SBI Life – Poorna Suraksha

SBI Life Insurance Company, a leading insurer in the Indian insurance market was established in the year 2001 by coming together of two market giants. State Bank of India, India’s largest multinational bank holds 62.1% of the total capital and 22% of the capital is being held by global insurance expert, BNP Paribas Cardif, S.A. SBI Life Insurance Company operates through its multi-distribution channel with the Bancassurance channel being the strongest. The company offers a diverse range of life insurance and pension products for addressing the needs of customers of the various segments. With the widespread network, customisable products, efficient processes and high-quality customer services, SBI Life Insurance Company is making insurance reachable for everyone in every corner of the country.

What is Term Insurance Plan?

Term insurance is the basic and simplest form of insurance that is offered by the life insurance companies. Term life insurance products offer financial security for a specific period of the term for the premium that you pay. Term life insurance plans secure your family financially during an unfortunate event like death. Nowadays, term insurance plans are offered with multiple features and additional optional benefits.

SBI Life’s Poorna Suraksha

SBI Life’s Poorna Suraksha is a non-linked term insurance plan with in-built critical illness cover. The Policy helps you plan for your life’s future uncertainties. SBI Life’s Poorna Suraksha can provide a financial cushion to your family in unexpected situations like death and critical illness. The plan comes with amazing features provide comprehensive protection.

Features of SBI Life’s Poorna Suraksha

  • Comprehensive financial protection for your family and yourself with life cover and increasing critical illness cover
  • Continued life cover on the diagnosis of critical illness and waiver of premium
  • Premium amount is constant for the entire term to bring instability to financial planning
  • Lifestyle rebalancing – sum assured gets balanced between life cover and critical illness cove
  • High sum assured rebate

Benefits of SBI Life’s Saral Shield

  • Rebalancing benefit: At the policy inception, sum assured chosen will be split between life cover and critical illness in the proportion of 80:20 respectively. Critical illness cover would increase year on year in a below-mentioned way.

    Policy term 10 15 20 25 30
    Increase in the initial CI cover per year 15% 10% 7.5% 6% 5%

    In the same proportion, Life cover sum assured would decrease every year on policy anniversary. This way the base sum assured would remain the same throughout the policy term.

  • Life protection: In an untimely demise of the policyholder, effective life cover sum assured on the date of death will be payable to the beneficiary.
  • Critical illness cover: On diagnosis of critical illness, effective critical illness sum assured will be payable. Critical illness benefit is payable only after the survival of 14 days from the date of diagnosis of the covered critical illness. Critical illness benefit also comes with 90 days waiting period. It is important to note that the plan covers 36 critical illnesses.
  • Premium waiver benefit: If the critical illness is diagnosed and the claim is paid by the company, all the future premiums will be waived off with an immediate effect. The policy benefits will be continued for the remaining policy tenure. The life stage rebalancing would cease once the premiums are waived off and the effective sum assured will remain constant from thereon.
  • Rebate on the high sum assured: For seeking the high sum assured, discounts are offered in the form of rebates on premium. Below are the slabs

    Basic sum assured Rebates on tabular premium per 1,000 basic sum assured
    Rs. 20 lakhs ≤ SA ≤ Rs. 50 lakhs Nil
    Rs. 50 lakhs ≤ SA ≤ Rs. 1 cr 10%
    Rs. 1 Cr. ≤ SA ≤ Rs. 2.5 Cr 15%
  • Tax benefit: The premiums paid on SBI Life’s Poorna Suraksha qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. The benefits paid in a lump sum are exempted from income tax under Section 10 (10D) of the Income Tax Act.

Let’s say you have purchased SBI Life’s Poorna Suraksha plan with Rs. 1 Cr. coverage for 30 years term. Let’s assume you are paying Rs. 30,000 premium yearly for this coverage. As per the current provisions under the Income Tax Act in India, you can claim tax deductions under Section 80C for Rs. 30,000 that you are paying yearly. You can save some amount of tax depending on the tax bracket you fall into to the maximum of 30%. Similarly, if something unfortunate happens in future, death benefit of Rs. 1 Cr. paid out to beneficiary is tax free income.

Eligibility Criteria for SBI Life’s Poorna Suraksha

Eligibility conditions Minimum Maximum
Entry age 18 years 65 years
Maturity age 75 years
Policy term 10 years 30 years
Plan type Regular premium
Premium paying term Same as policy term
Premium payment modes Yearly/Half-yearly/Monthly
Premium frequency loading Half-yearly: 51% of annual premium
Monthly: 8.5% of annual premium
Premium range
Rs. 3,000
Rs. 1,500
Rs. 250
Rs. 4,75,000
Rs. 80,000
Sum Assured (in multiples of Rs. 1,00,000) Rs. 20 lakhs Rs. 2 Cr.

