Introduction:

SBI Life – Sampoorn Suraksha is a comprehensive group life insurance plan designed for a minimum of 10 members. The master policyholder has the flexibility to choose premium payment options, including yearly, half-yearly, quarterly, or monthly modes. This one-year plan, which can be renewed annually, ensures financial security by providing death benefits to the designated nominees in case of the master policyholder’s demise during the policy term. Additionally, it offers optional covers like Spouse Cover Benefit and Terminal Illness Benefit, enhancing the protection. The plan is ideal for organizations seeking affordable and flexible group insurance solutions for their members.

What are the key features of Sampoorna Suraksha Plan?

SBI Life’s Sampoorn Suraksha is a one-year group life insurance plan designed to provide comprehensive coverage for groups. This plan is ideal for organizations looking to offer financial protection to their employees or members. It provides a sum assured with a minimum coverage of Rs. 1,000 per individual, ensuring that every group member has adequate life cover. The maximum sum assured can go up to Rs. 25,00,00,000 per group, making it a highly flexible option for businesses of varying sizes.

Premium Payment Terms and Flexibility

The premium payment term for the SBI Life – Sampoorn Suraksha plan is annual, with flexible payment frequency options available, including monthly, half-yearly, quarterly, and annually. This variety ensures that organizations can choose the payment mode that best fits their financial planning. The plan also offers a grace period of 15 days for monthly premium mode policies and 30 days for other premium modes. This grace period ensures that the policy remains active, even if the premium payment is delayed slightly.

No Medical Examination Required

One of the major advantages of the SBI Life – Sampoorn Suraksha plan is that it does not require any medical examination for the coverage. This feature makes it highly accessible for group members, as it eliminates the need for health checks or paperwork, speeding up the enrollment process. It is ideal for large groups, offering life insurance protection without any additional medical requirements.

Renewability and Policy Revival

The plan is renewable annually, providing continuous coverage for group members. In case the policy lapses, it can be revived within two years, ensuring that the group’s life cover remains intact. This feature is beneficial for policyholders who may miss payments or need extra time to arrange funds for renewal.

Additional Benefits

The Sampoorn Suraksha plan offers death benefits, providing financial security to the family or nominee of the covered member in case of unfortunate death. It also includes optional riders for added protection against critical illnesses or accidental death. The plan accepts nominations, allowing the policyholder to designate a nominee for each insured member. A 15-day free-look period is also provided, during which policyholders can review the plan and cancel it if necessary, ensuring satisfaction with the coverage.

Eligibility criteria:

• Minimum Entry Age: 18 years.
• Maximum Entry Age: 69 years.
• Maximum Maturity Age: 70 years.
• Inclusive Coverage: Designed to cater to a wide range of group members.
• Ideal for Organizations: Provides financial protection for employees or members within eligible age limits.

What are the benefits of SBI Life – Sampoorn Suraksha Plan?

Death Benefits:

The SBI Life – Sampoorn Suraksha Plan provides financial security by offering death benefits to the nominees of the master policyholder. In case of the master policyholder’s demise during the policy tenure, the sum assured is paid as per the scheme rules, ensuring monetary support during difficult times. These benefits can also be disbursed in installments, adding flexibility for the beneficiaries.

Tax Benefits:

Policyholders can avail tax benefits on premiums paid under Section 80C of the Indian Income Tax Act, 1961. Additionally, the death benefits received by the nominee are exempt from income tax under Section 10(10D) of the Act. Tax laws are subject to change, so it is advisable to consult a tax advisor for accurate guidance.

Rider Benefits:

Enhance your coverage with optional riders. These include additional benefits such as critical illness or accidental death coverage, providing greater financial security. Refer to the rider brochure for more details about the available options.

24/7 Global Coverage:

This plan offers round-the-clock, worldwide coverage, ensuring that you and your loved ones are financially protected no matter where you are.

Family Protection:

The SBI Life – Sampoorn Suraksha Plan helps secure the future of your dependents by safeguarding them against life’s uncertainties. It is designed to provide peace of mind by ensuring their financial stability even in your absence.

Portability and Convertibility:

The plan offers a convertibility option, allowing you to switch to an individual policy if needed, making it flexible and convenient to adapt to changing circumstances.

Conclusion:

The SBI Life – Sampoorn Suraksha Plan is a reliable group insurance policy offering financial security, tax-saving benefits, and comprehensive coverage to its members. With features like death benefits, rider options, and 24/7 global protection, it ensures peace of mind for policyholders and their families. The plan’s flexibility, including convertibility and portability, allows it to adapt to changing needs, while its tax exemptions under Sections 80C and 10(10D) enhance its appeal. By securing the financial future of loved ones, the Sampoorn Suraksha Plan stands out as an effective solution for managing life’s uncertainties, making it an essential investment.

Key Takeaways:

• Comprehensive Coverage: Offers 24/7 global protection for members and their families.
• Death Benefits: Provides financial security to nominees in case of the policyholder’s demise.
• Tax Savings: Premiums qualify for tax benefits under Section 80C, and payouts are exempt under Section 10(10D) of the Income Tax Act, 1961.
• Flexible Payment Options: Premiums can be paid annually, half-yearly, quarterly, or monthly.
• Rider Options: Enhance coverage with optional riders for additional security.
• Portability and Renewability: Includes a convertibility option and can be renewed annually.
• No Medical Examination: Simplifies the enrollment process.

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