Money & Banking

SBI Life bets on ‘protection with health cover’ products

Our Bureau Chennai | Updated on January 29, 2018

Sanjeev Pujari, President, Actuarial and Risk Management, SBI Life

Also looking at standalone critical illness products, says top official

SBI Life Insurance, a joint venture of State Bank of India and BNP Paribas Cardif SA, plans to offer a complete range of protection policies covering life, health and allied areas.

Explaining the benefits and salient features of its latest product Poorna Suraksha, Sanjeev Pujari, President – Actuarial and Risk Management, SBI Life, said that over the past two years the company had been focussing on providing not only protection but also health cover under its policies.

SBI Life is also working on launching at least two new products.

“We are also looking at standalone critical illness products. We are evaluating a term cover for couples and also looking at opportunities to provide a cover for diabetics and eventually, at some stage, we want to be a provider of full range of protection products that include life cover, health plans and allied products,” he said.

Since health is an intensely competitive segment, SBI Life banks on innovative products to differentiate itself from others and Poorna Suraksha is one such effort and is termed as a unique product in the market.

In Poorna Suraksha, a non-linked term-assurance plan that comes with an inbuilt critical illness cover, the premium remains the same throughout the policy term in spite of increasing critical illness cover and increase in age.

However, when the critical illness cover increases, the life cover will decrease by an equal amount to accommodate the increase in critical illness cover, such that the total cover remains constant throughout the policy term. The policy covers 36 critical illnesses.

He also said that SBI Life’s previous policy — Sampoorn Cancer Suraksha — was received well and the company had sold over 18,000 policies in about three months.

Published on January 26, 2018

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