SBI Life Poorna Suraksha is a newly launched term insurance plan by SBI Life Insurance Company. It is a non-participating and non-linked term insurance plan that comes with built-in critical illness coverage. The plan is designed to provide comprehensive protection to customers with the help of lump-sum life insurance coverage and financial protection against critical illness. There’s a unique feature of the plan called the ‘LifeStage Re-balancing’ that optimises the level of protection cover by rebalancing between life cover and critical illness cover. Under this feature, the sum assured amount for the life cover reduces over the term whereas that of critical illness cover increases. And the best part about all this is that the premium amount remains the same throughout the term of the policy.
This plan by SBI Life Insurance Company offers life cover to 36 critical illnesses which is helpful for the policyholders to enhance their requirements with age. The plan comes with the thought of ‘Reverse Parenting’ i.e., a child’s precious gift to their beloved parents. With this perception, it is the child who is showing their love and care towards their parents. As they become old, it is the responsibility of children to take care of their parents and this plan is one of the best and affordable ways to reciprocate the same. Hence, a bunch of happiness exists in this ‘Suraksha’ policy.
The plan is a complete bundle of joy, consisting of 36 critical illnesses covered. Given below are the highlights of the key features of the plan. Let’s have a look at them:
The plan provides coverage to the insured's family in case of their death or critical illness.
This is a unique feature that automatically adjusts the sum assured between life and critical illness cover on every policy anniversary.
The plan offers a wide coverage against a list of 36 critical illnesses including serious ailments such as Heart Attack, Brain Tumour, Cancer, Kidney Failure and many more.
Another unique feature of the plan is that it provides a waiver of premiums if diagnosed with any listed critical illness.
The premium amount remains the same throughout the term period of this plan.
With this plan, the policyholder can avail of tax benefits under Section 80C and Section 80D of the Income Tax Act, 1961, as applicable.
This is one of the most important benefits of the SBI Life Poorna Suraksha plan. Life stage rebalancing is a unique feature that helps in balancing the coverage between life and critical illness. The sum assured is divided in a ratio of 80:20 for life cover and critical illness cover respectively at the inception of the plan.
With every passing year, the critical illness sum assured would increase and likewise, the life cover sum assured would decrease by an equal amount. This change in sum assured would happen only on the policy anniversary. The total base sum assured (Life Cover SA + CI SA) would remain the same throughout the policy term.
The percentage of increase in the critical illness cover is mentioned in the table below:
|Policy term||Increase in initial critical illness cover (per year)|
If in future, the policyholder dies due to any unfortunate reason, the effective life cover sum assured of the plan will be paid to the nominee of the insured person as on the date of death.
As discussed above, 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. However, the cover for this critical illness is paid only once and the benefit is ceased once the amount is paid. To avail of this benefit, there is a waiting period of 90 days from the date of commencement under which no benefit will be provided. Also, this plan has a survival period of 14 days under which the policyholder is required to survive for at least 14 days from the date of diagnosis of the covered critical illness.
Given below is a list of 36 critical illnesses against which the plan provides coverage. Let’s check them out.
On diagnosis of critical illness, all the future premiums shall be waived off for this insurance plan. After this benefit is applied, the Life Stage Rebalancing will stop and the life cover Sum Assured will continue thereafter.
Another useful benefit of this plan is that the premium amount remains the same throughout the policy term, irrespective of the increase in the policyholder’s age or increase in critical illness coverage.
This plan allows the policyholder to claim the critical illness benefit independent of any other health insurance cover that they may have with any other insurer. This is because SBI Life pays lump-sum benefits irrespective of the policyholder’s actual bill amount.
|Age at entry||18 years||65 years|
|Age at maturity||28 years||75 years|
|Basic sum assured||Rs. 20 Lakh||Rs. 2.5 crores|
|Premium amounts|| Yearly: Rs. 3,000|
Half-yearly: Rs. 1,500
Monthly: Rs. 250
| Yearly: Rs. 9,32,000|
Half-yearly: Rs. 4,75,000
Monthly: Rs. 80,000
|Policy term||10, 15, 20, 25, 30 Years|
|Premium paying term||Regular|
|Premium modes||Yearly / Half Yearly/ Monthly|
Before investing in any plan, it is very important to have an idea about its premium amount that you will be paying in future. So, for your convenience, we’ve created below a graphical representation of the sample premium amount of the SBI Poorna Suraksha Policy.
Please note that the data in this table highlights indicative annual premiums for Life cover of Rs. 50 lakh for a healthy, non-smoker male.
|Age||Premium Amount (in Rs.)|
|Term period of 10 years||Term period of 20 years||Term period of 30 years|
|25||Rs. 6,472||Rs. 6,967||Rs. 8,492|
|35||Rs. 10,054||Rs. 13,519||Rs. 17,830|
|45||Rs. 23,099||Rs. 33,697||Rs. 42,949|
Premium Illustration for different age groups and policy term
You can buy SBI Poorna Suraksha Policy either from the official website of SBI Life Insurance company or from third party agencies like agents, brokers, etc. If you wish to opt for a simple and easy buying process, consider buying the plan from the company’s official website. Given below are the steps for buying the plan from SBI Life Insurance’s website. Read along to find out.
The policyholder needs to carry the following required documents to successfully apply for SBI Life Poorna Suraksha Plan:
Documents for Proof of address and identityIncome certificateAge proofMedical reports (if any)
There are some permanent exclusions of the plan under which the policyholder will not get any coverage benefits. As a customer, you must know about these exclusions before selecting the plan. Let’s have a look at these exclusions.
SBI Life Poorna Suraksha Plan is highly recommended for individuals who want to secure themselves or anyone in their families against critical illnesses. Most life insurance plans offer an option for the addition of a critical illness rider in their life insurance policy. But SBI Life Poorna Suraksha Plan is the only plan that provides coverage for both and covers 36 critical illnesses. You do not need to pay any extra premiums to get cover against critical illnesses. Also, the premium for the policy remains constant throughout the policy tenure and the critical illness Sum Assured will go on increasing. This makes it a comprehensive plan that is full of benefits that best suits the necessities of the policyholder.
Yes, the plan offers coverage to NRIs.
No, the SBI Life Poorna Suraksha Plan does not provide cover for STDs.
No, the plan does not cover the treatment costs outside the country.
No, the plan does not offer any maternity benefits.
No, the plan is not participating and hence do not declare any bonuses or profits of the company.
As per IRDAI guidelines, there is a lock-in period of five years that needs to be completed by the policyholder to receive any payout benefit. To surrender your SBI Life Poorna Suraksha policy, you should fill a Surrender Request Form and submit it to the nearest SBI Life Branch.
SBI Life Poorna Suraksha and SBI eShield- both of these are term insurance plans but have differentiating features and benefits. The Poorna Suraksha plan offers an add on critical illness benefit and is designed to provide financial protection to the people who are more prone to get diagnosed with a critical illness. Whereas, eShield plan comes with Level Cover Benefit and Increasing Cover Benefit feature along with an accidental death rider and accidental total & permanent disability rider. As a customer, you should first carefully analyse your as well as your family's needs and then select a plan that matches your requirements.
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Last updated on 08-04-2021
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