Salient Features of Sbi Life's Hospital Cash
1- 100% payout from day 1 of hospitalization without any deductible, double in case of ICU
2- Coverage for pre-existing diseases after 2 years of continuous renewals
3- No Claim Bonus by way of enhanced sum assured on each policy anniversary in case no claim is filed thus increasing your per day payout and Total Sum Assured
4- Premium guarantee for 3 years
5- Guaranteed coverage up to 75 years
6- Tax benefit on premium paid (for self / spouse/ dependent children / parents) under sec 80 D of IT Act.
Who can buy Sbi Life's Hospital Cash policy?
This policy can be taken for Self /Spouse/Parents/ Parents in-law and dependent children. For children between age of 1 year-17 years to be covered at least one of the parents has to be insured under the same policy.
| Minimum age at entry | For Dependant Child 1 year |
|
| For Adult 18 years |
| Maximum age at entry | For Dependant Child 24 years |
|
| For Adult - 65 years for a new policy |
|
| For Adult - 72 years for a renewed policy |
| Max age at maturity | For Dependant Child 27 years |
|
| For Adult 75 years |
Fixed Policy Term 3 years
Note: Minimum or Maximum age at entry is to be taken as on last birthday
| Sum Assured per Annum(Rs) | 2 Lakhs | 3 Lakhs | 4 Lakhs | 5 Lakhs |
| Daily Hospitalization Cash Benefit(Rs/day) | Rs 2000 | Rs 3000 | Rs 4000 | Rs 5000 |
| Daily ICU Benefit(Rs/day) | Rs 4000 | Rs 6000 | Rs 8000 | Rs 10000 |
Family Care Benefit(Rs) Rs 10,000 - Lump sum per policy year
Waiting Period
Hospitalization due to any illness within the first 30 days from the date of commencement of the cover or date of joining for a new member in the family policy is not covered except for those arising out of accident(s) which occur during the policy period.
Advantages of Hospital Cash
1- In case 2 or more insured family members are hospitalised at the same time for more than 5 days, the company pays an additional amount of Rs 10,000
2- Increase in Sum Assured by 5% on each Policy Anniversary (up to a maximum of 40%)
3- In the case of policyholder gets admitted in an ICU then he will receive twice the amount that of DHCB
Limitations of Hospital Cash
1- Non-allopathic treatments
2- Fix policy term of three years
The Bottom Line
1- Maximum Sum Insured is ONLY 5 lacs. Any critical disease like Heart Attack, Cancer and related treatment today needs minimum 5-10 lacs in good hospital and this will rise in future with inflation.
2- You have to buy policy for three years in one go, you cannot use the health insurance portability option, which will be coming from 1st October'2011. So you have to stay with the company even if you don't like the services or product.
Please don't buy this policy by ignoring your existing health insurance/mediclaim policy. Buy only as a add on to existing health insurance policy.
How is SBI Life - Hospital Cash different than a Mediclaim policy?
1- There is a fixed daily allowance payout for per day of hospitalization irrespective of your actual hospitalization expenses
2- Money can be used for financing hospitalization and any other kind of expenses
3- Premiums are guaranteed for 3 years and do not change every year.
4- Pre-existing diseases are covered from the 2nd year onwards of taking this cover
How many claims can be made during the policy term?
One can make multiple claims during the cover term till the exhaustion of yearly Sum Assured limit of the Hospital Cash Benefit.
Do I have to undergo medical tests before enrolling under SBI Life – Hospital Cash?
There is no medical underwriting for all ages between 1 years to 45 years of age as on last birthday
However, each life insured is expected to declare his health status in the Proposal Form
If I already have a pre-existing illness, can I get covered under SBI Life - Hospital Cash?
Yes, Pre-existing diseases are covered after completion of first 2 policy years of taking this cover provided they are declared in the proposal form.
Do I get any bonus if I do not claim during the policy year?
You have the benefit of no claim bonus at every policy anniversary, in case of no claim filed in the previous year. This will lead to enhancement in basic Sum Assured by 5 % up to a maximum of 40% leading to enhanced daily payouts as well. In case of any claim in a policy year, the enhanced Sum Assured will reduce by 10% in the following policy year.
If I travel abroad, will this policy cover my hospitalization expenses overseas?
The cover granted under this insurance is valid for treatments taken in India only.
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