SBI Sampoorna Suraksha Plan – A Detailed Guide

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Updated on Oct 31, 2022

Know all about SBI Sampoorna Suraksha policy, SBI’s exclusive insurance benefit for employees. Learn how this plan can benefit you and your family in this 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.

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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 us take a quick look at the several advantages of availing SBI Life Sampoorn Suraksha plan:

  1. Comprehensive policy coverage: This is the best part about this plan that it offers its policyholder complete financial coverage against all odds and uncertainties in life. Besides, the plan offers the additional benefit of 24/7 coverage the world over, no matter where you are, whenever you need it.
  2. Monetary death benefit to family: The prime benefit of availing the Sampoorna Suraksha SBI plan is to cover the future of your loved ones when you’ve left this world. Under the policy, the chosen nominee or beneficiary would be entitled to receive monetary benefit in installments so that all their financial needs can be met in your absence.
  3. Tax exemptions: The benefits attached to the plan are exempted from income tax regulations under Section 10(10D) of the Income Tax Act, 1961. This further makes the policy more attractive to the prospective buyers. Moreover, the premium payable by the policyholder is also subject to tax benefits under Section 80C of the ITA, 1961.

Who is Eligible for SBI Sampoorna Suraksha Insurance?

As discussed earlier, the plan is offered to a group of people who can be from the following categories:

  • Employers
  • Employees
  • Professional organizations
  • Affinity groups
  • Borrowers
  • Investors
  • Other informal groups

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.

Features of SBI Sampoorn Suraksha Group Insurance

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
Nominee Acceptable
Coverage under the plan Death benefit and add-on riders like spouse cover benefit, terminal illness benefit, and more

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.

Read More: Diseases Covered by SBI Health Insurance Plans

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.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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