SBI Life - Poorna Suraksha

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. 

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.

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

• 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) 

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

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

• 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.

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

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

No, there are no riders offered under this product

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.

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

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.

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.

No Maturity Benefit

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

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.

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.

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

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.

No, loan facility is not available under the product.

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

Surrender value is not available under this product.

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.

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