5 min read
Updated on Oct 31, 2022
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.
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.
Let us take a quick look at the several advantages of availing SBI Life Sampoorn Suraksha plan:
As discussed earlier, the plan is offered to a group of people who can be from the following categories:
The minimum acceptable age for entry into the SBI Sampoorna Suraksha Plan is 18 years and people up to the age of 69 years can avail the plan benefits. The maximum age limit for receiving maturity benefits under the plan is set at 70 years.
To understand the plan better, please look at the table below detailing its key features:
|Type of plan||Group life insurance|
|Plan duration||1 year|
|Term of premium payment||Monthly, quarterly, 6 months and yearly|
|Total sum assured||Min. – Rs. 1,000 for every individual member|
|Max. – Rs. 25,00,00,000 for each group|
|Grace period upon term expiry||15 days allowed for monthly premium policies; 30 days permissible for policies with other premium payment terms|
|Plan renewal||Annual renewal|
|Medical test required||No|
|Free look period||15 days|
|Size of group allowed to avail the plan||Minimum 10 members required|
|Coverage under the plan||Death benefit and add-on riders like spouse cover benefit, terminal illness benefit, and more|
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:
Note that each of the above group rider insurance benefits can be availed for a total term of 1 year.
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.
Wrapping it Up
The SBI Sampoorna Suraksha plan is an amazing group insurance benefit for the larger interest of the employees and their respective families. In the event of an unfortunate death of the employee, their family can still expect to be supported financially under the benefits provided by the plan. It is therefore wise to avail this plan facility under your employers’ group insurance feature provided as part of company benefits.
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