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FAQs

SBI Life - Poorna Suraksha

  • What is SBI Life - Poorna Suraksha product about?

  • Our life is defined by roles that we play and these roles keep changing based on the life stage that we are in. From a carefree childhood to those rebellious teenage years, from being a responsible adult to enjoying a relaxed retired life. As we undergo transition from one life stage to another our priorities change and so should our insurance plan.

    As one progresses in life, the requirement for your protection needs change. Envisaging this, we have crafted a one of its kind plan, SBI Life – Poorna Suraksha, a non-linked non-participating, term assurance plan, with an inbuilt critical illness cover, which balances between the life cover and Critical Illness (CI) cover based on one’s life stage, i.e. with increase in age, the CI cover increases without any additional premium or underwriting. 

  • What are the advantages of this product?

  • SBI Life – Poorna Suraksha provides you with following benefits:

     

    • Comprehensive protection – Coverage in case of Death and Critical Illness (CI)
    • Unique ‘Life Stage Re-balancing’ - Wherein the Sum Assured for Life & CI cover re-balances during the term of the policy.
    • Coverage for wide range of 36 CIs - Covering serious ailments such as Heart Attack, Brain Tumor, Cancer, Kidney Failure etc.
    • Waiver of Premium - In-built premium waiver for the rest of the policy term, in case of diagnosis of any of the covered CI’s
    • Fixed Premium - Throughout the policy term
    • Tax benefits* Tax benefits under Section 80C and Section 80D of the Income Tax Act, 1961, as applicable.

                *Tax benefits are as per prevailing Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

     

  • What is Life Stage Rebalancing?

  • SBI Life – Poorna Suraksha rebalances the Life cover and Critical Illness cover on every policy anniversary. The rebalancing is done, to provide increased protection against various critical illnesses with increasing age.

     

    At policy inception, the Basic Sum Assured would be split between Life Cover Sum Assured & CI Sum Assured in the proportion of 80:20 respectively. There would be an increase in CI SA on a year on year basis, as mentioned in table below. The increase will be as a percentage of initial CI sum assured, based on chosen policy term. For example, if Mr. Anand opts for a base sum assured of Rs. 1, 00, 00,000 with 15 years term. His initial CI SA would be 20 Lakhs and Life cover SA would be 80 Lakhs. On every policy anniversary, his CI SA would increase by Rs. 2 Lakhs (i.e. 10% of Initial CI SA)

     

    The decrease in Life Cover SA would be equal to the increase in CI SA i.e. it will decrease by Rs. 2 Lakhs on every policy anniversary, if we consider the above example of Mr. Anand. The total base sum assured (Life Cover SA + CI SA) would remain the same throughout the policy term

     

    Policy term

    10

    15

    20

    25

    30

    Increase in the initial CI Cover per year (as a % of initial CI SA)

    15%

    10%

    7.5%

    6%

    5%

  • What are the eligibility criteria for taking this policy?

    • Minimum Age at entry : 18 years
    • Maximum Age at entry : 65 years
    • Maximum Maturity Age: 75 years.
    • Policy Terms : 10 / 15 / 20 / 25 /30 years
    • Minimum Sum Assured: Rs 20,00,000/-
    • Maximum Sum Assured : Rs 2,50,00,000/-
    • Premium Payment Term: Regular Premium (same as Policy Term) 
  • What is the minimum premium for the plan?

    • Monthly : Rs. 250/-
    • Half-yearly : Rs 1,500/-
    • Yearly : Rs 3,000/-


    Note: The premiums are excluding applicable taxes and extra premium, if any

  • What is the maximum premium for the plan?

    • Monthly : Rs. 80,000/-
    • Half-yearly : Rs 4,75,000/-
    • Yearly : Rs 9,32,000/-

     

    Note: The maximum premium is considering a standard life.

         The premiums are excluding applicable taxes and extra premium, if any.

  • Are Minors eligible to take this policy?

  • No, the minimum age to buy this policy is 18 years.

  • Is Minor Nominee Allowed?

  • Yes. However, an appointee has to be provided for a Minor Nominee.

  • Is there any rider offered under this plan?

  • No, there are no riders offered under this product

  • What is the Death Benefit payable under the policy?

  • Effective Life Cover Sum assured^ is payable as on date of death of the life assured.

     

    Effective Life Cover Sum assured is the sum assured payable on death of the life assured applicable for the policy year in which the death has occurred.

  • What is the Critical Illness Benefit payable under the policy?

  • Effective Critical Illness Sum Assured^ will be paid, on the diagnosis of any of the 36 covered critical illness.

     

    On payment of CI claim, all future premiums under the policy (from the date of diagnosis) would be waived off and the Death benefit sum assured would cease to decrease

     

    The CI Benefit will be paid only once and will cease once the benefit is paid.

     

    The Critical Illness Benefit would be payable only if the life assured survives for atleast 14 days from the date of diagnosis of the covered critical illness.

     

    There is a waiting period of 90 days from the date of commencement of risk or reinstatement whichever is later and no Critical Illness benefit will be payable, if the claim has occurred during the waiting period.

     

    ^ Effective Critical Illness Sum Assured is the sum assured payable on life assured getting diagnosed with one of the covered CIs, applicable for the policy year in which the CI has been diagnosed

  • Is there any Waiting Period for Critical Illness (CI) benefit?

  • Yes, there is a waiting period of 90 days from the date of commencement of risk or reinstatement whichever is later and no Critical Illness benefit will be payable, if the claim has occurred during the waiting period.

  • Is there any Survival Period for Critical Illness (CI) benefit?

  • Yes, the Critical Illness Benefit would be payable only if the life assured survives for atleast 14 days from the date of diagnosis of the covered critical illness.

