SBI Life Insurance Co. Ltd today launched its first group health insurance plan "Criti9" for State Bank Group customers.
The introduction of "SBI Life - Group Criti9" here is part of a pilot project, and the company intends to introduce the offering across the country in due course, the private sector life insurance company's MD & CEO, Uday Sankar Roy told a press conference.
Criti9 provides protection against nine critical illnesses, including cancer, heart-attack (myocardinal infraction), stroke, coronary artery bypass surgery, kidney failure (end stage renal disease), major organ transplant, multiple sclerosis and heart valve surgery, the company said.
Criti9 is available for State Bank Group account holders aged 18 to 55 years, with maximum cover ceasing age being 65.
The minimum sum assured is Rs 25,000 and the maximum Rs five lakh. The plan can be availed for a minimum term of two years and a maximum of five years with an annual premium mode.
For example, the annual premium for Rs one lakh sum assured to those in the 41-45 age category who avail the plan is Rs 688 (exclusive of service tax).
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Roy said the company has not launched the plan with profit motive, adding, it's targetted at the rich as well as the poor.
"SBI Life - Group Criti9 attempts to provide a superior health insurance option, somewhat akin to what an individual would get in a traditional Indian joint family system".
Features of Criti9 include guaranteed renewability till 65 years of age and prompt lump sum payment on submission of necessary documents on diagnosis of any covered critical illnesses, officials said.