A detailed guide on SBI Sampoorna Suraksha Plan
Anil Kumar has been working as the HR manager with a top pharma company for the past 15 years. As an employee benefit measure, the company has availed a group term insurance plan covering their entire workforce of 1500 employees for a flat cover of Rs 20 lakhs. They have also provided critical illness benefit cover to their employees along with the base sum assured to safeguard them from critical illnesses. Employees in the senior cadre are also provided with an option to include riders as well in their group plan.
In total, the organization has offered a comprehensive insurance solution for all its employees, making sure their lives are not only secured but in case of any unfortunate event to them, the financial commitments of their families are also safeguarded. Therefore, if Anil Kumar passes away during the policy term while being an employee of the organization, his nominee/ beneficiaries will be paid Rs 20 lakhs as a death benefit, and their cover will get terminated.
Life insurance has become a necessity nowadays, especially when you have family members depending on your finances. Moreover, the uncertain environment of current times has changed people’s lives drastically, which makes the need for insurance more important than ever before. Keeping this in mind, organizations too offer group term insurance plans to provide financial coverage for employees and their families.
The Sampoorna Suraksha policy from SBI Life is a pure protection insurance plan that aims to deliver an inclusive group term insurance cover at affordable rates for informal credit groups, professional/ affinity groups, bank deposit holders, the social sector, and rural groups, etc. It is available under two variants: for employee-employer (EE) groups and non-employer-employee (NEE) groups.
SBI Life Sampoorna Suraksha Plan Eligibility Criteria
|Minimum Entry Age||18|
|Maximum Entry Age||79|
|Maximum Maturity Age||80|
|Policy Term||Yearly renewable|
SBI Life Sampoorna Suraksha Plan Details
Eligibility: To avail SBI Life Sampoorna Suraksha policy, the minimum group size should be at least ten members. While the minimum age of each member must be 18 years, the maximum age should not be more than 79 years. The age of maturity is fixed at 80 years.
Sum assured: The minimum sum assured of the SBI Life Sampoorna Suraksha plan is Rs.1000, and the maximum is Rs.50,00,00,000 per group member. The policy is designed so that the sum assured is payable to the nominee/ family member either on the death of the insured member (due to natural causes or accidents) or due to permanent disability or critical illness or terminal illness the member. An option to receive the death benefit sum assured in installments is also available.
Affordable premiums: The SBI Life Sampoorna Suraksha insurance policy premiums are one of the most affordable as it is available for renewal once a year. The premiums are payable in advance annually or in installments through flexible payment options, based on the sum assured chosen by the policyholder for their members.
Variety of riders: In addition to the regular Sampoorna Suraksha plan coverage offered, SBI life provides a facility to extend the policy through riders. It allows you to choose from eight different riders that are useful for accelerated or additional coverage for accidental death, sickness, permanent disability, or critical illness. Moreover, they can be attached to the existing policy by paying a little extra premium.
Spouse coverage: One of the Sampoorna Suraksha plan benefits is including the member’s spouse in the same policy. Groups with a minimum of 250 members may choose the spouse cover benefit wherein the death benefit coverage is made available to the member’s spouse as well. The amount of spouse benefit cover is capped at Rs.15 lakhs, and this option can be availed on a voluntary or compulsory basis.
Benefit payout: In case of demise of the member, their nominee can receive the death benefit sum assured in equal monthly, quarterly, half-yearly, or yearly installments over five years. This option is helpful in situations where the member’s family looks for a regular source of income instead of a lump sum after the member’s absence.
Terminal Illness benefit: It is offered as an additional benefit in employer-employee schemes, as an accelerator benefit to the main cover, which will terminate on the successful claim of a terminal illness. The amount of benefit that can be accelerated ranges from 5% to 100% of the sum assured. This option can be enabled only at the master policyholder level and is not available for access at the member’s level.
Convertibility: With this option, an existing employee of the group insurance scheme – Sampoorna Suraksha, can opt for any individual insurance plan offered by SBI Life subject to the member fulfilling the required eligibility conditions of the individual plan. In some cases, a member who fulfills the Sampoorna Suraksha plan eligibility may not fulfill the eligibility conditions of an individual plan. Members who choose to leave the organization may utilize this option within 30 days of leaving the current company and enjoy the same insurance benefits individually. Although there are no extra charges levied on the conversion, it is not possible to convert the riders that were already availed as part of the group plan.
Income tax deductions: Since SBI Life Sampoorna Suraksha is a group insurance plan, the income tax benefits are available for both the employer and the employee. The employees can claim deductions for the premiums they paid under Section 80C of the Income Tax Act, 1961. In addition, the benefit payout is fully tax-exempt under Section 10(10D) of the income tax laws. Similarly, the employer can choose to account for the premiums they pay towards the employees as a business expense under Section 37 of the Income-tax Act, 1961.
With the above feature set of the SBI Life Sampoorna Suraksha plan explained, you will now understand the advantages of this group term insurance policy in a better and straightforward manner. The prime purpose of such plans is to boost staff morale and peace of mind leading to better productivity within the organization as employees and also support their family members during unfortunate times.