SBI Life – Poorna Suraksha Term Plan

SBI Life – Poorna Suraksha Term Plan

SBI Life Poorna Suraksha Term Plan is an individual, non-linked, non-participating life insurance product with in-built Critical Illness (CI) cover. This plan helps to sail smoothly through financially difficult times while catering to the need for life cover as well as protection against critical illness. Moreover, it automatically balances your life and critical illness cover as you grow older.

SBI Life – Poorna Suraksha Term Plan Features:

• The term plan offers complete protection against death and critical illness.
• The minimum entry age is 18 years, and the maximum is 65 years.
• The minimum maturity age is 28 years, and the maximum is 75 years.
• The basic sum assured is Rs 20 lakh, whereas the maximum is Rs 2.5 crores as per board-approved underwriting policy.
• It comes with a unique feature of ‘Life-stage Rebalancing’ wherein the life cover and CI cover rebalance itself during the policy term on every policy anniversary. The decrease in policy cover is equal to the increase in the critical illness cover.
• The plan caters to your two basic requirements by offering life cover benefit and critical illness cover benefit under a single plan.
• SBI Life – Poorna Suraksha Term Plan offers coverage against 36 critical illnesses, including Heart Attack, Cancer, Brain Tumor, Kidney Failure, etc.
• The plan also includes an in-built waiver of premium for the rest of the policy term when diagnosed with critical illnesses. 
• The premiums are fixed throughout the policy term, although the critical illness cover increases at every policy anniversary.
• Tax benefits are available as per the prevailing norms under the Income Tax Act 1961.

What will my family receive if I am not around anymore?

In case of the policyholder’s death within the policy term, the nominee of the policy will be receiving the sum assured, wherever the sum assured is higher of the following: 

• 10 times the Annualized premium%, or;  
• 105% of total premiums received up to the date of death, or; 
• Absolute amount assured to be paid on death, which is equal to the Effective Death Benefit sum assured, as applicable on the date of death.

Annualized premium refers to the premium amount payable in a year, as chosen by the policyholder. It does not include the applicable taxes, underwriting extra premiums, and loading for modal premiums if any.

Effective Death Benefit Sum assured refers to the sum assured payable on the death of the insured applicable for the policy year in which the death has occurred.  

Total premiums received refers to the total of all the premiums received, excluding any extra premium and applicable taxes. 

Why should you choose the SBI Life – Poorna Suraksha Term Plan?

• To provide comprehensive protection to your family against death and critical illness.
• To get the benefit of life cover and critical illness cover under a single policy.
• To avail financial support for 36 critical illnesses that are covered in the plan and waiver of all future premiums.