Sampurna Suraksha Bima Plan – The SBI Life Sampoorn Suraksha Plan is a term insurance policy with an annual renewal that is ideal for businesses seeking affordable insurance coverage. It caters to professional and affinity groups, as well as employer and employee, borrower and depositor, and other groups. As low as Rs are the premiums. 18 per day for a guaranteed sum of Rs. 1 Crore. It is a plan that can be repackaged to meet the financial requirements of each individual.
If you’re looking for a comprehensive health insurance plan that offers top-notch coverage, look no further than Sampurna Suraksha Bima. This plan is perfect for people who want to be protected from a wide range of health risks, including hospitalization, surgeries, and childbirth. Plus, it offers a variety of benefits that are sure to please everyone in your family. So if you’re looking for a health insurance plan that covers everything, look no further than Sampurna Suraksha Bima.
Sampurna Suraksha Bima Plan
In the event of a calamity, SBI Sampoorn Suraksha provides protection to the insured person’s beneficiaries or dependents. As the master policyholder, you have flexibility in selecting the preferred sum assured for members. You can choose from eight different rider benefit options to get additional, comprehensive insurance. Through death benefit settlement, convertibility, spouse coverage, and a benefit for terminal illness, Sampoorn Suraksha provides additional customization.
SBI Life Sampoorn Suraksha has simplified the application process by making effective use of technology. A straightforward online application form is used to complete the paperless application process. As a result, the client onboarding process is made easier.
Sampurna Suraksha Bima Plan Details
| Name Of Article | Sampurna Suraksha Bima Plan |
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| Category | Insurance |
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What is the Sampoorn Suraksha Plan by SBI?
In English, the name Sampoorna Suraksha literally means “complete protection.” This basically means that the plan is a comprehensive insurance policy designed to give the policyholder complete security and financial protection. SBI Life Insurance Company is the provider of the life insurance plan known as Sampoorna Suraksha Yojana. It is an insurance policy for groups, both formal and informal, in the nation. Employers and employees alike, borrowers, depositors and investors, professional associations, and affinity groups are all included.
Key Features of Universal Sompo Sampurna Suraksha Bima
Universal Sompo Sampurna Suraksha Bima is a unique insurance policy that offers benefits to both individuals and businesses. This policy is ideal for people who want to protect themselves and their families from unexpected financial hardships. Plus, it’s an affordable option that can cover a wide range of risks, from natural disasters to business failures. If you’re interested in getting started with this policy, read on for key features that make it stand out from the competition.
- The four sections of the policy are health coverage, fire-related perils, burglary/robbery coverage, and personal accident coverage.
- The proposer’s entry age ranges from 18 to 65.
- If the child weds, they won’t be covered for the next renewal.
- You will be treated as your own insurer for the difference if the total value of the assets covered by this policy at the time of the loss is greater than the sum insured.
- Within seven business days, this policy guarantees payment for claims.
- The policy can be renewed until the policyholder turns 80.
Universal Sompo Sampurna Suraksha Bima Policy Benefits
If you’re an Indian resident, then you’re likely familiar with the Universal Sompo Sampurna Suraksha Bima Policy, also known as the ‘Unified Scheme’. This policy is designed to help residents protect themselves from a wide variety of risks, including natural disasters. In this article, we’ll take a look at some of the benefits of signing up for this policy and explain what you need to do to take advantage of them.
- compensation for up to two dependent children’s education fund (2.5% per child).
- 2 percent of the capital is covered in the event of an accident that results in job loss.
- 25% of the sum insured for surgeon, anesthesiologist, and nursing costs per injury or illness.
- Blood, oxygen, surgical instruments, diagnostic materials, and other items are covered by a 40% sum insured per injury or illness.
- If admitted to an IC unit, a sum insured of up to 2%.
- Global geographical eligibility for personal accident insurance.
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How Does SBI Life Sampoorn Suraksha Work?
A minimum of ten individuals can purchase this group insurance. On behalf of the team, a master policyholder pays the premiums, which they can choose to pay annually, semi-annually, quarterly, or monthly. Suppose the master policyholder passes away unexpectedly while the plan is still in effect. The Sampoorn Suraksha then distributes a death benefit to the selected nominees in agreed-upon installments.
