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Term Insurance 4041 views March 18, 2020
Rohan who stays at my next-door got married 5 years ago. Today is their anniversary. While I was going out for an evening walk, I knocked at their door as I thought of wishing them on their anniversary. Priya opened the door with a cheerful smile and greeted me. She jumped to show me her anniversary gift, a lovely mobile phone. Also, she gave me some information about how important it is to get your cell phone insured. I enjoyed the conversation with her over a cup of tea. Suddenly Priya’s phone was ringing, it was a call from Rohan’s office. On receiving the call I saw Priya’s face going pale. She spoke after a long time and told me with tears in her eyes that Rohan had complained of chest pain before fainting in office and thus was immediately admitted to a speciality hospital. After rushing to the hospital we found Rohan in ICU. While Priya was signing the admission papers and completing other formalities, an important issue kept bothering her, is Rohan covered under a critical illness plan? He has quite efficiently insured the new mobile phone, but has he ever thought of getting a critical illness coverage?
There are many term life insurance plans in the market which add critical illness as a rider to the main plan for which one needs to pay an additional premium to avail of critical illness coverage.
Whereas, SBI life critical illness plan gives your life-coverage as well as critical illness coverage without paying any additional premium cost.
Table of Contents
SBI critical insurance plan is a support system for individuals who want to plan ahead and avoid heavy financial stress in case of any sudden illness. It gives a comprehensive coverage for your life as well as any critical illnesses without incurring any additional cost. On every policy anniversary, the life and critical illness cover are rebalanced, keeping the total sum assured constant. A lump sum amount is paid in case any of the 36 critical illnesses, like cancer, kidney failure, stroke, coma, total blindness, paralysis, if diagnosed. Also, all the future premiums are waived off.
SBI life critical illness plan does not make you incur such additional cost. It is in fact very cost-effective. This term insurance plan gives you the benefit of increasing critical illness coverage and decreasing life coverage.
Thus, Total Sum Assured = Sum Assured under Life cover + Sum Assured under Critical Illness cover
While the Total sum assured and the premium remains constant during the policy period, the ratio between sum assured under life cover and the sum assured under critical illness keeps changing. Initially, this ratio starts with an 80:20 breakup. But as earlier mentioned, with each passing year of the policy, there is an increase in critical illness coverage and a decrease in life coverage.
The following example explains the working mechanism of SBI life critical illness plan: Say, Rohan in the story had purchased an SBI life plan of Rs.1lakh for a period of 20 years at the age of 30, so in accordance with 80:20 ratio, 1st year Life cover sum assured is Rs.80 thousand and critical illness sum assured is Rs.20 thousand. In 2nd year, If Critical Illness sum assured increases by 10% (10% of Rs.20000 = Rs.2000) then Life cover sum assured will decrease by Rs.2000. Thus, in the 2nd year, the critical illness sum assured increases to Rs. 22000 and Life cover sum assured decreases to Rs. 78000. Similarly, in the 3rd year, critical illness sum assured increases to Rs. 24000 and Life cover sum assured decreases to Rs. 76000. This process will go on till the end of the policy period i.e. 20 years.
After knowing the features of SBI critical illness plan you must also know the advantages that make this policy the best one in the market :
Our hectic lifestyle in our fast and developing world is making us increasingly falling into the hands of different critical illnesses like cancer, hypertension, diabetes and heart stroke. The high cost associated with these critical illness treatments has increased the need for an insurance plan which can give more coverage than a basic health insurance plan. This financial burden can only be reduced if a critical illness plan i.e. SBI life critical illness plan comes into the function which gives additional coverage without any additional cost. So, it is better to get your armour (SBI life critical illness plan) ready now, to protect yourself from any unforeseen enemy (critical illnesses and their treatment which can actually drain out your savings).