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SBI Life Sampoorn Suraksha

SBI Life Sampoorn Suraksha is a comprehensive group life insurance plan that provides coverage for risks without any investment or profit-sharing features. It allows people to buy life insurance as part of a group at a reasonable cost for professional groups, informal credit groups, social sector, rural groups, bank deposit holders etc.. Let’s understand the plan better and discuss its benefits and features, and how to buy it from Policybazaar. 

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Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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What Are The Features of SBI Life Sampoorn Suraksha Plan?

SBI Life Sampoorn Suraksha Plan is one of the best group life insurance plans in the country today. Below mentioned are the key features of the SBI Life Sampoorn Suraksha Plan:

  • The Sampoorn Surakhna Plan is a group life insurance offered by SBI Life Insurance, that can be customised to provide coverage against demise to the members. 

  • Plan offers important protection to retain and attract the important assets. 

  • One year renewable plan 

  • If a member passes away due to natural causes, accidents, permanent disability, critical illness, or terminal illness (if opted for), the sum assured will be paid.

  • Premiums can be paid in advance annually or through installments.

  • The sum assured can be customized in the following ways:

    • A fixed amount of coverage.

    • Coverage for the risk component in a defined benefit or defined contribution scheme of the group.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What Are The Benefits of SBI Life Sampoorn Suraksha Plan?

Below mentioned are the benefits of the SBI Life Sampoorn Suraksha Plan:

  • The SBI Life Sampoorn Suraksha Plan provides round-the-clock coverage, worldwide.

  • It offers financial support to the family members and dependents in case of the untimely death, disability, or illness of a member.

  • There is no need for a medical examination up to the Free Cover Limit.

  • The policyholders also enjoy the option to receive the Death Benefit Sum Assured in installments.

  • There is also a Spouse Cover benefit with which the policyholders to cover their spouses. However, this benefit is only eligible if the group size is of minimum 250 members, and a minimum participation of 10% of the entire group is required for this option to be enabled. 

  • The benefits received by beneficiaries/members are exempted from income tax according to section 10(10D) of the Income Tax Act, 1961.

  • The premium paid by the policyholder is not taxable as an added benefit for the member. Moreover, premiums paid by members are eligible for tax deductions, under section 80C and 80D (for critical illness riders) of the Income Tax Act, 1961.

 **Tax benefit is subject to changes in tax laws. Standard T&C apply.

What Is The Eligibility Criteria For The SBI Life Sampoorn Suraksha Plan?

Below mentioned is the eligibility criteria for the SBI Life Sampoorn Suraksha Plan:

Plan Parameters Minimum Maximum
Minimum group size  10 members 
Entry Age 16 years 79 years
Maturity Age 80 years
Sum Assured ₹ 1,000 ₹ 50 Crore
Premium Payment Frequency Half-yearly/ Quarterly/ Monthly
Percentage of Annual Premium Half yearly: 52%
Quarterly: 26.5%
Monthly: 8.9%

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What Are The Rider Benefits For The SBI Life Sampoorn Suraksha Plan?

The rider benefits of the SBI Life Sampoorn Suraksha Plan are mentioned below:

  • Accident and Sickness Total Permanent Disability Rider (Group Rider): If the insured person becomes totally and permanently disabled due to an accident, sickness, or disease, the sum assured will be paid.

  • Accidental Death Rider (Group Rider): In the unfortunate event of the insured person's death due to an accident, the sum assured will be paid.

  • Accidental Total Permanent Disability Rider (Group Rider): If the insured person becomes totally and permanently disabled due to an accident, the sum assured will be paid.

  • Accidental Partial Permanent Disability Rider (Group Rider): If the insured person becomes partially, permanently, and irreversibly disabled due to an accident, the sum assured will be paid.

  • Critical Illness (CI) Riders:

    Critical Illness Riders are available in two formats: "Accelerated" or "Additional."

    • Under the additional format, if the insured person survives for 30 days after being diagnosed with a critical illness, an additional payment equal to the rider sum assured will be paid. The full basic sum assured will also be paid in case of subsequent death.

    • Under the accelerated format, the CI sum assured will be paid upon diagnosis of a critical illness or in case of earlier death. The remaining life cover sum assured, if any, will be paid upon subsequent death.