Universal Sompo Sampurna Suraksha Bima Plan’s Premium Details
| Section | Rates |
| Fire and Allied Perils- Building Contents | Basic Rate: 0.25% Earthquake: 0.05% Terrorism: 0.10% Policy on First Loss: For 25% First Loss: Limit Rate is 0.15% applicable on the 100% value at risk For 50% First Loss: Limit Rate is 0.21% applicable on the 100% value at risk Total Rate: 0.31% |
| Burglary/ Robbery | Rs 1.0% for Full Value cover Policy on First Loss: For 25% First loss: Limit Rate is 0.25% on 100% of value at risk For 50% First Loss: Limit Rate is 0.50% on 100% value at risk. |
Premium Chart for Health Cover under Sampurna Suraksha Bima Plan by Universal Sompo
Premium for Self only ( up to 50 years of age)
| Sum Insured | 10,000 | 20,000 | 30,000 |
| Premium | 268 | 384 | 537 |
| Sum Insured | 10,000 | 20,000 | 30,000 |
| Premium | 658 | 940 | 1316 |
For sum insured Option of Rs 30,000
| Up to | Premium in Rs. For self | Age of head of family | Premium for self spouse and two dependent children |
| 51 to 55 | 600/- | 51 to 55 | 1400/- |
| 56 to 60 | 660/- | 56 to 60 | 1540/- |
| 61 to 65 | 730/- | 61 to 65 | 1700/- |
| 66 to 70 | 840/- | 66 to 70 | 1955/- |
| 71 to 75 | 965/- | 71 to 75 | 2248/- |
| 75 to 80 | 1110/- | 75 to 80 | 2585/- |
Benefits of Sampurna Suraksha Bima Plan:
If you’re looking for comprehensive insurance coverage, the Sampurna Suraksha Bima plan is what you should look into. This plan provides insurance cover for a variety of different aspects of your life, including health, property, and liability. Plus, it comes with a number of benefits that can make it a good choice for you. Here are five of the most important reasons why you should consider investing in this plan.
Terminal Illness Benefit:
The SBI Sampoorn Suraksha plan includes this accelerator benefit as the primary death cover. The terminal illness benefit sum assured ranges from 5% to 100% of the policy’s death benefit. The maximum amount that can be claimed has been set at Rs. 25 lakhs for voluntary programs, and Rs. 50 lakhs are allocated to mandatory programs.
Spouse Cover Benefit:
Only groups with more than 250 members are eligible for the Spouse Cover Benefit. As a result, it’s best suited to businesses and organizations. The death benefit cover covers the group’s members’ spouses. However, the mandatory members of the employer-employee groups can only claim a maximum of Rs. 15 lakhs. The voluntary employer-employee groups have been restricted to Rs. 10 lakhs.
Death Benefit:
This is the benefit that ensures the future of the beneficiaries or nominees of policyholders. They have the option of receiving it in one lump sum, monthly, quarterly, semiannually, or annually for up to five years.
Convertibility:
A member of the employer-employee group can thus convert their SBI Sampoorn Suraksha plan into a SBI Life individual policy. Instead of adhering to the requirements of a group, you can tailor your insurance policy to meet your specific requirements. It is impossible to know with absolute certainty how long an employee will remain with their current employer. It could be for just six months or for ten years. You can convert your member’s plan into an SBI Life individual insurance plan through the Sampoorn Suraksha at no additional cost. However, one must meet the predetermined requirements, such as the policy’s age. Additionally, one must have left the company with which they held the policy when they were healthy and have no history of fraudulent activities or misconduct.
Death Benefit:
In the event of the master policyholder’s death, selected nominees may choose to receive a lump sum or death benefit payments over a maximum of five years. They are guaranteed safety as a result.
Portability:
You can get comprehensive coverage from the SBI Sampoorn Suraksha no matter where you are in the world.
Tax Benefit:
According to Income Tax Act Section 80C, insurance premium payments are not subject to taxation. Any premium they pay can be claimed as a tax deduction for them. When you receive the sum assured or death benefits, you are eligible for a tax exemption under Section 10 (10D). Employers can benefit from Section 37’s exemption from taxation by including any premiums they pay for their employees as business expenses.
Read More-Sahara Shubh Nivesh-Jeevan Bima Plan
Eligibility Criteria and General Policy Provisions For The SBI Life Sampoorn Suraksha Plan:
The SBI Life Sampoorn Suraksha Plan is an insurance product offered by the State Bank of India (SBI) that offers protection against any unforeseen financial emergencies. To be eligible for the plan, you must meet certain eligibility criteria and abide by the general policy provisions. In this article, we’ll discuss the eligibility criteria and provide a general overview of the policy provisions.