Please note: For the monthly mode of premium payment, three months premium needs to be paid in advance. And the renewal premium can be paid through ECS (Electronic Clearing System) or SI (Standing Instructions)

Who should buy SBI Life’s Poorna Suraksha plan?

SBI Life’s Poorna Suraksha plan is for all the individuals having financial dependents to shield the family financially with comprehensive life and critical illness coverage. If you are seeking dual benefit of life protection and critical illness cover in a single product, SBI Life’s Poorna Suraksha plan is the perfect choice for you.

When should you buy SBI Life’s Poorna Suraksha plan?

SBI Life’s Poorna Suraksha plan can be bought anytime from the age of 18 years to 65 years. However, it’s wise to buy life insurance and critical illness cover when you are young and healthy to get the comprehensive coverage at reasonable cost.

Documents required for buying SBI Life’s Poorna Suraksha plan

  • PAN card is mandatory
  • Age proof: Birth certificate/passport/school certificate/Driving license etc
  • Income proof: Salary certificate/IT return
  • Identity proof: PAN card /passport/Voter’s ID card/ Driving license
  • Address proof: Bank account statement/electricity bill/ Telephone bill/ Aadhaar card/ passport, etc.

Surrender of SBI Life’s Poorna Suraksha plan

There is no surrender/paid-value benefit available under SBI Life’s Poorna Suraksha plan

Loan facility in SBI Life’s Poorna Suraksha plan

There is no loan facility offered under SBI Life’s Poorna Suraksha plan

Exclusions in SBI Life’s Poorna Suraksha plan

Suicide exclusion: If the life assured, sane or insane, commits suicide from the date of commencement of policy or from the date of revival, policy shall be void. However, 80% of total premiums paid as on the date of death intimation will be payable to beneficiary/nominee.

Critical illness exclusions

Here are the exclusions applicable for critical illness cover

  • Any listed critical illness that manifests within 90 days of commencement of risk
  • Any pre-existing disease
  • Illnesses due to a congenital defect
  • Suicide or any intentional injury
  • Life insured being under the influence of drugs and alcohol
  • Injuries or illnesses caused due to:
  • War
  • Terrorism
  • Criminal and unlawful act by the life assured
  • Underwater activity


SBI Life’s Poorna Suraksha plan is a one-stop solution for your protection needs. With life and critical illness cover, SBI Life’s Poorna Suraksha plan ensures your family is secured with complete financial protection. Benefits like premium waiver, fixed premium etc makes SBI Life’s Poorna Suraksha plan makes it a one of a kind product.


Here are the 36 critical illnesses covered under SBI Life Poorna Suraksha plan

  • Cancer of specified severity
  • Myocardial infarction – first heart attack of a specific severity
  • Open heart replacement or repair of heart valves
  • Kidney failure requiring regular dialysis
  • Major organ/bone marrow transplant
  • Coronary artery bypass graft
  • Multiple sclerosis with persisting symptoms
  • Strokes resulting in permanent symptoms
  • Coma of specified severity
  • Permanent paralysis of limbs
  • Motor neuron disease with permanent symptoms
  • Benign brain tumour
  • Blindness
  • Deafness
  • End stage lung failure
  • End stage liver failure
  • Loss of speech
  • Loss of limbs
  • Major head trauma
  • Primary (Idiopathic) pulmonary hypertension
  • Third degree burns
  • Alzheimer’s disease
  • Aplastic anaemia
  • Medullary cystic kidney disease
  • Parkinson’s disease
  • Systemic Lupus Erythematosus with lupus nephritis
  • Apallic syndrome
  • Major surgery of the aorta
  • Brain surgery
  • Fulminant viral hepatitis
  • Cardiomyopathy
  • Muscular dystrophy
  • Poliomyelitis
  • Pneumonectomy
  • Severe rheumatoid arthritis
  • Progressive scleroderma

Yes. SBI Life’s Poorna Suraksha plan offers you grace period of 30 days (for yearly and half yearly premiums) and 15 days ( for monthly premiums) from the premium due date. The policy stays in-force during the grace period.

Yes. SBI Life’s Poorna Suraksha plan can be revived from its ‘lapsed’ status within two years from the date of first unpaid premium. If the payment of premium for SBI Life’s Poorna Suraksha plan is not made by the end of grace period offered, the policy will get lapsed.

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