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SBI Life - Suraksha Plus Plan

SBI Life Suraksha Plus is a non-participating, non-linked, pure term product which is meant for a target audience of employer-employee, non-employer-employee banks, credit cards, and mutual fund customer groups and is available at an affordable premium. This plan is aimed at providing live cover to groups of members for a specific or fixed term. Some of the key features of this plan are:

  • There is a plethora of choices when it comes to deciding the sum assured
  • Life cover for this policy is available as either uniform cover or according to designation, grade or salary
  • There are a number of premium payment modes available
  • Frequency of payments are available which are monthly, quarterly, half-yearly and yearly
  • This plan also provides the facility for surrender which is available only for Single Premium mode

Eligibility – Who is the SBI Life - Suraksha Plus Plan for?

An individual will have to meet the eligibility criteria listed below to avail the SBI Life - Suraksha Plus Plan:

Parameters Details
Minimum Entry Age 18 years
Maximum Entry Age 69 years
Minimum Group Size 50 members
Maximum Maturity Age 75 years (age is the last birthday)

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured:

The sum assured is based entirely on the premiums that you will have to pay and on the term of the policy. The sum assured for a SBI Life - Suraksha Plus Plan is listed below:

Parameters Details
Minimum Sum Assured Rs.1,000 per member
Maximum Sum Assured No limit

Premiums*:

Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the benefits and coverage of the SBI Life - Suraksha Plus Plan. The premiums that a policyholder will have to pay towards a SBI Life - Suraksha Plus Plan are listed below:

Parameters Details
Minimum Term of the Policy
  • 2 years for single premium
  • 5 years for regular premiums
Maximum Policy Term 30 years
Minimum premium paid
  • Single Premium: Rs.5,000 per scheme
  • Regular Premium: Rs.1,000 per scheme
Premium Payment Mode
  • Single Premium
  • Regular Premium
  • Monthly
  • Quarterly
  • Half-Yearly
  • Yearly
Maximum Premium No limit

* Premiums vary based on age, location, plan term and other factors

Mode of Premiums

The various premium payment modes have been mentioned above and the premiums that need to be paid for each mode has been given below:

Premium Payment Mode % of Annual Premium
Monthly 9%
Quarterly 26%
Half-Yearly 51%

Premiums for SBI Life - Suraksha Plus Plan can be made using any of the following ways:

  • Through the use of debit or credit cards
  • ECS/Direct Debit/Salary Deduction Scheme
  • With a cheque or demand draft
  • Using payment gateways or internet banking
  • Payment in cash at the insurer’s branch office

Plan Coverage – What the SBI Life - Suraksha Plus Plan covers?

The Suraksha Plus Plan offered by SBI Life Insurance offers a number of benefits and these are listed in the tabular column below:

Parameters Details
Maturity Benefits There are no maturity benefits that are paid out with this plan as this is a Pure Term policy.
Premium Payment options Flexible payment options are available for paying premiums. A policyholder can choose between a single premium and regular premium. There are a number of premium payment options under Regular premiums such as monthly, quarterly, half-yearly, and yearly.
Death Benefit The nominee shall receive the sum assured when a member dies. If any premiums have not been paid during the grace period, the sum assured will be paid to the nominee after subtracting the unpaid premiums from it. In case the death of the insured was due to an accident, additional accident sum that is assured shall be paid to the nominee.

Riders/Add-On Plans:

There are no riders available for this plan.

Exclusions – What the SBI Life - Suraksha Plus Plan doesn’t cover?

If the life insured takes his/her own life within a year from the date of commencement of the risk or revival, whether insane or sane, death benefits will not be payable to the nominee or the insured. In case the insured commits suicide within a year from the commencement of the risk cover, the insurer will pay the nominee 80% of the premiums paid. In case the insured commits suicide within a year from the policy revival, the company shall pay the higher of the surrender value or 80% of the premiums that have been paid.

Other Key Features of SBI Life - Suraksha Plus Plan:

Listed below are some of the key features of SBI Life – Suraksha Plus Plan

Parameters Details
Free Look Period In case of schemes where the master policyholder has to make premium payments, the policyholder will be entitled to a free look period of 15 days. This period starts from the day of receipt of the policy. The same applies for group members as well. If the policyholder decides to cancel the policy within the free look period, the premium paid will be returned after subtracting costs for stamp duty, medical expenses, etc.
Surrender Value Surrender value is available for Single Premium mode only. This surrender value will be paid to the beneficiary/member whenever applicable. Surrender value is calculated as 75% of the premium multiplied by the ratio of cover term that has not expired to the total cover term. Surrender value shall not be paid to the member or beneficiary if it lies below Rs.100 per member. Surrender value is not paid in the case of regular premium payment option.
Grace Period A grace period of 15 and 30 days is provided from the premium due date is provided for monthly premium and other modes respectively. The cover will cease if the premium is not paid within the grace period. The insurer will allow for a payout if a claim is made within the grace period. This payout is authorised after deductions for any unpaid premiums prior to the claim.
Nomination A member is allowed to nominate an individual to receive the benefits of the policy under Section 39 of the Insurance Act of 1938.
Termination of risk cover Termination of Risk cover can happen for a number of reasons:
  • Termination of master policy
  • After attaining the maximum age as mentioned in the policy document
  • Expiry of the insurance policy
  • Expiry of the grace period
  • Death of a member
  • If the policy is surrendered
  • A member is not part of the group
Revival If premiums have not been paid, a policy can be revived in two years from the last date when the premium was made. A request has to be made by the group member or master policyholder.
Claims The master policyholder would be in charge of facilitating the registration and settlement process of claims made. SBI Life Insurance will ensure that the payout will be made in the name of the member or his/her nominee.

Tax Benefits – How you can save with the SBI Life - Suraksha Plus Plan?

Any premiums that are made for a Suraksha Plus Plan will be eligible for tax rebates as per prevalent tax laws under Section 80C of the Income Tax Act, 1961.

Other Benefits – How you can save with the SBI Life - Suraksha Plus Plan?

SBI Life Insurance is one of the leading providers of insurance policies and products in India. They are also known for their hassle-free process of applying for a policy and easy procurement of the same. Customers can now view their policies online instead of spending time visiting a branch of the insurance company. Customers can also apply for life insurance policies by visiting the official website of SBI Life Insurance Company.

SBI Life also provides attractive features like the Premium Calculator that makes it easy for individuals to check and assess the amount that they need to pay as premiums for a policy. Individuals also have access to a tax calculator that helps individuals to plan and calculate their investments. SBI Life Insurance boasts of an impeccable customer service team that aims at achieving 100% customer satisfaction among the company’s large customer base.

Why you should buy the Suraksha Plus Plan from SBI Life Insurance Company?

A joint venture between BNP Paribas Assurance and State Bank of India, SBI Life Insurance offers comprehensive policies at affordable rates. The company has a reputation of providing the best products and services in the field. The company has insurance plans for everyone such as health insurance plans, retirement plans, micro insurance plans, child insurance plans, and many more. SBI Life Insurance is on a mission to emerge as one the leading companies in the insurance field. The company has claimed a number of awards such as “Life Insurance Company of the Year” at the Indian Insurance Awards in the year 2016. The company has come up with a number of awareness programs and centres to educate people about life insurance and to increase their outreach.