SBI Life Poorna Suraksha

About SBI Life Poorna Suraksha

SBI Life Poorna Suraksha is a term plan with an in-built critical illness cover that offers financial protection against 36 critical illnesses.

Let’s first have a bird’s-eye view of the plan before we understand how the plan works.

How Does the Plan Work?

To understand how the SBI Life Poorna Suraksha plan works and how the benefits are paid under it, let’s first understand the Life Stage Rebalancing feature.

Life Stage Rebalancing

Under this feature, the coverage amountof life cover and critical illness gets rebalanced at different stages of the term. As soon as the policy commences, the basic sum assured gets split between the sum assured on death (life cover SA) and the sum assured on the diagnosis of a critical illness (CI SA) in the ratio 80:20. Now, on each subsequent policy anniversary, the CI SA would increase while the life cover SA would go down. However, the total basic sum assured offered under the policy will not be affected and will remain the same throughout the policy tenure.

Death benefit

In case the policyholder meets an untimely death, the life cover sum assured shall be paid to the nominee as the death benefit.

Critical illness benefit

Effective critical illness benefit (as applicable on the date of diagnosis of a terminal illness) shall be paid on the diagnosis of any of the covered critical illnesses. Once this benefit is paid, the CI SA cover will cease to exist.

• Survival period for critical illness benefit
  It is important to note that the CI SA benefit will be paid only if the policyholder has survived for at least 14 days from the date of diagnosis of the covered critical illness.
• Waiting period for critical illness benefit
  A 90-day waiting period from the date of commencement of risk or reinstatement, whichever is later, is applicable.
• Premium waiver benefit
  Once the CI claim is accepted by the insurer, the rest of the premiums will stand waived for the remainder of the policy period while the remaining benefits shall continue to exist. Also, from thereon, life stage rebalancing will stop and the effective life cover benefit will remain constant for the rest of the policy period.

Maturity benefit

No maturity benefit is payable under this plan.

Why Should You Buy This Plan?

SBI Life PoornaSuraksha not only provides financial security to the family members of the policyholder by providing a sum assured in case of an untimely death, but also pays out a lump sum amount if diagnosed with any of the listed critical illnesses so that the policyholder can focus on recovering and not worry about expenses while getting treatment.

Who Should Buy This Plan?

Individuals falling within the age bracket of 18 to 65 years can sign up for this plan to protect the financial future of their family against the uncertainties of life.