SBI Life Poorna Suraksha Plan

SBI Life Poorna Suraksha plan is a non-linked non-participating plan. It is a term insurance plan with an inbuilt critical illness cover. This insurance policy is specially designed to cater to the need for life cover and protection against critical illness.

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SBI Life Poorna Suraksha plan helps you to boost your financial planning by providing dual benefits of life cover and critical illness cover.

Indeed, human life cannot be replaced, nor can the trauma of critical illness be diminished. But this term insurance plan can help tide through financial difficulties that you or your family might have to face in these uncertain times.

Key Features of SBI Life Poorna Suraksha Plan

1. SBI Life Poorna Suraksha plan is a non-linked term insurance plan.

2. Dual benefits of life cover and CI cover.

3. Life stage rebalancing.

4. Policy term can be taken for 10, 15, 20, 25, 30 Years.

5. Comprehensive CI coverage.

6. Coverage for a wide range of 36 CIs. It covers serious ailments such as Cancer, Heart Attack, Brain Tumor, Kidney Failure, etc.

7. Waiver of premium on the diagnosis of CI.

8. Minimum Sum Assured is Rs. 20 lakhs and maximum Sum Assured is Rs. 2.5 Crores.

9. Fixed premium throughout the term of the policy.

10. Tax benefits as per prevailing norms under the IT Act, 1961.

Advantages of SBI Life Poorna Suraksha Policy

1. Security

This term insurance plan provides comprehensive protection in case of death and critical illnesses. CI cover increases on every policy anniversary but the premium remains constant.

2. Simplicity

The sum assured automatically rebalances between life and CI cover on every policy anniversary.

3. Reliability

This term insurance policy secures your finances against 36 serious critical illnesses. On diagnosis of any of the covered 36 critical illness, all the future premiums are waived.

Benefits under SBI Life Poorna Suraksha Policy

1. Life Cover

Effective Life Cover Sum Assured as on date of death will be paid in the event of unfortunate death.

2. Critical Illness Benefit

Effective Critical Illness Sum Assured will be paid, on the diagnosis of any of the covered 36 critical illness. CI benefits will be paid only once. This CI benefit will cease once the benefit is paid.

1. Survival Period for Critical Illness Benefit

The CI Benefit is not payable if the life assured dies within 14 days from the date of diagnosis of any of the covered CI.

2. Waiting Period for Critical illness benefit

There is a waiting period of 90 days from the date of commencement of risk or reinstatement whichever is later. Please note that no CI benefit will be payable if the claim has occurred during the period.

3. Premium Waiver Benefit

Once a claim under CI is accepted, all future premiums for the policy will be waived for the rest of the policy term. It will be from the date of diagnosis of the medical condition.

The remaining policy benefits shall continue throughout the term of the policy. The Life Stage Rebalancing will cease to exist once premiums are waived off. And the Effective Life Cover Sum Assured will remain constant from thereon.

4. Maturity Benefit

No maturity benefit available under this term insurance policy.

5. Tax Benefits

Tax benefits as per prevailing norms under the Income Tax Act, 1961.

Eligibility Criteria for SBI Life Poorna Suraksha Policy

Minimum age at entry: 18 Years

Maximum age at entry: 65 years

Minimum age at maturity: 28 Years

Maximum age at maturity: 75 years

Minimum sum assured: Rs. 20 Lakh

Maximum sum assured: Rs. 2.5 Crores

Policy term: 10, 15, 20, 25, 30 years

Premium paying term: Regular premium

The Premium frequency: Yearly/Half-yearly/Monthly

Premium frequency loading: Half-yearly: 51.00% of annual premium
Monthly: 8.50% of the annual premium

Premium (Exclusive of taxes): Yearly – Minimum premium is Rs.3000

Half-yearly – Minimum premium is Rs. 1500

Monthly – Minimum premium is Rs. 250

Premium (Exclusive of taxes): Yearly – Maximum premium is Rs.9,32,000

Half-yearly – Maximum premium is Rs. 4,75,000

Monthly – Maximum premium is Rs. 80,000

Life Stage Re-balancing in this insurance policy

The “Life Stage Re-balancing” feature rebalances your cover between Life Cover and CI Cover. At policy inception, the Basic Sum Assured would be split between Life Cover SA and CI SA in the proportion of 80:20. There would be an increase in CI SA on a year on year basis, as shown in the table below.

The decrease in Life Cover SA would be equal to the increase in the CI SA. The change in sum assured would happen only on the policy anniversary. The total base SA (Life Cover SA + CI SA) would remain the same throughout the policy term.

Fixed Premium under SBI Life Poorna Suraksha Plan

Your Premium will remain the same as at the time of commencement of your policy, irrespective of the increase in your age and Increase in CI Coverage. However, along with the increase in CI cover, the life cover will also decrease by an amount equal to the increase in CI cover.

Surrender/Paid-up Value under this term insurance policy

There is no Surrender/Paid-up Value available under this term insurance policy.

Loan against SBI Life Poorna Suraksha Plan

The loan against the policy not allowed under this term insurance plan.

For more information about this policy, click here.

Final Thoughts

SBI Life Poorna Suraksha Plan comes with both life cover and critical illness cover. Therefore, this policy is highly popular among policyholders. This insurance policy covers 36 critical illnesses such as Heart Attack, Cancer, Kidney Failure, Brain Tumor, Kidney Failure, etc.

Also, the premiums for the policy remains constant throughout the policy term. But the CI cover keeps on increasing on a year on year basis. This is such a feature that eases the financial burden of the policyholder.

Note: This post was originally published on May 15, 2018 and has been completely updated for accuracy and comprehensiveness.

SBI Life Poorna Suraksha Plan | SBI Life Term Insurance Plan