SBI Sampoorn Suraksha: Your Ultimate Protection Plan

In the corporate world, protecting employees, the most crucial asset of an organisation, is paramount. As businesses seek cost-effective protection against various risks on a global scale, group insurance schemes play a vital role. SBI Life Insurance Company Limited, one of India’s leading life insurers, offers a robust solution with its SBI Sampoorn Suraksha plan.

This comprehensive article delves into the features, benefits, and key provisions of this group, non-linked, non-participating, pure risk premium life insurance product designed specifically for employer-employee groups.

What is SBI Sampoorn Suraksha?

SBI Life Sampoorn Suraksha is a non-linked, non-participating group life insurance plan which does not involve any investment component, focusing 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 organisation.

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.

Key Features of SBI Sampoorn Suraksha

• Policy Duration: Offers one-year renewable group life insurance.
• Coverage: Provides a sum assured on the death of a member due to natural causes, accidents, or upon diagnosis of critical or terminal illness, assuming applicable riders are in place.
• Payment Flexibility: Premiums can be paid annually or in instalments.
• Coverage Variability: The plan offers various coverage options, including:
  • Uniform or flat coverage across all employees.
  • Graded coverage based on employee designations.
  • Multiples of salary or total cost-to-company (CTC).
  • Linked to the risk component of group defined benefits or contribution schemes.
  • Based on outstanding loans, liabilities, or bank deposits.
  • Cover up to 25 times of annual salary or CTC.
  • As an alternative to the Employee Deposit Linked Insurance (EDLI) scheme, 1976, or according to other specified scheme rules.

Eligibility Criteria of SBI Sampoorn Suraksha

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 Riders on SBI Sampoorn Suraksha Plan

• Accident and Sickness Total Permanent Disability Rider: Provides a payout if an insured member becomes totally and permanently disabled due to an accident or illness.
• Accidental Death Rider: Offers a sum assured in the event that an insured member dies as a result of an accident.
• Accidental Permanent Disability Riders:
  • Total Permanent Disability: Covers members who become totally and permanently disabled from an accident.
  • Partial Permanent Disability: Provides a sum if a member is partially and permanently disabled due to an accident.
• Critical Illness Riders:
  • Core Critical Illness: Covers major health issues like cancer, coronary artery bypass surgery, heart attack, kidney failure, stroke, and major organ transplant immediately upon diagnosis.
  • Extended Critical Illness: In addition to the core illnesses, this covers severe conditions like aorta surgery, major burns, paralysis, and heart valve surgery.
• Formats of Critical Illness Coverage:
  • Accelerated: The critical illness sum is paid upon diagnosis, and any remaining life cover sum is paid upon death.
  • Additional: Pays an additional sum equal to the rider amount if the member survives 30 days post-diagnosis, with the full basic sum assured payable upon subsequent death.

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.

Modes of Premium Payment

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

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.

Frequently Asked Questions