SBI Life Sampoorn Suraksha

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Undoubtedly, employees are the soul of an organization and as the most valuable assets of an organization, they need to be protected. Thus, getting a cover that is cost-effective yet comprehensive is one thing that’s on every employers list of essentials, when it comes to securing their employees’ future.

SBI Sampoorn Suraksha gives you a cost-effective as well as a wide-ranging protection that covers an employee from various risks. Undoubtedly, this sense of security gives your employee peace of mind and keeps them at ease, eventually boosting their morale at work and hence, providing employers’ with increased productivity.

SBI Life Sampoorn Suraksha Plan is a team insurance that is renewable annually and a good fit for organizations looking for insurance covers at affordable rates. It serves both formal and informal groups i.e. employer and employee groups, borrower and depositor groups, professional, or affinity groups. The premiums are as low as Rs. 18 on a daily basis for a sum assured of Rs. 1 Crore. It is a plan that can be repackaged to suit every individual’s financial needs.

SBI Sampoorn Suraksha offers security to the beneficiaries or dependents of the insured person, in case of any unfortunate eventuality. It gives you flexibility in terms of choosing the preferred sum assured for members as a master policyholder. It has a range of eight rider benefit options available to give you additional comprehensive insurance. Sampoorn Suraksha offers additional customization via death benefit settlement, convertibility, spouse coverage, and terminal illness benefit.

SBI Life Sampoorn Suraksha has made the right use of technology to make its application procedure very simple. The application process is paperless done by filling a simple online application form. This allows for a seamless client onboarding process.

How SBI Life Sampoorn Suraksha Works?

This group insurance can be purchased by a minimum group of 10 people. A master policyholder is the one who makes the premium payments on behalf of the team and they can choose to pay them annually, semi-annually, quarterly, or monthly. If the master policyholder unfortunately dies and the plan is still on-going, the Sampoorn Suraksha pays a death benefit to the chosen nominees in agreed installments.

Benefits of SBI Sampoorn Suraksha Plan:

The plan provides several comprehensive covers that are discussed below:

Terminal Illness Benefit

This is an accelerator benefit that comes with the main death cover in the SBI Sampoorn Suraksha plan. Once this benefit has been availed, one loses his/her member cover under the core policy.

The sum assured for the Terminal Illness Benefit ranges from 5%-100% of the death benefit provided by the policy. A limit cap has been set for the claimable amount which is Rs. 25 lakhs for the voluntary schemes, while Rs. 50 lakhs is provided for compulsory schemes. 

Spouse Cover Benefit

The Spouse Cover Benefit is limited to groups of more than 250 members. Hence, it is mainly suited to organizations or companies. The members’ spouses in the group are covered by the death benefit cover. However, a cap is set on the amount that can be claimed at Rs.15 lakhs for the mandatory members in the employer-employee groups. For the voluntary employer-employee groups a set limit of Rs.10 lakhs has been placed. 

Death Benefit

This is the benefit that gives the policy members’ beneficiaries or nominees a secure future. In case of any eventuality, your dependents are given a sum assured and they can choose if they want it in a lump sum or in shared installments monthly, quarterly, semi-annually or annually up to a period of 5 years. 

Convertibility

This permits a member in the employer-employee group to convert their SBI Sampoorn Suraksha plan into an individual policy offered by SBI life. It gives you the flexibility to customize your insurance policy to one that best suits your needs rather than conforming to group needs.

No one can be 100% sure about how long they will stay in a company they are currently working for. It might be for a short period of 6 months or for 10 years.  Sampoorn Suraksha gives you an option of converting your members plan into an individual insurance plan offered by SBI life at no additional cost.

No additional charges are levied to do the conversion. However, one needs to meet the set requirements e.g. age of the policy one wants to get into. Also one needs to have left the company he previously held the policy with while they are healthy, with no record of fraudulent activities or misconduct. 

Death Benefit

In case of the death of the master policyholder, selected nominees are eligible to receive death benefit payments in installments for a maximum period of 5 years or in a lump sum. It gives them guaranteed security. 

