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- Extra BenefitsAccidental, Terminal & Critical Illness
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SBI Life Poorna Suraksha – Best Gift for Parents to Show Love & Care
- DetailsWritten by PolicyBazaar -
- Hits : 4140 -
Modified 11 May 2018
SBI Life Poorna Suraksha
SBI Life offers various kinds of policies to meet the needs of its customers. The insurance company launches new policies to fulfill the emerging needs of its customers. The ‘Poorna Suraksha’ is a non-participating term insurance policy that covers 36 critical illnesses. Children can present the best gift to their parents by offering them a comprehensive life insurance product. A term policy that covers critical illness is a unique product in the insurance industry.
The product was launched by SBI Life under the theme of ‘reverse parenting’. Even though the insurance companies implement various approaches and strategies to market their products, the ‘Poorna Suraksha’ certainly helps children to show their affection towards their parents. The risk of illness increases in the old age and it is very difficult to cover critical illnesses.
The policy fulfills the needs of a large family, as it takes care of the health of the parents. As parents take care of their children at various stages of their life, children can take care of their parents by offering them the best insurance policy.
Benefits of the SBI Life Poorna Suraksha
The SBI Life Poorna Suraksha life insurance policy offers the following benefits:
- Takes care of the health of your parents
- It creates an emotional attachment with parents
- Term insurance plan with increasing critical illness cover
- Fixed premium throughout the policy term
- Premium waiver on diagnosis of critical illness
- Non-linked term insurance plan
- Built-in critical illness rider
Who should subscribe to Poorna Suraksha?
Your financial needs certainly change with the increasing age. This plan helps you rebalance your life and a critical illness in the best possible way. The protection is very much enhanced with this life insurance policy.
It is a simple term insurance policy, which offers comprehensive protection to the policyholder. The policy covers the critical illnesses so that you do not have to buy another insurance policy.
The insurance cover will be balanced as per your needs on an annual basis. The insurance requirements will be assessed on an annual basis and you can increase the coverage in a systematic way. The out of pocket expenses can be minimized when you have access to the best insurance policy.
Lump sum payout
If you were diagnosed with a critical illness, you should have access to a lump sum payout so that you can efficiently bear the treatment cost. The Poorna Suraksha will cover about 36 critical illnesses. It is a great bonanza for children to offer maximum protection to their parents. This insurance plan reduces the stress and anxiety in your family members. As sufficient fund are readily available with the insurance policy, it is possible to focus on education or work without any difficulty.
The unique advantage with the SBI Life Poorna Suraksha is that the premium does not change, even though the insurance cover increases as per your needs.
The sum assured is adjusted between the life and a critical illness automatically. The adjustment is done during the policy anniversary. If any of your parents is diagnosed with any of the 36 critical illnesses, the future premiums will be waived off and the lump sum payout will be made, which is helpful for the treatment.
Covers the treatment cost
Healthcare services are very expensive. Even if both your parents are employed, it is difficult to overcome hospitalization cost arising from a critical illness. If you can buy an insurance policy at an early stage, the premium you have to pay is low and the risks are covered prominently. The out of pocket expenses can be avoided and it is possible to live a stress-free life by offering quality healthcare services to your parents.
Sense of gratitude
Children can reciprocate the love and warmth towards their parents by offering them a comprehensive health insurance plan. The term plan from SBI Life has the potential to fulfill the insurance needs of an individual. It covers various kinds of critical illnesses and the lump sum payout is helpful in dealing with the disease. It is possible to offer moral support as well as financial support with the help of an insurance policy.
Poorna Suraksha is different from the Sampoorn Suraksha plan. The Sampoorn Suraksha is a group insurance plan offered by SBI Life.
Why Life Insurance Protection?
Life insurance policy covers the risk of loss of life in a very efficient manner. There are various kinds of life insurance policies. You can choose a policy to fulfill your obligations towards your family. The breadwinner in every family should be covered with the most appropriate insurance plan so that the dependents do have financial security. There are life insurance policies to cover the needs of from a newborn baby to senior citizens. Senior citizens can buy life insurance themselves or it can be bought by their children for them.
Term insurance plan
A term insurance plan is the purest life insurance plan, which covers various kinds of risk factors in the best possible way. The premium paid for the policy will be very low and coverage, on the other hand, will be very high. You can buy a term insurance plan either online or offline. SBI Life Insurance offers term insurance to cover your needs in the best possible way.
The premium can be paid in a single installment or on a regular basis. If you opt for regular payment, the premium will be paid either on monthly, quarterly, semi-annually or annual basis. If the policyholder dies during the policy term, the claim proceeds will be paid to the beneficiary. If the policyholder is alive after the policy term, there will not be financial benefit.
By including certain riders, you can get additional benefits along with the usual benefits of a term insurance policy. For example, with the inclusion of the accidental death rider, the insurance company will pay double the ‘sum assured’ if the policyholder dies in an accident.
Why should you choose a term policy?
A term insurance plan is different from a money back or endowment policy. The amount that you contribute towards the policy is used to cover the potential risks. If you choose a money back policy, part of the premium is invested in various funds so that the money can be paid at various stages of the policy term. The endowment policy will make a payment at the end of the term. The money is paid regardless of the survival of the policyholder. If the policyholder is not alive, the maturity proceeds will be paid to the nominee.
A term insurance policy covers the death caused by most of the diseases and sicknesses. However, it does not cover critical illnesses. You should buy an additional rider to cover the critical illnesses. When you buy a life insurance plan with critical illness rider, the insurance company makes a lump sum payout if the policyholder is diagnosed with that critical illness.
Term policy vs. group life insurance policy
An individual term policy fulfills your needs in the best possible way. Even if you are covered by a group life insurance plan, the policy coverage remains in force as long as you are associated with the company. If you resign or retire from the job, you will not get the insurance benefits.
If you buy an individual life insurance policy, you can fulfill your short-term as well as long-term insurance needs in an effective manner. With a comprehensive term insurance policy, the risk of various sicknesses and the loss of life are covered.
Income tax benefits
There are certain tax benefits if you contribute to a life insurance plan. You will get tax exemption subject to the premium payable as well as the payouts to the nominee. The premium paid is exempted from the taxable income under Section 80C. You can get exemption up to Rs. 1.5 lakh per annum.
Online insurance policy
You can submit a proposal for term policy online. If your age is less than 40 years, you will not want to undergo medical tests. If the sum assured is high, you would need to undergo medical tests. The underwriter will assess the risk and the policy offered will be subject to the satisfactory health report.
You should choose the right kind of life insurance plan to cover different risks at various life stages. This best life insurance product is available at the lowest premium with the highest benefit. As soon as you meet the risk, you get the lump sum. SBI Life Poorna Suraksha is the best term insurance plan with critical illness coverage. You can buy the policy to cover the health risks of your parents. The insurance policy covers 36 critical illnesses and a lump sum will be paid as soon as the diagnostic tests reveal a critical illness.
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