SBI Sampoorna Suraksha Plan A Detailed Guide

Employees are a company’s most valuable asset. It is the employees’ productivity that is eventually responsible for the company’s end gains. It is therefore wise for any company to invest in the larger interest of its employees’ future. This is where group insurance plans are a big help to most organizations. SBI Sampoorna Suraksha plan is one such example of group insurance being given enough weightage by most companies in the country for the larger benefit of their employees and their respective families.

What is the Sampoorn Suraksha Plan by SBI?

As the name suggests, Sampoorna Suraksha literally translates to complete protection in English. This essentially implies that the plan is a comprehensive insurance plan intended to provide total security and financial protection to the policyholder.

The life insurance plan, Sampoorna Suraksha Yojana, is an offering by SBI Life Insurance Company. It is a group insurance policy intended for both official and informal groups in the country. These include both employers and employees, borrowers, depositors/investors, professional organizations and affinity groups.

Top 3 Benefits of SBI Sampoorna Suraksha Plan

Let’s take a closer look at the key advantages of opting for the SBI Life Sampoorna Suraksha Plan, a comprehensive protection-oriented group insurance solution designed to provide financial security and peace of mind.

1. Comprehensive Policy Coverage

One of the strongest benefits of the SBI Sampoorna Suraksha Plan is its wide-ranging financial protection against unforeseen risks and uncertainties of life. The plan ensures round-the-clock coverage, offering 24/7 protection across the globe. This means policyholders remain covered regardless of their location, making it a reliable choice for individuals associated with organizations that operate nationally or internationally. Such extensive coverage strengthens long-term financial planning and risk management for both members and their families.

2. Financial Death Benefit for Family

The primary objective of the Sampoorna Suraksha SBI plan is to safeguard the financial future of your loved ones in your absence. In the unfortunate event of the policyholder’s demise, the nominee or beneficiary receives a monetary death benefit, which can be paid in structured instalments. This ensures a steady flow of funds to manage daily expenses, liabilities, education costs, or other financial obligations, thereby offering emotional and financial stability to the family during difficult times.

3. Tax Benefits Under the Income Tax Act

The plan also offers attractive tax advantages, enhancing its appeal as a protection-cum-financial planning tool. The benefits received under the policy are tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws. Additionally, the premiums paid towards the SBI Sampoorna Suraksha Plan may qualify for tax deductions under Section 80C, helping policyholders reduce their taxable income while securing life cover.

Who Is Eligible for SBI Sampoorna Suraksha Insurance?

The SBI Life Sampoorna Suraksha Plan is a group insurance policy, designed for a wide range of organized and informal groups. Eligible categories include:

• Employers

• Employees

• Professional organizations

• Affinity groups

• Borrowers

• Investors

• Other informal groups

Age Eligibility Criteria

• Minimum entry age: 18 years

• Maximum entry age: 69 years

• Maximum age for receiving benefits: 70 years

This broad eligibility makes the plan accessible to a diverse group of individuals, enabling organizations to offer structured financial protection as part of their employee or member benefit programs.

Features of SBI Sampoorn Suraksha Group Insurance

To understand the plan better, please look at the table below detailing its key features:

Add-On Riders Available Under SBI Sampoorna Suraksha Plan

The Sampoorna Suraksha plan is a comprehensive life insurance plan; however, there is the flexibility of buying additional rider benefits under the plan to further extend coverage benefits for the policyholder. These riders can be purchased on payment of a minimal premium amount. The add-on riders available under the plan are as follows:

• Accelerated Core Critical Illness Cover
• Accidental Total Permanent Disability Cover
• Accidental Death Cover
• Accident and Sickness Total Permanent Disability Cover
• Additional Extended Critical Illness Cover
• Accidental Partial Permanent Disability Cover
• Additional Core Critical Illness Cover
• Accelerated Extended Critical Illness Cover

Note that each of the above group rider insurance benefits can be availed for a total term of 1 year.

SBI Life Sampoorn Suraksha Plan Premium Calculator

As mentioned earlier, the plan offers the flexibility to the policyholder to pay the premium amount as per his/her convenience and budget. The various payment terms are monthly, quarterly, six-monthly, and annually.

For the sake of convenience, you can compute the total premium amount payable under the plan for your specific chosen term by using a free online tool available. It is called the premium calculator. It helps you determine the exact sum you would need to pay for a given chosen term as premium to continue receiving the benefits under the policy.

How this online tool works is that it would take into consideration the various details entered by you. These would include your current age, income earned annually, current medical condition, number of family members financially dependent on you, and the like.

Each of these factors would help decide the actual premium payable for you under the Sampoorna Surakhsha SBI plan. Also note that the premium amount can vary based on any change in these factors.