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.
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 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.
|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.
|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%|
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.
|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
|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)
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.
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.
There is no surrender/paid-value benefit available under SBI Life’s Poorna Suraksha plan
There is no loan facility offered under 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
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
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.
Other SBI Life Protection (Term) Insurance & Health Insurance Plans