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Overview of SBI Life - Poorna Suraksha
SBI Life - Poorna Suraksha is an individual, non-linked, non-participating life insurance, pure risk premium product with an in-built critical illness cover. This plan is designed by SBI Term Insurance to provide comprehensive protection to customers through lump-sum life insurance coverage and financial support for critical illnesses.
A unique feature of the plan, 'Life Stage Re-balancing,' optimizes protection by rebalancing between life cover and critical illness cover. Under this feature, the sum assured for life cover reduces over the term, while critical illness cover increases. The premium amount remains the same throughout the policy term.
This plan offers life cover for 36 critical illnesses, helping policyholders enhance their coverage with age. The SBI Life Poorna Suraksha plan is often seen as a thoughtful gift from children to their aging parents, providing an affordable way to ensure their financial security and care.
Key Benefits of SBI Poorna Suraksha Plan
- In-built Premium Waiver
- Critical Illness Cover
- Tax Benefits as per laws
- Life Cover up to 75 years
- Life-Stage Rebalancing
- High Sum Assured Discounts
Riders Associated with SBI Poorna Suraksha Plan
You can add the following riders to your SBI Life Poorna Suraksha Plan:
SBI Life Accidental Death Benefit Rider
The Accidental Death Benefit Rider provides an additional sum if the policyholder dies within 120 days of an accident.
SBI Life Accidental Total and Permanent Disability Rider
The Accidental Total and Permanent Disability Rider covers the policyholder if an accident leads to their permanent disability.
Additional Benefits
Fixed Premium Benefit
Another useful benefit of this plan is that the premium amount remains the same throughout the policy term, irrespective of the policyholder's age or increase in critical illness coverage.
Payout in Addition to Other Plans
This feature provides the benefit of claiming the Critical Illness (CI) benefit from this policy independent of any other health insurance cover you may have. SBI Life pays the lump-sum benefits irrespective of the actual bill amount.
Tax Benefits
With this plan, the policyholder can avail of tax benefits under Section 80C and Section 80D of the Income Tax Act, 1961, as applicable.
High Sum Assured Discounts
Get an additional discount on premium for a high sum assured amount.
Exclusions
- Death due to a pandemic is not covered.
- Death caused by adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at policy inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to the nominee.
Key Features
Unique 'Life-Stage Rebalancing'
Life stage rebalancing is a unique feature that helps in balancing the coverage between life and critical illness. With every passing year, the critical illness sum assured would increase and likewise, the life cover sum assured would decrease by an equal amount.
Coverage for 36 Critical Illnesses
The plan provides coverage against 36 listed critical illnesses. The insured person can avail of the effective critical illness sum assured amount if they are diagnosed with any of the covered critical illnesses.
Waiver of Premium
Another unique feature of the plan is that it provides a waiver of premiums if diagnosed with any listed critical illness.
Life Cover Benefit
In case of the death of the life insured, the sum assured on death would be paid to the nominee or legal heir, as the case may be.
