SBI Sampoorn Suraksha: Group Term Insurance Plan

SBI Life Insurance Company offers SBI Sampoorn Suraksha, a group term insurance plan that provides comprehensive life and health coverage for employees within organizations. Below are the key features and benefits of this plan:

Overview

• Type: Non-linked, non-participating group life insurance plan.
• Purpose: Primarily aimed at employer-employee groups, but can also cater to various other groups such as borrower and depositor groups.

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Eligibility Criteria of SBI Sampoorn Suraksha Insurance

SBI Life Insurance Company designed the SBI Sampoorn Suraksha Plan as a comprehensive group term insurance product for organizations to provide their employees with life and health insurance coverage.

The Eligibility Criteria At a Glance

Criteria	Requirement
Group Size	Minimum – 10 members
Age (entry)	18 -79 years
Minimum Sum Assured	Rs. 1,000 per member
Maximum Sum Assured	Rs. 50,00,00,000 per group
Additional Conditions	Members must be actively at work and not absent for more than 15 consecutive days in the last 6-month period before joining.

Policy Features

• Policy Duration: The plan is typically a one-year renewable group life insurance policy.
• Premium Payment Options: Policyholders can pay the premiums annually or in installments (monthly, quarterly, semi-annually).
• Coverage Variability: The plan allows for different coverage structures including:
• Uniform coverage across all employees.
• Graded coverage based on employee designations.
• Coverage is linked to multiples of salary or total cost-to-company (CTC).
• Coverage is based on outstanding loans or bank deposits.

Additional Conditions

• Active Employment Requirement: Members must be actively employed and cannot have been absent due to health issues for more than 15 consecutive days in the six months preceding policy commencement.
• Insurability Evidence: Employees who do not enroll within 30 days of eligibility may need to provide evidence of insurability, which could include medical examinations or additional documentation as required by the insurer.

Special Provisions

• The plan includes options for riders such as:
• Accidental Death Rider.
• Total Permanent Disability Rider.
• Critical Illness Riders cover major health issues like cancer and heart disease.

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What are the key Features and Benefits of SBI Sampoorn Suraksha Insurance?

The SBI Sampoorn Suraksha Plan is a group term insurance product offered by SBI Life Insurance, designed to provide comprehensive life insurance coverage for members of an organization. Here are the key features and benefits of this plan:

Key Features and Benefits of SBI Sampoorn Suraksha

Feature / Benefits	Details
Group Coverage	Designed for a minimum of 10 members; suitable for organizations, associations, and groups.
Flexible Sum Assured	The minimum sum assured starts at ₹1,000 per member; the maximum limit up to ₹50 crore for the group.
Age Eligibility	Members aged 18 to 79 are at entry; coverage is up to 80 years.
Policy Duration	Typically renewable annually for ongoing coverage
Premium Payment Options	Premiums can be paid annually or in installments (monthly, quarterly, semi-annually).
Death Benefit	Premiums can be paid annually or in installments (monthly, quarterly, or semi-annually).
Rider Options	Additional riders available for enhanced coverage, e.g., Accidental Death Benefit, Total Permanent Disability.
Tax Benefits	Premiums qualify for deductions under Section 80C; benefits received are tax-exempt under Section 10(10D).
Financial Security	Financial protection for families in case of untimely demise, ensuring financial stability.
Customizable Coverage	Coverage amounts and structures can be tailored based on designations or salary multiples.
Premium Waiver on Critical Illnesses	Future premiums waived on critical illness while maintaining policy benefits.
Ease of Administration	Future premiums are waived on critical illness while maintaining policy benefits.
Support for Employee Welfare	Enhances employee benefits packages, contributing to satisfaction and retention.
Conversion Options	Option to convert group insurance into individual policy upon leaving the organization or maturity.

The SBI Sampoorn Suraksha Plan stands out as a robust solution for organizations looking to provide life insurance benefits to their employees while ensuring affordability and flexibility in coverage options.

Data Source: Here’s the official list of the SBI Sampoorn Suraksha Plan’s features and benefits. 

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How does the SBI Sampoorn Suraksha Insurance plan work?

The SBI Sampoorn Suraksha Group Term Insurance Plan operates as a comprehensive life insurance solution designed for groups, such as organizations and associations. Here’s a detailed overview of how it works:

How SBI Sampoorn Suraksha Works

1. Group Enrollment:

• Organizations (employers, associations, etc.) can enroll their employees or members in the plan.
• A minimum of 10 members is required to initiate the policy.

1. Policy Structure:

• The plan is a non-linked, non-participating group life insurance, meaning it does not have an investment component and focuses solely on risk coverage.
• If applicable riders are included, and coverage is provided for deaths due to natural causes, accidents, or critical illnesses.

