SBI Life Health Plan: Hospital Cash Review
Plan Name: Hospital Cash
Insurer: SBI Life Insurance Company Limited
Category: Health Insurance
Objective: Financial payouts in case of hospitalization
Major USP of SBI Life Hospital Cash
Daily Cash Benefit
What benefits does SBI Life Hospital Cash offer?
Daily Hospitalization Cash Benefit: Hospital Cash provides the policyholder with daily cash when he is hospitalized for more than 24 hours due to sickness or accident. The daily cash amount available with Hospital Cash is Rs 2,000, 3,000, 4,000 and 5,000. The maximum numbers of days of hospitalization are 100.
Intensive Care Unit (ICU) Benefit: In case the insured is admitted into an ICU for more than 24 hours, then intensive care benefit would be equivalent to twice the daily hospitalization cash benefit. The maximum numbers of days of hospitalization are 50.
Family Care Benefit: In case two or more insured members are hospitalized simultaneously for more than 5 days, separate INR 10,000 will be payable once in a policy year.
No Claim Benefit: If no claim is made, Sum Assured would be increased by 5% on each policy anniversary. The maximum increase allowed is 40% of the basic Sum Assured. If a claim is made, then Sum Assured will be decreased by 10%. However Sum Assured will not be decreased beyond the basic.
Discount: 2.5% discount will be applicable on renewal of policy.
Family Rebate: Depending upon the number of family members covered under the policy, additional discount on premium amount is provided.
Tax benefits: You can avail tax benefits under Section 80D to maximum amount of Rs 15,000. For senior citizens, the maximum amount is Rs 20,000.
What is not covered in SBI Life Hospital Cash?
- Any illness diagnosed within 30 days of inception of policy is not covered, however accidental injuries will be covered
- There is 2 year waiting period for pre-existing injuries and particular diseases like cataract, hernia, hydrocele etc
- War or related activities
- Any epidemic recognized by World Health Organization (WHO)
- Self inflicted injuries
- Abuse of intoxicant things like alcohol or drugs
- HIV, genetic disorders and related diseases
- Cosmetic treatments or plastic surgery
- Non allopathic treatments
- Dental treatments
- Mental Disorders
There are few more exclusion’s which can be verified from the policy document
Who can buy SBI Life Hospital Cash?
Hospital Cash can be bought by anyone aged from 1 year to 65 years. For children from 1 year-17 years, one parent has to be covered under same policy. The maximum age on maturity is 75 years and there is fixed policy term of 3 years. Both individual and family floater plans are available in Hospital Cash.
How much premium for SBI Life Hospital Cash?
For person aged 30 years opting for Sum Assured of INR 200,000, Hospital Cash premium would be Rs 2,824including tax.