SBI Poorna Suraksha is a life insurance plan introduced by SBI Life Insurance Company in order to make their customers feel always protected this insurance helps is best for the future financial planning. Poorna Suraksha provides life as well as critical illness cover too. It has a special feature of becoming auto-balance with the growing needs by changing the ratio of the auto balance of critical illness and life protection. As you become older you tend to become physically delicate and prone to illness, Poorna Suraksha is a smart tool that adapts itself for the emerging needs and provides more critical illness cover as you become older and older.
Benefit of SBI Poorna Suraksha
SBI Poorna Suraksha is a pure term insurance plan and its benefit is very attractive. This plan covers the life protection as well as the critical illness at the same time. This plan has a built-in feature of adapting to the user needs and requirement as he becomes old. This makes it very unique as well as user-oriented. There is a fixed premium in this plan throughout the policy term duration.
Death Benefit-
Losing someone dear and near to our heart is unbearable, SBI knows it and cannot change what happened but on the financial front SBI provides full protection. In case of the sudden death of the policyholder then the SBI will provide a full lump sum payment of the “Sum Assured” will be paid to the nominee of the family.
Additional benefit of SBI Poorna Suraksha
Critical Illness (CI) Benefit
Critical Illness is a major problem in one life. It is the major reason for the death in the world. SBI covers the CI in this plan. When diagnosed with the critical illness the individual get lump sum amount of money to bear the medical expenditure as the medical expense can be very high. The Critical Illness Benefit is payable only after the survival of 14 days from the date of diagnosis of the covered critical illness. There is a waiting period of 90 days from the date of commencement of risk or reinstatement whichever is later and no Critical Illness benefit will be payable if the claim has occurred during the waiting period.
This is the list of 36 critical illnesses that are covered under this plan
- Cancer Of Specific Severity
- Myocardial Infarction- First Heart Attack Of Specific Severity
- Open Heart Surgery
- Kidney Failure
- Organ/ Bone Marrow Transplant
- Stroke With Permanent Symptoms
- Multiple Sclerosis
- Coronary Artery Bypass Graft
- Corna Of Specific Severity
- Permanent Paralysis Of Limbs
- Motor Neuron Diseases
- Brain Tumor
- Blindness
- Deafness
- End Stage Lung Failure
- End Stage Liver Failure
- Loss Of Speech
- Loss Of Limbs
- Major Head Trauma
- Primary (Idiopathic) Pulmonary Hypertension
- Alzheimer’s Disease
- Third Degree Burns
- Aplastic Anemia
- Medullary Cystic Kidney Disease
- Parkinson’s Disease
- Systemic Lupus Erythematosus (Sle)
- Major Surgery Of Aorta
- Apallic Syndrome
- Brain Surgery
- Fulminant Hepatitis Virus
- Cardiomyopathy
- Muscle Dystrophy
- Poliomyelitis
- Severe Rheumatoid Arthritis
- Progressive Scleroderma
- Pneumonectomy
Premium Waiver Benefit
Once a claim under CI is accepted by the Company, all future premiums for the policy will be waived for the rest of the policy term, from the date of diagnosis of the medical condition. The remaining policy benefits shall continue throughout the policy term. The Life Stage Rebalancing will cease to exist once premiums are waived off and the Effective Life Cover SA will remain constant from thereon.
Eligibility of SBI Poorna Suraksha
| Age | Maximum-65
Minimum-18 |
| Sum Assured | Maximum-2.5 Crores
Minimum-20 Lakhs |
| Policy Term | 10,15,20,25,30 years |
| Premium paying Term | Regular premiums |
| Premium Modes | Monthly, Yearly, Half Yearly |
| Premium Amount | Maximum-
Yearly: 9,32,000 Half Yearly: 4,75,000 Monthly: 80,000 Minimum- Yearly:3,000 Half Yearly:1,500 Monthly: ` 250 |
| Premium Frequency Loading | Half-Yearly: 51.00% of annual premium
Monthly: 8.50 % of annual premium |
Rebate of SBI Poorna Suraksha
| Basic Sum Assured | Rebates on tabular premium per 1,000 Basic Sum Assured |
| ` 20 Lac < SA < ` 50 Lac | Nil |
| ` 50 Lac < SA < ` 1 crore | 10% |
| ` 1 crore < SA < ` 2.5 crore | 15% |
Staff Rebate
The product provides a 6% discount on the tabular premium for employees, retired employees, VRS holders, minor children & spouse of the SBI Life Insurance Co. Ltd, BNP PARIBAS, State Bank of India, RRBs sp
Taxes benefit of SBI Poorna Suraksha
This term insurance makes the insurer eligible for the income tax benefit as per the section 80C of the Income Tax Act
Free lookup period
SBI Poorna Suraksha offers 30 days free lookup period from the premium due date. In case you disagree with the terms and conditions, you can return the policy stating the reason for the objection. Premiums paid by you will be refunded after deducting stamp duty and cost of medical expenses incurred. The proportionate risk premium for the period of cover will also be deducted.
Revival
SBI Poorna Suraksha provides a revival period of 2 years. A lapsed policy can be revived within 2 years from the date of the first unpaid premium subject to satisfactory proof of insurability as required by the company from time to time
Exclusion
If the life assured commits suicide within 12 months from the date of inception of the policy or from the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the premiums paid, provided the policy is in force.
