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Introduction
Key Features
Eligibility
Benefits
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Key Features:
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Simultaneous safety and protection against 9 Critical Illnesses |
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Simplified joining process |
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Guaranteed renewability till 65 years of age |
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Tax benefit under section 80D of IT Act#, 1961 |
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| # Applicable when premiums are paid by the insured members. Subject to change in the tax laws. Please consult your tax advisor for details. |
Critical Illnesses covered:
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Cancer |
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Heart Attack (Myocardial Infarction) |
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Stroke |
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Coronary Artery Bypass Surgery |
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Kidney Failure (End Stage Renal Disease) |
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Major Organ Transplant |
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Coma |
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Multiple Sclerosis |
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Heart Valve Surgery |
Please refer to the schedule of critical illnesses for further details
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Eligibility:
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This plan is offered to different groups like employee-employer relationship, credit life groups, customers of bank / financial institutions, depositors groups etc.
SBI Life will issue a Group Master Policy to the Group Master Policyholder based on details contained in the proposal form. Group Members may be enrolled either on a voluntary or compulsory participation basis as decided by master policyholder.
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Group Size:
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Minimum 50 members
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Age:
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Entry from minimum age of 18 yrs till the maximum age of 55 yrs.
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Sum Assured:
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Sum assured can be selected in the following ways: |
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Uniform for all members |
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As a multiples of salary |
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As grade wise cover |
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Minimum sum assured is Rs. 25,000/- and maximum sum assured is Rs. 500,000/-.
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Benefits:
Sum Assured is payable in one lump sum on diagnosis of any one of covered critical illness provided:
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Survival for a period of 30 days after the date of diagnosis |
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Submission of necessary documents
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Waiting Period:
The insured member can avail the benefits after 90 days of the date of commencement or date of revival |
Other Policy Details:
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Nomination is compulsory |
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Level Premiums payable annually in advance for the cover term. |
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Cover Term: Minimum of 2 yrs and maximum of 5 yrs |
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Cover can be renewed till 65 yrs of age subject to max cover term of 5 yrs and premium rates / age are reviewed at the time of renewal. |
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Grace period of 30 days on annual renewal date |
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Revival facility is available within 6 months from the first unpaid premium due date |
The above information is a brief summary of SBI Life - Group Criti9.
For further details, ask for an appointment with our Relationship Officers on below mentioned number or addresses. SBI Life on 1800 22 9090 (toll free) or Email: info@sbilife.co.in
Insurance is subject matter of solicitation. |
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Prohibition of Rebates:
Section 41 of Insurance Act 1938 states:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Non-Disclosure:
Section 45 of Insurance Act, 1938 states:
No Policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose;
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.
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