SBI Life Insurance, a joint venture (JV) involving State Bank of India and BNP Paribas Cardif, has rolled out its latest term insurance plan with an in-built critical illness (CI) cover.
The life insurance policy, dubbed Poorna Suraksha, is a non-linked term-assurance plan whose premium remains stable during the entire policy term in spite of increasing critical illness cover and growing age.
The policy term can be selected for 10, 15, 20, 25 and 30 years with the sum assured varies from INR2.5m ($39,300) to INR25m ($393,000).
Covering 36 critical illnesses (CI), the plan provides waiver of future premiums in case detection of a critical illness with continued life cover. This helps policyholders to focus on treatment and recovery instead of getting worried about further premium payments.
The critical illness cover increases as the term of the policy progresses over the years.
SBI Life Insurance president for eastern, central and north-eastern region Ravindra Kumar said the policy is aimed at the initial years of a person’s life, the liabilities were higher and decreases as years progress.
He further added that the policy had a re-balancing feature with the proportion of life cover progressively decrease and vice versa the critical illness cover.