Tax Benefit

  1. Section 80C of the Income Tax Act states that the insurance premium payments are tax exempt. They are eligible for a tax deduction or tax claim for any premium paid.
  2. Section 10 (10D) gives you a tax exemption when the sum assured or death benefits are received.
  • Section 37 gives employers an advantage of listing any premiums they pay for their employees under business expenses and have them exempted from tax. 

Portability

The SBI Sampoorn Suraksha offers you a comprehensive insurance cover regardless of where you are in the globe. 

Eligibility Criteria and General Policy Provisions For The SBI Life Sampoorn Suraksha Plan:

Age

The minimum entry age is 18 years, while 79 years is the maximum entry age. The maximum exit or maturity age is 80 years as it is a year-long group insurance plan. 

Sum Assured

The minimum sum assured allowed is Rs. 1000 per individual, while Rs. 50,000,000 is the maximum sum assured per group member. The benefit sum assured can be based on: a flat cover, multiple of one’s salary, 25 times of annual salary, cover categorized according to the various designations, size of amount of cash deposited in banks etc. 

Premium payment term:

It is one year and the premiums are allowed the frequency of monthly, half-yearly, quarterly, and yearly payments. The plan can be renewed annually. The premiums are paid as a percentage of the annual premium. For monthly term, it is 8.9%, 26.5% for the quarterly term and 52% for the semi-annually term. 

Nomination

Under Sampoorn Suraksha, Nomination is allowed under Section 39 of the Insurance Act and the nominees stand eligible for a payout. However, the benefits of the plan cannot be assigned. 

Grace period

SBI Sampoorn Suraksha allows a grace period of 30 days if one fails to pay a premium. For the monthly payment plan a 15 days grace period is given or the policy will lapse.

The policy can be revived 2 years after it has lapsed. 

Free Look Period

A free look period of 15 days is given for one to go through the terms and conditions of the plan. In case the policyholder is not in agreement with those, they are allowed to return the policy and have the premium returned to them after deduction of costs incurred in the acquisition of the policy. 

Profit Sharing

Sampoorn Suraksha allows profit-sharing, whereby the benefits can be shared among the members. The profits are used to pay for the next premiums while losses are balanced out by future profits.

Rider Benefits:

These are dependent on individual needs and they ensure employees and their dependents are protected from any unexpected eventuality.

  1. SBI Life - Accidental Total Permanent Disability – The policyholder/nominees are eligible to receive a sum assured in case the policyholder dies or is permanently disabled due to an accident/disease/sickness.
  2. SBI Life - Accident and Sickness Total Permanent Disability – A lump sum of the Sum Assured is paid to a member if they are permanently disabled due to an illness or accident for a period of more than 180 days.
  3. SBI Life - Accidental Partial Permanent Disability – If the policyholder gets partially or permanently disabled due to an accident, they are paid the sum assured in a lump sum to cover their losses for the time they are not working.
  4. SBI Life - Accelerated - Core Critical Illness – This covers critical illnesses like stroke, major organ transplant, kidney failure, heart attack, coronary artery bypass surgery, or severe forms of cancer. Once the lump sum benefit is paid off, the sum assured is reduced by the paid amount.
  5. SBI Life - Accelerated- Extended Critical Illness – This is also paid in lump sum after an extended critical illness like Coronary Artery Bypass Surgery, Heart Attack, Major Cancers etc. However, the employee should be carrying out their usual activities in the work place.

Conclusion

SBI Life Sampoorn Suraksha Plan is one insurance plan that you can get as a group when you are on a budget and need to provide a good insurance cover. With a group of as low as 10 people, you are qualified to enroll into this plan. In addition to that, this insurance plan covers you anywhere, doesn’t matter where you are, 24*7. It is very simple to install and administer this plan as it has a support system designed to retain and attract members.

It is important to note that all new members become part of the group on the date they join and that’s the date the cover starts. The policyholder submits the details of the mid-joiners every month. In case they do not meet the criteria of joining, they are allowed to join once they have met all the set conditions. This cover ceases to exist when the policy term matures, death of the group member, date of the employee’s withdrawal from her/his organization or when the policyholder and the insurance group agrees on the scheme exit age.