SBI Life - Sampoorn Suraksha Plan
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
The SBI Life Sampoorn Suraksha Plan is a yearly renewable policy specifically designed for organisations which are looking for extensive coverage at affordable costs. This plan caters to a variety of groups like Borrower/Depositor Groups, Employer/Employee Groups, and Professional/Affinity Groups. An important feature of this plan is that it offers financial support to the nominees in case a policy member succumbs to an unfortunate incident.
Eligibility - Who the SBI Life Sampoorn Suraksha Plan for?
Every applicant looking to own the SBI Life Sampoorn Suraksha Plan will need to meet a certain criteria with regards to the age and the amount they are looking to invest. Here’s what the eligibility requirement looks like:
| Parameters | Details |
| Minimum Entry Age | 18 |
| Maximum Entry Age | 79 |
| Maximum Maturity Age | 80 |
| Policy Term | Yearly renewable |
Sum Assured and Premium Range - What it costs and what you get?
According to this policy, every policyholder needs to choose a basic sum assured to provide to their employees. You will find all the details mentioned below:
| Parameter | Details |
| Sum Assured | Minimum: Rs.1,000 per person Maximum: Rs.50 lakh per person |
Plan Coverage - What the SBI Life Sampoorn Suraksha Plan covers?
The Sampoorn Suraksha plan by SBI Life comes four key options, which the policyholder can choose between to improve the coverage of their policy. Here are all of them mentioned below:
| Terminal Illness Benefit | A Terminal Illness Benefit is an accelerator which comes along with the main death cover under this policy. If this option is availed, a member will lose their cover under the main policy. Sum assured for this option ranges from 5% to 100% of the total death benefit offered. However, there is a cap on the claimable amount. In the case of voluntary schemes, the cap stands at Rs.25 lakhs while the same for compulsory schemes is Rs.50 lakhs. |
| Spouse Cover Benefit | This benefit option is available only if a group contains more than 250 members. Under this option, an organisation can provide death cover to the spouses of members. There’s a cap on the amount payable on this option as well, which stands at Rs.15 lakhs for Compulsory employer-employee groups and Rs.10 lakhs for voluntary employer-employee groups. |
| Death Benefit | This benefit option, if chosen, allows a policy member’s nominees to receive the sum assured upon death of the said member. Under this option, the nominees can choose to receive the payouts in monthly, quarterly, half-yearly, and yearly basis for a maximum period of 5 years. |
| Convertibility | This option allows a member in an employer-employer group to choose any individual policy offered by SBI Life. What this means is that a member can break out of the group policy without needing to pay any additional charges and can still walk out with a new policy in their name. The only restriction under this option is that a member needs to meet the age requirement to own a policy he/she is looking to own. To avail this option, a member must have left the company in full health without any misconduct or fraud charges, and due to any illness. |
Riders/Add-on Plans - Additional coverage under the SBI Life Sampoorn Suraksha Plan:
The Sampoorn Suraksha Plan by SBI Life comes with a number of useful riders, which help organisations increase the scope of the coverage they get. These riders provide an additional sum assured on top of the base plan’s offering. Here are all of the riders mentioned below:
- Accident and Sickness Total and Disability Rider, which provides the sum assured to the nominees in case a member dies due to an accident and gets disabled permanently or due to an illness.
- Accidental Death Rider, which provides the sum assured to a member’s nominees if he/she succumbs to an accident.
- Accidental Total Permanent Disability Rider, which provides the sum assured to a member if he/she is totally and permanently disabled due to an accident.
- Accidental Partial Disability Rider, which provides the sum assured to a person assured if he/she suffers from a partial and irreversible disability due to an accident.
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Critical Illness Riders, which provide the sum assured if a person assured is suffering from a critical illness. There are a two different Critical Illness Riders, which have two options to choose from:
- Core Critical Illness, which comes as both an accelerated and an additional option.
- Extended Critical Illness, which again is offered as both an accelerated plan and an additional option.
Note: Under the additional option, if a person assured survives for more than 30 days after contracting a critical illness, the rider sum assured will be paid. For the accelerated option, the rider sum assured will be paid if and when a critical illness is contracted.
Other Key Features of SBI Life Sampoorn Suraksha Plan:
Below are some of the other key features of the SBI Life Sampoorn Suraksha Plan:
| Nomination | Nomination facility is available under this policy. |
| Grace Period | For quarterly, half-yearly, and yearly payment mode: If a policyholder does not renew their policy with the 30-day grace period after the annual premium payment date, the policy will lapse. For monthly payment mode: If a policyholder does not renew their policy with the 15-day grace period after the monthly premium payment date, the policy will lapse. |
| Free Look Period | In case a policyholder does not find the terms and conditions of the plan agreeable to them, they can choose to return the policy within the free look period of 15 days. Once the policy is returned, the premium amount paid will be refunded after deducting the costs incurred towards medical examinations, stamp duty, and the coverage offered for the period before cancellation. |
| Assignment | Benefits under this policy cannot be assigned under any circumstances. |
| Profit-sharing | This policy allows a profit-sharing arrangement, wherein the benefits of a positive experience can be calculated and shared. Any profits earned will be utilised towards payment of the next premium while any losses will be adjusted with future profits. |
Tax Benefits - How you can save with the SBI Life Sampoorn Suraksha Plan?
There are a few tax benefits which a Sampoorn Suraksha policyholder can avail. They are as follows:
For employees:
- Tax exemptions are applicable to benefits once the money reaches nominees/employees based on Section 10 (10D) of the Income Tax Act.
- Premiums paid are eligible for exemption under Section 80C and Section 80D of the Income Tax Act.
For employers:
- Premiums paid by employers are exempt from tax and it can be listed as a business expense based on Section 37 of the Income Tax Act.
Why you should buy the Sampoorn Suraksha Plan from SBI Life?
SBI Life’s major stakeholding partner is the State Bank of India, meaning the insurance company’s products can be availed in nearly every State Bank of India branches. Besides, the company won the “Life Insurance Company of the Year” and the “Bancassurance Leader Life Insurance” award in the Indian Insurance Awards 2016 event.
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