SBI Life Sampoorna Suraksha Plan Premium Calculator

Read on to know more about SBI Life Sampoorna Suraksha Plan Premium Calculator in detail: 

About SBI Life Sampoorna Suraksha Plan 

SBI Life Sampoorna Suraksha is a group, non-participating, non-linked pure risk premium life insurance plan, available for different informal and formal groups. It provides a wide-ranging insurance benefits package that can be customized as per your requirements. 

Key Features and Benefits of SBI Life Sampoorna Suraksha Plan 

Here are the key features of the SBI Life Sampoorna Suraksha Plan: 

• Security: Insurance benefits to the group members’ dependent in case of an unforeseen event. 

• Covers comprehensive groups: Plan can be used to cover comprehensive groups such as borrower-depositor, employer-employee, affinity, professionals, etc. 

• Flexibility: Choose sum assured for members as per the preference of the master policyholder 

• Riders: Availability of 8 riders for accelerated or additional coverage for sickness, accidental death, critical illness, or permanent disability. 

• Customization: Customize your plan through spouse coverage, convertibility, terminal illness, and death benefit settlement. 

• Death Benefit: The sum assured amount is payable on the demise of members due to accident or natural causes or critical illness or permanent disability or terminal illness. 

• The sum assured benefit can be: 

  • Flat Cover 

  • Cover graded as per the designations 

  • CTC (Cost-to-company) or multiple of salary 

  • Covers the risk component under the group benefit 

  • Liability amount/size of bank deposit/outstanding loan etc. 

  • Annual salaries or outstanding CTCs on the death date 

  • Coverage up to 25X of CTC or annual salary 

  • Life coverage in place of EDL (Employee Deposit Linked Insurance), 1976 

Introduction to SBI Life Sampoorna Suraksha Plan Premium Calculator 

SBI Life Sampoorna Suraksha Plan Premium Calculator is a freely available online tool that helps compute the premium amount that you need to pay for the desired insurance coverage and plan benefits. This online tool considers different factors such as current income, age, medical conditions, debts, current income, and the number of dependents to help you select an insurance policy that ideally fits your life objectives and requirements. 

How to Use SBI Life Sampoorna Suraksha Plan Premium Calculator

Here is a step-by-step guide to use SBI Life Sampoorna Plan Premium Calculator: 

Step 1:Visit the official website of SBI 

Step 2: Click on individual Life Insurance plan, under the products option, present on the home page 

Step 3: Then, click on SBI Life Sampoorna Suraksha Plan 

Step 4: After this, you will be redirected to a new page where you will find the details related to the policy 

Step 5: Click on the tab ‘Calculate Premium Amount’

Step 6: After opening the premium calculator page, you are required to enter the relevant details such as the desired sum assured, date of birth, premium paying frequency, gender, smoking habits, etc. 

Step 7: Click on calculate Premium after entering the details

Step 8: The approximate premium amount will be displayed on the page 

Benefits of SBI Life Sampoorna Suraksha Plan Premium Calculator 

Following are the benefits of SBI Life Sampoorna Suraksha Plan Premium Calculator: 

1. Makes Budgeting Easier 

   With SBI Life Sampoorna Suraksha Plan Premium Calculator, you can get a fair idea of the premium amount you will need to pay for the term cover that you seek. This in turn, makes it easier for you to have an estimate, plan your financial needs, and keep your premium amounts aside that you would need on a yearly or monthly basis depending on your risk appetite. 

2. Comparison of plans 

   The SBI Life Sampoorna Suraksha Plan Premium Calculator offers you the option to compare features, benefits, and quotes with other plans and help you make the right choice. 

3. Choose the right cover amount 

   SBI Life Sampoorna Suraksha Plan Premium Calculator gives you an estimate of the term cover amount that helps cover your family’s financial requirements and liabilities and the premium payable under the insurance plan. The selection of coverage depends upon certain factors such as existing liabilities, marital status, annual income, the number of dependents, and various other factors

4. Quick results

   Once you enter the requested details, you are not required to wait for the results. The term calculator offers accurate and instant responses which are unlikely when it is done manually 

5. Cost-Saving 

   Using an SBI Life Sampoorna Suraksha Plan Premium Calculator, you can opt for the highest possible cover amount that fits into your budget. 

6. Hassle-free and time-saving 

   While comparing the SBI Life Sampoorna Suraksha Plan using a term calculator, you are not required to submit any documents. You receive quotes within a couple of minutes and then you can make an informed decision whether to buy the plan or not

Factors Affecting the SBI Life Sampoorna Suraksha Plan Premium Rates 

The following parameters play a crucial role in determining your SBI Life Sampoorna Suraksha Plan Premiums: 

• Age: The lower the policyholder’s age, the lower the premium amount is likely to be. This is because the possibility of the insurable event, which is the policyholder’s demise, is more likely to occur as the applicant’s age increases. 

• Gender: As per the research, women tend to live longer than men. Moreover, heart attacks are more common in men than women. The insurers charge lower premiums for women because the probability of women living longer is higher. 

• Medical History: Any record of a critical illness or any family history of diseases such as cancer, Alzheimer’s, can attract higher premium rates. 

• Lifestyle: Individuals with poor lifestyle habits are usually charged a higher premium rate than individuals of the same gender and age who have better lifestyle habits. 

• Policy Tenure: The longer the policy term, the higher the sum assured amount and increased premium for the plan