Age
The minimum age to apply is 18, and the maximum age to apply is 79. Because it is a group insurance plan that lasts for a year, the maximum exit or maturity age is 80.
Sum Assured
The allowed minimum amount of assurance is Rs. 1,000 per person, while Rs. The maximum amount that can be guaranteed per group member is $50,000,000. The following factors may serve as the foundation for the benefit amount guaranteed: a flat cover that is 25 times one’s annual salary, categorized according to various designations, the size of the cash deposited in banks, and so on.
Premium Payment Term
It is for a single year, and the premiums can be paid monthly, half-yearly, quarterly, or annually. Each year, the plan can be renewed. A percentage of the annual premium is used to pay the premiums. It is 8.5 percent for the monthly term, 26.5 percent for the quarterly term, and 52 percent for the semi-annual term.
Nomination
Nominations for Sampoorn Suraksha are permitted by Section 39 of the Insurance Act, and the nominees stand to be entitled to a payout. The plan’s benefits, on the other hand, cannot be assigned.
Grace period
If a premium is not paid, SBI Sampoorn Suraksha grants a 30-day grace period. There is a 15-day grace period for the monthly payment plan, or the policy will end.
Free Look Period
One is given a 15-day free look period to review the plan’s terms and conditions. Let’s say that the policyholder disagrees with those. After deducting the costs associated with purchasing the policy, they are permitted to return the policy and receive the premium refund.
Profit-Sharing
Profit-sharing is permitted in Sampoorn Suraksha, allowing members to share in the rewards. While losses are compensated for by future profits, profits are used to pay for subsequent premiums.
Also Read-Sahara Shrestha Nivesh-Jeevan Bima Plan
Rider Benefits Sampurna Suraksha Bima Plan
Are you looking for a comprehensive insurance policy that will cover you in case of an accident? If so, the Sampurna Suraksha Bima Plan is the perfect option for you! This policy offers a wide range of rider benefits, including coverage for property damage, medical expenses, and lost wages. Plus, it comes with a number of discounts that make it an affordable option compared to other insurance policies on the market. Curious to learn more? Check out our full review of the Sampurna Suraksha Bima Plan to find out all the details!
- SBI Life – Accidental Total Permanent Disability In the event that the policyholder dies or becomes permanently disabled as a result of an accident, illness, or injury, the policyholder’s nominees are eligible to receive a sum assured.
- SBI Life – Total Permanent Disability for Accidents and Illness A member receives a lump sum of the Sum Assured if they are permanently disabled for more than 180 days as a result of an accident or illness.
- Accidental Partial Permanent Disability Let’s say the policyholder is injured and becomes partially or permanently disabled. In that scenario, they receive a one-time payment of the sum assured to cover their losses when they are not employed.
- Critical illnesses like stroke, major organ transplant, kidney failure, heart attack, coronary artery bypass surgery, and severe forms of cancer are covered by SBI Life – Accelerated – Core Critical Illness. The paid amount reduces the sum assured after the lump sum benefit is paid off.
- SBI Life – Accelerated – Extended Critical Illness This is another benefit that is paid out in one lump sum following an extended critical illness, such as a heart attack, coronary artery bypass surgery, or major cancer. The employee, on the other hand, ought to be going about their usual work routine.
Why buy from Sampurna Suraksha Bima Plan?
Do you know what the Rider Benefits Sampurna Suraksha Bima Plan is? If not, it’s time you learned about this important insurance plan that provides protection for bike riders. The Rider Benefits Sampurna Suraksha Bima Plan is a comprehensive insurance plan that offers coverage for both personal injuries and property damage. It can help you get the financial compensation you need if you’re injured while riding a bike, and it can also help protect your bike from damage. So why wait? Learn about the Rider Benefits Sampurna Suraksha Bima Plan today!
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Conclusion Sampurna Suraksha Bima Plan
When you need adequate insurance coverage but are on a tight budget, one insurance plan that you and your group can purchase is the SBI Life Sampoorn Suraksha Plan. This insurance plan covers you 24 hours a day, seven days a week, no matter where you are. is simple to set up and use for this plan. It has a support system that aims to both attract and keep members.
It is essential to keep in mind that the date that a new member joins the group also marks the beginning of the cover. Each month, the details of the mid-joiners are provided by the policyholder. They can participate if they meet all the requirements, even if they do not meet the joining requirements. This protection ends when the policy’s term expires, a group member dies, the employee leaves the company, or the policyholder and insurance group agree on the scheme’s exit age.
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