cancer, 100% of the Sum Assured less any benefits paid earlier on Minor stage claim, would be paid to the policyholder and all future premiums will be waived off. You have the option to take 40% of the sum assured chosen at inception as monthly income benefit over 3 years and rest as  lump sum benefit under Major stage claim. The monthly income benefit would be 1.20% of the sum assured chosen at inception. This is a guaranteed benefit. Once opted, it would continue to be paid for 36 months irrespective of the death of the life assured or termination of the policy contract.
  • Advanced Stage Cancer - On diagnosis of Advanced Stage Cancer, 150% of the Sum Assured less any benefits paid earlier will be paid to the policyholder and the policy is terminated.
Let us understand the Classic Variant with the help of an example. Suppose Ganesh takes this variant with the following parameters:

Age - 30 years
Sum Assured - Rs. 25 lakhs
Policy Term - 30 years

His Annual Premium will be Rs. 3,434 (inclusive of taxes). 

The Benefits are as follows:
  1. In case he is detected with an early stage cancer, Rs. 7,50,000 (30% of Sum Assured) is paid out to him. He does not have to pay any more premiums and the policy benefits continue.
  2. In case he is then detected with CIS of the colon after a few years, he will be paid another Rs. 7,50,000 (30% of Sum Assured).
  3. In case he is then detected with a major stage cancer, he will be paid the balance Rs. 10,00,000 (40% of Sum Assured).
  4. In case he is then detected with an advanced stage cancer, he will be paid Rs. 12,50,000 (150% of Sum Assured less claims paid earlier) and the policy is terminated.
  5. In case he is directly detected with a major stage cancer, Rs. 25,00,000 (100% of Sum Assured) will be paid. He will not have to pay any future premiums.
  6. In case he is directly detected with an advanced stage cancer, Rs. 37,50,000 (150% of Sum Assured) will be paid.
Enhanced Variant - covers Minor Stage Cancer (CIS and Early Stage cancers), Major Stage Cancer, Advanced Stage Cancer and Sum Assured Re-set Benefit.
  • Minor Stage Cancer - On diagnosis of Carcinoma in Situ or Early Stage Cancer, 30% of the Sum Assured is paid to the policyholder. You can claim for one CIS and one Early Stage cancer during the policy term - the maximum payout at this stage would be 60% of the sum assured. All future premiums would be waived off. This premium waiver benefit is available only on the first minor stage claim. 
  • Major Stage Cancer - On diagnosis of Major Stage Cancer, 100% of the Sum Assured less any benefits paid earlier on Minor stage claim, would be paid to the policyholder and all future premiums will be waived off. You have the option to take 40% of the sum assured chosen at inception as monthly income benefit over 3 years and rest as  lump sum benefit under Major stage claim. The monthly income benefit would be 1.20% of the sum assured chosen at inception. This is a guaranteed benefit. Once opted, it would continue to be paid for 36 months irrespective of the death of the life assured or termination of the policy contract.
  • Advanced Stage Cancer - On diagnosis of Advanced Stage Cancer, 150% of the Sum Assured less any benefits paid earlier will be paid to the policyholder and the policy is terminated.
  • Re-set of Sum Assured - After a period of 3 years from the date of valid Minor or Major Cancer claim within the policy term, and subject to no further diagnosis of Minor, Major or Advanced Stage Cancer during the same period, the full Sum Assured will be restored. This benefit is applicable provided the life assured had undergone cancer surgery or radiotherapy or chemotherapy or any medically necessary treatment for previous cancer(s). This benefit is not applicable to those with previous valid Advanced Cancer claim as the policy would terminate on Advanced Stage cancer claim.
Let us understand the Enhanced Variant with the help of an example. Suppose Ganesh takes this variant with the following parameters:

Age - 30 years
Sum Assured - Rs. 25 lakhs
Policy Term - 30 years

His Annual Premium will be Rs. 4,159 (inclusive of taxes). 

The Benefits are as follows:
  1. In case he is detected with an early stage cancer, Rs. 7,50,000 (30% of Sum Assured) is paid out to him. He does not have to pay any more premiums and the policy benefits continue.
  2. In case he is then detected with CIS of the colon after a few years, he will be paid another Rs. 7,50,000 (30% of Sum Assured).
  3. In case he is then detected with a major stage cancer, he will be paid the balance Rs. 10,00,000 (40% of Sum Assured).
  4. In case of no further diagnosis of cancer or CIS for the next 3 years, the entire sum assured is restored. He is now eligible for all policy benefits afresh.
  5. In case he is then detected with a major stage cancer, he will be paid Rs. 25,00,000 (100% of Sum Assured).
  6. In case he is then detected with an advanced stage cancer, Rs. 12,50,000 (150% of Sum Assured less claims paid earlier) will be paid.
 

Other Features & Benefits in the SBI Life Sampoorn Cancer Suraksha Plan

Change in Premiums - Premiums of this plan are fixed for 5 years. They may be reviewed and revised after each block of 5 years and get IRDAI approval for the same.

Survival Period - There is a survival period of 5 days for admitting any claim. The policyholder has to survive for 5 dates from date of diagnosis of any stage cancer.

Waiting Period - No claim will be admitted within 180 days from the date of commencement of risk or date of revival.

Free-look Period - You can cancel the policy within 15 days of receiving the policy and within 30 days if it is sourced through Direct Marketing Mode.

Revival - You can revive the policy within 2 years of the date of the unpaid premium due date.
 

Eligibility Criteria for buying SBI Life Sampoorn Cancer Suraksha Policy

Entry Age Minimum: 6 years for Child & 18 years for Adult Maximum: 17 years for Child & 65 years for Adult
Sum Assured 10 lakhs 50 lakhs
Maturity Age 75 years
Policy Term 5 years 30 years
Premium Mode Annual, Half-yearly, Quarterly, Monthly

If you have any questions on the SBI Life Sampoorn Cancer Suraksha Policy, drop in a line in the comments and we will be happy to help out.

 
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