• SBI Life - Suraksha Plus

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    SBI Life Suraksha Plus is a group term assurance plan. It meets the needs of employer- employee group and non-employer employee homogenous group. This plan provides life cover to group members for a fixed period.

    Eligibility Conditions of SBI Life Suraksha Plus

    Size of the group

    50 members

    Entry Age

    Minimum – 18 years

    Maximum – 69 years

    Maximum age at maturity

    75 years

    Key Features of SBI Life Suraksha Plus

    Type

    A non-linked, non-participating, group term insurance plan.

    Basis

    Group

    Coverage

    • Death Benefit: On death of a member, the nominee will receive the sum assured. If all the premiums have not been paid with respect to the insured, then on death of the insured member during the grace period, the sum assured will be paid after deducting the unpaid outstanding premium. If the insured dies towards the end of the grace period, then if the premium due is not paid, the insurance cover will lapse and no benefit will be payable. If the insured dies after the employer has requested for cancellation after the free-look period, but no refund has been paid, then the insured is eligible for death benefit.

    • Maturity Benefit: No maturity benefits are paid.

    • Surrender Benefit: Available only for single premium payment mode. Surrender value is 75 percent of the single premium for basic cover for life minus the extra premium. On surrendering the policy, all benefits will cease. If the surrender value is less than Rs.100 per member, it will not be paid to the member.

    Sum assured

    Minimum – Rs.1,000

    Maximum – No limit

    Policy term

    Single premium for 2 years.

    Regular premium for 5 years.

    Premium amount

    Single premium:

    Minimum: Rs.5,000 per scheme

    Maximum: No limit

    Regular premium:

    Minimum: Rs.1,000 per scheme

    Maximum: No limit

    Premium paying frequency

    Single Premium: To be paid once

    Regular Premium: Can be paid either monthly, quarterly, half-yearly and yearly.

    Revival

    If premiums are not paid during the grace period, the policy will lapse and it can be revived within 2 years from the date of the first unpaid premium.

    Riders

    Not available.

    Bonuses

    No bonus offered.

    Surrender Value

    Surrender is available on single premium mode only. The surrender benefit will be paid immediately on the request of the group member or master policyholder. The surrender value is 75% of the premium paid multiplied but the ratio of unexpired policy term to total policy term.

    Loan

    The member can take a loan against this policy.

    Free look period

    The plan has a 15 days free look period from the date of receipt of the policy document. You need to provide a reason in writing stating your objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any.

    Grace period

    The policyholder will get 15 days grace period for monthly frequency of premium payment or it is 30 days for other frequencies of premium payment.

    Tax benefits

    Tax benefits are as applicable by law.

    Nomination

    Nomination is made compulsory with the provision of Section 39 of the Insurance Act 1938.

    Exclusion

    Suicide exclusion is applicable. If the insured commits suicide within one year from the commencement of risk or from the last revival of that person, then the death benefits are not payable.

    If the insured commits suicides within one year from the commencement of risk, and if all the premiums have been paid, 80% of the premium paid will be given to the nominee.

    If the insured dies within one year from the revival, higher of 80% of the premiums paid or the surrender value as on the date of suicide is paid to the nominee.

    Termination of risk cover

    Risk cover will cease in the following instances:

    • Termination of master policy.

    • On expiry if the insurance cover of the member.

    • If you attain a maximum age of cover.

    • Death of a member.

    • On expiry of grace period.

    • On surrender of policy.

    • If the member ceases to be a part of the group.

    Advantages of SBI Life Suraksha Plus

    The advantages of SBI Life Suraksha Plus are:

    • You get Death Benefit on death of a member, the nominee will receive the sum assured.

    • You get Surrender Benefit which is available only for single premium payment mode.

    • You can avail tax benefits or exemptions as per the applicable tax laws in India.

    How the Plan Works

    For example a group of 1000 members take this plan. The average group member’s age is 30 years and the average age of their spouses is 28 years. The policy is taken for 10 years. They choose a regular premium mode and make their premium payments on a yearly basis.

    Benefits

    Sum assured

    Premium amount

    Basic life cover for member

    Rs.5 lakhs

    Rs.1,364

    Accidental death cover for member

    Rs.3 lakhs

    Rs.180

    Basic life cover for spouse

    Rs.3 lakhs

    Rs.769

    Accidental death cover for spouse

    Rs.2 lakhs

    Rs.120

    Death benefit-

    On death of a group member – Basic life cover for member i.e. Rs.5 lakhs is paid.

    If Option 1 is selected – Accidental death cover i.e. Rs.3 lakhs is paid.

    If Option 2 is selected- Basic life cover for spouse + Accidental death cover for spouse i.e. Rs.5 lakhs (Rs.3lakhs+Rs.2 lakhs) is paid.

    If Option 3 is selected - Accidental death cover for spouse i.e. Rs.2 lakhs is paid.

    Premium Payment and Riders

    You have two options of paying premium, it can be either single premium or regular premium. The minimum amount for single premium is Rs.5,000 and there is no upper limit. The minimum amount to pay regular premium is Rs.1,000 and there is no upper limit. The regular premiums can be paid on a monthly, quarterly, half-yearly or on a yearly basis. For the monthly premium payment you will get 15 days grace period and for the other frequencies you get 30 days grace period for this SBI life insurance plan.

    There are no riders available with this policy.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    SBI Life Suraksha Plus Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
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