    Further, Accelerated and Additional formats can be sub categorized into the following illnesses:

    • SBI Life - Group Rider- Accelerated

      • Core Critical Illness

      • Extended Critical Illness
         

    • SBI Life - Group Rider- Additional

      • Core Critical Illness

      • Extended Critical Illness

    Below mentioned are some points to be remembered about critical illnesses of the additional and accelerated formats:

    • The "Core" versions cover Major Cancer, Coronary Artery Bypass Surgery (CABG), Heart Attack, Kidney Failure, Stroke, and Major Organ Transplant.

    • The "Extended" versions additionally cover Aorta Surgery, Major Burns, Paralysis, and Heart Valve Surgery, in addition to the above six conditions.

    • Critical Illness benefit will not be paid if it is diagnosed within 90 days from the start of the policy or the date of entry of the insured member, if later.

What Are The Policy Details Of The SBI Life Sampoorn Suraksha Plan?

The policy details of the SBI Life Sampoorn Suraksha Plan are mentioned below:

  • Free Look Period: During the free-look period, you can carefully examine your policy. If you decide to cancel it after reading the terms and conditions mentioned in the policy, you can return the original policy document along with a letter explaining why you want to cancel within 15 days of receiving the policy. If you cancel the policy, the insurer will refund the premium you paid. However, they will deduct a reasonable cost for the insurance coverage during the time the policy was active, as well as any expenses for medical examinations and stamp duty.

  • Grace Period: You have a grace period of 15 days if you pay your premium monthly, and 30 days if you pay annually. This grace period starts from the due date of the premium and gives you extra time to make the payment without any penalty.

  • Profit Sharing: If you have a compulsory insurance scheme, you can choose a profit-sharing arrangement. This means that if the scheme performs well, you can share in the benefits. The profits will be calculated using a set formula and your share of the profits will be used to lower your premiums for the next year. However, if there are any losses, they will be carried forward and offset against future profits.

  • Lapsation and Revival of Policy: If you don't pay the premiums within the grace period, the policy will lapse. However, you have the option to revive the policy within 5 years from the date of the first unpaid premium.

  • Nomination and Assignment: The claim amount will be given to the person/people you choose as your nominee(s) to receive the benefits. This follows the guidelines stated in Section 39 of the Insurance Act 1938, which may have been updated over time. However, there are no assignments applicable in this plan.

What Are The Exclusions In The SBI Life Sampoorn Suraksha Plan?

In the basic plan, if someone commits suicide within the first 12 months of buying the insurance, death claim benefit will notbe provided. However, if the suicide claims are to be excluded, then they will be given back 80% of the total premiums paid (after deducting taxes and cess) until the date of death, as long as the insurance policy is active. 

How To Buy The SBI Life Sampoorn Suraksha Plan From Policybazaar?

Here are the steps to buy the SBI Life Sampoorn Suraksha Plan from Policybazaar:

  • Step 1: Go to the Term Insurance page of Policybazaar.

  • Step 2: Fill in your Name, Contact Number, and Date of Birth.

  • Step 3: Provide additional details like smoking habits, annual income, occupation type, and educational qualification. Then click on 'View Plans'.

  • Step 4: Select the SBI Life Plan from the list of available insurers.

  • Step 5: Enter your full name, email, annual income, occupation, and educational qualification.

  • Step 6: Fill in your pincode, city, and nationality.

  • Step 7: Choose the plan option you prefer and proceed to payment.

  • Step 8: Use your preferred payment method to pay the calculated premium and complete the purchase process.

FAQ's

  • Q. Does the SBI Life Sampoorn Suraksha plan provide coverage worldwide?

    Ans: Yes, SBI Life Sampoorn Suraksha plan offers coverage 24x7 worldwide.
  • Q. Are there any tax benefits associated with the SBI Life Sampoorn Suraksha plan?

    Ans: Yes, premiums paid by members are eligible for tax rebates under section 80C and 80D of the Income Tax Act, 1961, for the SBI Life Sampoorn Suraksha plan.
  • Q. Is the SBI Life Sampoorn Suraksha group plan suitable for groups of all sizes?

    Ans: Absolutely, the plan is designed to cater to the insurance needs of various groups, regardless of their size.
  • Q. Will the plan cover critical illnesses and permanent disabilities?

    Ans: Yes, there are riders available that cover critical illnesses and provide benefits in case of permanent disabilities.
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