1. Coverage Options:

• Organizations can choose from various coverage structures:
  • Uniform Coverage: Equal sum assured for all members.
  • Graded Coverage: Different coverage amounts based on employee designations.
  • Salary Multiples: Coverage linked to multiples of salary or total cost-to-company (CTC).
  • Coverage can be tailored to specific organizational needs, such as outstanding loans or liabilities.

1. Premium Payment:

• Premiums can be paid annually or in installments (monthly, quarterly, or semi-annually).
• The premium amount varies based on factors like the number of insured members, their ages, and the chosen sum assured.

1. Rider Options:

• Additional riders can enhance coverage:
  • Accidental Death Rider
  • Total Permanent Disability Rider
  • Critical Illness Riders

1. Claims Process:

• In the event of a claim (e.g., death of a member), beneficiaries must submit necessary documents to SBI Life Insurance.
• Claims are processed according to the terms and conditions outlined in the policy.

1. Renewal and Flexibility:

• The policy is renewable annually, allowing organizations to reassess their coverage needs each year.
• Customization options enable organizations to adjust coverage amounts and rider selections based on changing circumstances.

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What is SBI Sampoorn Suraksha?

SBI Life Sampoorn Suraksha is a non-linked, non-participating group life insurance plan that does not involve any investment component and focuses purely on risk coverage. This plan is designed to be flexible, allowing it to be tailored to the specific requirements of various employer-sponsored schemes, providing a safety net for employees and their families.

Benefits for Employers and Employees

Employer Benefits

• Customizable Coverage: Employers can tailor the insurance package to include death coverage, enhancing their employee benefit offerings.
  
• Attracting and Retaining Talent: Offering such comprehensive insurance coverage can be a critical factor in attracting and retaining skilled employees.
  
• Tax Benefits: Premiums paid are tax-deductible as a business expense under Section 37 of the Income Tax Act, 1961, which can result in substantial financial savings for the organization.

Employee Benefits

• Worldwide Coverage: Employees enjoy 24/7 protection regardless of their location, which is particularly beneficial for those who travel internationally.
  
• Financial Security: In the event of an untimely death, disability, or critical illness, the plan provides financial support to the employee’s family, ensuring peace of mind.
  
• Tax Exemptions: Benefits received under the plan are exempt from income tax for the beneficiaries under Section 10(10D), and the premiums paid by employees qualify for deductions under Sections 80C and 80D of the Income Tax Act.

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Additional Riders on SBI Sampoorn Suraksha Plan

The SBI Sampoorn Suraksha Plan offers several additional riders to enhance the coverage provided under the base policy. Here are the key riders available with this plan:

Rider Name	Description
Accidental Death Rider	Provides a sum assured in the event of death due to an accident, offering additional financial protection to beneficiaries.
Total Permanent Disability Rider	Offers a payout if an insured member becomes totally and permanently disabled due to an accident or illness.
Partial Permanent Disability Rider	Provides a sum assured if a member suffers partial and permanent disability as a result of an accident.
Core Critical Illness Rider	Covers major health issues such as cancer, heart attack, stroke, and kidney failure upon diagnosis, ensuring financial support.
Extended Critical Illness Rider	Expands coverage to include severe conditions like aorta surgery, major burns, paralysis, and heart valve surgery.

Summary of Riders:

• Accidental Death Rider: Additional sum for accidental death.
  
• Total Permanent Disability Rider: Financial support for total permanent disability.
  
• Partial Permanent Disability Rider: Coverage for partial permanent disability.
  
• Core Critical Illness Rider: Covers critical illnesses upon diagnosis.
  
• Extended Critical Illness Rider: Includes additional severe health conditions.

These riders allow organizations to customize their group insurance plans to meet the specific needs of their employees, providing enhanced protection and peace of mind.

Note:

• Only one Critical Illness rider can be selected.
• You can choose between the Total Permanent Disability Rider and the Accident and Sickness Total Permanent Disability Rider, but not both.

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Modes of SBI Sampoorn Suraksha Premium Payment

Mode of Payment	% of Annual Premium
Half yearly	52%
Quarterly	26.5%
Monthly	8.9%

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Conclusion

SBI Life Sampoorn Suraksha offers a comprehensive, flexible, and beneficial group life insurance solution for employers looking to enhance their employee benefits package. With its array of features, tax benefits, and customizable options, it stands out as a strategic tool for boosting employee morale and securing their loyalty by safeguarding their most critical concerns—their life and health.

Estimated reading time: 9 minutes

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