Product Review: SBI Life Smart Health Insurance Plan
SBI Life Smart Health Insurance Plan is a Fixed Benefit Comprehensive Health Plan. It is a Traditional Plan without Bonus facility. In this plan, premium needs to be paid for the entire period of 5 years, during which the premium remains constant irrespective of the claim. This policy can be extended for the entire family as well for self, spouse, parents, children as well as parents-in-law.
There are 5 plans of Rs 1 lakh of Annual Basic Sum Assured, Rs 2 lakhs of Annual Basic Sum Assured, Rs 3 lakhs of Annual Basic Sum Assured, Rs 4 lakhs of Annual Basic Sum Assured and Rs 5 lakhs of Annual Basic Sum Assured. Other Benefits are mapped to Annual Basic Sum Assured.
The Basic Health Benefits in this plan are as follows:
- Daily Hospitalization Cash Benefit
- Daily ICU Benefit
- Lumpsum Surgical Benefit
- Recuperation Benefit for hospitalization of more than 10 days
- Day Care Treatment
This is a Benefit Plan and not a Reimbursement Plan and hence it can be used over and above other Health Insurance Reimbursement Mediclaim Plans. This Plan has fixed Lumpsum Benefits, irrespective of the actual hospitalization amount.
Now, there are certain limits of the Benefits payable as well.
- It is a Hospitalization cum Surgical Benefit Plan
- This plan covers till 70 years of age and the premium is fixed for the entire tenure of 5 years, irrespective of claim
- This policy can be extended for the entire family as well for self, spouse, parents, children as well as parents-in-law
- This Plan:
- Provides a fixed payout based on per day of Hospitalization
- Offers lump sum payout on all surgical procedures including non-listed surgeries
- Helps to cover post-hospitalization expenses through Recuperation Benefit
- There are 136 Day Care Procedures coverage in this plan as well
- ‘No Claim Bonus’ available, if there is no claim during the previous Policy Year
- Pre-existing illnesses are covered after 2 years of con tenuous renewal
- There is a family discount of maximum 10% for 4 members in the plan
Being a pure health plan, there is no Death Benefit payable in this plan
Being a pure health plan, there is no Maturity Benefit payable in this plan
Income Tax Benefit
Health Insurance premiums paid up to Rs. 15,000 are allowed as a deduction from the taxable income each year under section 80D.
Discontinuance of Premiums: The policy will lapse if the premium stops and all benefits cease. Claim is not payable on a lapsed policy. If the lapsed policy is not revived within 90 days of the due date of the first unpaid premium then the policy will be terminated.
Surrender Benefit: Being a pure health plan, there are no Surrender Benefits under this plan.
Loan: Loan facility is not available in this plan.