Undoubtedly, employees are the soul of an organization. As the most valuable assets of an organization, they need to be protected. Thus, getting a cost-effective but comprehensive cover is one thing that's on every employer's list of essentials when it comes to securing their employees' future.
SBI Sampoorn Suraksha gives you cost-effective and wide-ranging protection that covers an employee from various risks. Undoubtedly, this sense of security gives your employees peace of mind and keeps them at ease, eventually boosting their morale at work and hence, providing employers with increased productivity.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
SBI Life Sampoorn Suraksha Plan is term insurance plan 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 daily 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 the master policyholder. It has a range of eight rider benefit options available to provide you with additional, comprehensive insurance. Sampoorn Suraksha offers further customization via death benefit settlement, convertibility, spouse coverage, and terminal illness benefit.
SBI Life Sampoorn Suraksha has made the proper 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.
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. Suppose the master policyholder unfortunately dies, and the plan is still ongoing. In that case, the Sampoorn Suraksha pays a death benefit to the chosen nominees in agreed installments.
The plan provides several comprehensive covers that are discussed below:
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
"Tax benefit is subject to changes in tax laws. Standard T&C apply."
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.
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 the annual wage, cover categorized according to the various designations, size of the amount of cash deposited in banks, etc.
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 the monthly term, it is 8.9%, 26.5% for the quarterly term, and 52% for the semi-annual term.
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.
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.
A free look period of 15 days is given for one to go through the terms and conditions of the plan. Suppose the policyholder is not in agreement with those. In that case, they are allowed to return the policy and have the premium returned to them after the deduction of costs incurred in the acquisition of the policy.
Sampoorn Suraksha allows profit-sharing, whereby the benefits can be shared among the members. The profits are used to pay for the following premiums, while losses are balanced out by future profits.
These are dependent on individual needs, and they ensure employees and their dependents are protected from any unexpected eventuality.
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.
A lump sum of the Sum Assured is paid to a member if they are permanently disabled due to an illness or accident for more than 180 days.
Suppose the policyholder gets partially or permanently disabled due to an accident. In that case, they are paid the sum assured in a lump sum to cover their losses when they are not working.
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.
This is also paid in a 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 workplace.
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 suitable insurance cover. This insurance plan covers you anywhere, doesn't matter where you are, 24*7. It is straightforward to install and administer this plan. 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. If they do not meet the criteria of joining, they can participate once they have met all the set conditions. This cover ceases 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 agree on the scheme exit age.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
"Tax benefit is subject to changes in tax laws. Standard T&C apply."