  • What is the Maturity Benefit payable under the policy?

  • No Maturity Benefit

  • Is there any Large Sum Assured rebate offered under this plan?

  • Yes. The Large Sum Assured rebate is offered as a discount on the basic premium, as per the following slabs:   

          

    Sum assured Slab (Rs)

    Rebate as percentage of

    tabular premium

    20 Lakh to below 50 Lakh

    Nil

    50 Lakh to below 1 Crore

    10%

    1 Crore to 2.5 Crore

    15%

  • If I am unable to pay my premium on due time, how will it affect my policy?

  •  

    Grace Period

    A grace period of 30 days from the premium due date will be allowed for payment of yearly or half yearly premiums and 15 days for monthly premiums. The policy will remain in force during the grace period.

     

    If any premium remains unpaid at the end of the grace period, the policy shall lapse.

     

    However, in case of death of the life assured or diagnosis of any of the covered CIs during the grace period and if the claim is found admissible, the outstanding premium shall be recovered from the claim amount.

     

     

    Revival

    If premiums are not paid within the grace period then the policy may be revived/ reinstated for full benefits within a revival period but before the date of maturity while the life assured is still alive. The revival period is equal to two years from the date of the first unpaid premium.

     

    The revival/reinstatement will be considered on receipt of written application from the policyholder along with the proof of continued insurability of life assured and on payment of all overdue premiums with interest. The interest will be charged at a rate declared by the company from time to time.

  • What are the Tax benefits?

  • Payable – You are is liable to pay the applicable taxes and/or any other statutory levy/duty/ surcharge, at the rate notified by the State Government or Central Government of India from time to time, as per the applicable tax laws on basic premium as per the product feature.

     

    Benefit – Income tax benefit/deduction is available under section (u/s) 80C of the Income Tax Act, 1961 ("Act) on the premiums paid for Life Cover

     

    Income tax benefit/deduction is available under section (u/s) 80D of the Income Tax Act, 1961 ("Act) on the premiums paid for Critical Illness .Cover.

     

    Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

     

  • Is backdating allowed under SBI Life - Poorna Suraksha?

  • No, backdating is not allowed under SBI Life - Poorna Suraksha

  • What is free look cancellation?

  • This product offers 15 days free look period for policies sourced through any channel mode other than Direct Marketing channel and 30 days for electronic policies and policies sourced through Direct Marketing channel.

     

    In the event that policyholder is not satisfied with the terms and conditions of the policy and wish to cancel the policy, he/she can do so by returning the policy to the company along with a letter requesting for cancellation within 15 days of receipt of policy for policies sourced through any channel mode other than Direct Marketing channel and 30 days for electronic policies and policies sourced through Direct Marketing channel.

     

    Premium paid by policyholder will be refunded after deducting stamp duty, cost of medical expenses incurred, if any and proportionate risk premium for the period of cover.

  • Can I take loan under SBI Life - Poorna Suraksha?

  • No, loan facility is not available under the product.

  • Does the policy have the provision of acquiring paid-up value?

  • No, this product does not have any provision for paid – up value.

  • Is there any provision for Surrender Value?

  • Surrender value is not available under this product.

  • Which 36 Critical Illnesses are covered under this product?

  • List of 36 Critical Illnesses covered under the product
    1. Deafness
    2. Motor Neurone Disease with permanent symptoms
    3. Multiple Sclerosis with persisting symptoms
    4. Benign Brain Tumour
    5. Coronary Artery Bypass Graft (Open, Keyhole or minimally invasive or Robotic
    Cardiac CABG)
    6. Open Heart Replacement or Repair of Heart Valves
    7. Blindness
    8. End-stage Lung Disease
    9. Coma of specified severity
    10. End stage liver disease
    11. Kidney Failure requiring regular dialysis
    12. Loss of Limbs
    13. Major Burns
    14. Major Head Trauma
    15. Permanent paralysis of limbs
    16. Cancer of specified severity
    17. Myocardial Infarction - First Heart Attack of Specific Severity
    18. Stroke Resulting in Permanent Symptoms
    19. Primary Pulmonary hypertension
    20. Loss of Speech
    21. Major organ / bone marrow transplant
    22. Alzheimer's Disease
    23. Aplastic Anaemia
    24. Medullary Cystic Disease
    25. Parkinson’s Disease
    26. Systemic Lupus Erythematosus (SLE) with Lupus Nephritis
    27. Apallic Syndrome
    28. Major surgery of the Aorta
    29. Brain Surgery
    30. Fulminant Viral Hepatitis
    31. Cardiomyopathy
    32. Muscular dystrophy
    33. Poliomyelitis
    34. Pneumonectomy
    35. Severe Rheumatoid Arthritis
    36. Progressive Scleroderma
  • Any other important points apart from disease specific exclusions?

  • No Critical illness  benefit  will  be  payable if  the  critical  illness  is  caused  or  aggravated directly or indirectly by:

    Any  Pre-existing  disease,  that  is  any  condition,  ailment  or  injury  or  related

    condition(s)  for  which  life  assured  had  signs  or  symptoms  and/or  was  diagnosed and/or  received  medical  advice/treatment  within  48  months   prior  to  the commencement of the policy or reinstatement of the policy.

  • After getting the policy what things I should take care of?

  • Keep in mind the following points after purchasing the policy to enjoy the full advantages:

    • Never ever forget to pay your renewal premium which is very important to keep your policy in force active and to enjoy the benefits whenever the need arise.
    • Do notify the Company if there is a change of address.
    • Do inform about the policy that you have taken, to your family members so that they are aware of it and don’t lose the benefits for which you have acquired this policy