SBI Life - Sampoorn Suraksha Plan: Comprehensive Review and Benefits

Introduction

SBI Life’s Sampoorn Suraksha Plan is a versatile group term insurance plan by SBI Life Insurance that offers comprehensive coverage to different groups, including employers, employees, depositors, and other affinity groups. This insurance product is crafted to provide affordable, flexible coverage options, particularly to organizations aiming to secure life insurance for their members.

What is SBI Life Sampoorn Suraksha Plan?

The SBI Life Sampoorn Suraksha Plan is designed as a group term life insurance policy, primarily covering official and informal groups. It’s a budget-friendly plan that provides wide coverage options, enabling entities like companies, banks, and professional organizations to insure a group of people under a single policy.

Key Features of SBI Life Sampoorn Suraksha Plan

• Eligibility and Coverage: Entry age is a minimum of 18 years and a maximum of 69 years, with a maturity age cap of 70.
• Renewal Option: This plan is renewable annually, providing flexibility for group members.
• Affordable Premiums: Due to its group structure, the Sampoorn Suraksha Plan is cost-effective.

Eligibility and Requirements for SBI Life Sampoorn Suraksha

To enroll in the Sampoorn Suraksha Plan, an individual must be part of an eligible group. The minimum entry age is 18, and individuals up to 69 years old are eligible. This policy covers a variety of groups, making it accessible for various businesses.

Types of Groups Eligible for SBI Life Sampoorn Suraksha

• Banks and Financial Institutions: Groups related to loans and deposits.
• Employer-Employee Groups: Companies looking to provide life insurance coverage to their workforce.
• Affinity Groups: Organizations with shared professional, social, or financial interests.

Premium Payment Options

The Sampoorn Suraksha Plan offers monthly, quarterly, half-yearly, and annual premium payments, ensuring adaptability. A grace period of 15 days is provided for monthly payments and 30 days for other payment modes.

Sum Assured Options

The policy provides a minimum sum assured of ₹1,000 per member, with a maximum of ₹25 crore, allowing customization according to group needs.

Benefits of SBI Life Sampoorn Suraksha

• Death Benefit: In case of a policyholder’s death, the nominee receives a death benefit, payable in installments.
• Tax Benefits: Policyholders can avail of tax benefits under prevailing tax laws.
• Global 24/7 Coverage: This plan provides worldwide coverage, ensuring financial protection anywhere.

Death Benefit Details

The death benefit is a core feature of the plan. If a policyholder passes away, the nominee receives the benefit, providing financial support in installments.

Additional Benefits and Optional Covers

• Spouse Cover Benefit: Policyholders can include their spouse under coverage.
• Terminal Illness Benefit: Coverage upon a terminal illness diagnosis.

Rider Options Available with SBI Life Sampoorn Suraksha

• Accidental Total Permanent Disability Rider: Covers disability resulting from an accident.
• Accidental Sickness Total Permanent Disability Rider: Protection for permanent disability due to illness.
• Accelerated Core Critical Illness Rider: Provides a payout upon diagnosis of critical illnesses.
• Accidental Death Benefit Rider: Additional death benefit in case of accidental death.

Portability and Flexibility Options

The Sampoorn Suraksha Plan is portable, allowing members to convert their group policy into an individual one if they leave the group.

24/7 Global Coverage

Offering round-the-clock, worldwide coverage, this plan benefits groups with members traveling or residing in different locations.

Free-Look Period

A 15-day free-look period allows members to review the plan and cancel without penalty if it doesn’t meet their needs.

Renewal and Policy Tenure

The plan has a one-year tenure with annual renewal, allowing group administrators to keep coverage relevant.

How to Apply for SBI Life Sampoorn Suraksha

1. Determine Eligibility: Ensure the group meets the minimum requirements.
2. Choose Coverage Options: Select sum assured, payment frequency, and riders.
3. Complete Application: Fill out the form with necessary documents.
4. Pay Initial Premium: The policy starts once the premium is paid.

Why Choose SBI Life Sampoorn Suraksha?

SBI Life Sampoorn Suraksha Plan offers affordability, flexibility, rider options, tax benefits, and 24/7 global coverage, making it ideal for employers, banks, and groups.

Conclusion

This plan is a top choice for groups seeking affordable life insurance. With benefits like portability, global coverage, and riders, it provides excellent value for organizations.

FAQs

Q1. What is the minimum group size required for SBI Life Sampoorn Suraksha?

A1. A minimum of 10 members is required for coverage.

Q2. Can the Sampoorn Suraksha Plan cover employees of a company?

A2. Yes, it’s designed to cover employer-employee groups.

Q3. Are there any tax benefits available under this plan?

A3. Yes, tax benefits are available under applicable tax laws.

Q4. Is there a free-look period in the SBI Life Sampoorn Suraksha Plan?

A4. Yes, the policy offers a 15-day free-look period.

Q5. What happens if the policyholder dies during the policy tenure?

A5. The nominee receives a death benefit in installments based on the policy terms.