SBI Life Sampoorn Suraksha Comprehensive Review

SBI Life has long been recognised for its role in extending life insurance to the masses. With strong backing from the State Bank of India and BNP Paribas Cardiff, the insurer has a wide reach across the country and offers a range of policies tailored to various needs. Among these is the SBI Life Sampoorn Suraksha, a group life insurance plan. While it provides life insurance to a broad set of members of a group, it's not intended for individual purchase. So, in this article, I will walk you through the features, eligibility criteria, benefits, and limitations of the policy to help you understand who it is designed for.

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Overview

Quick Verdict on the SBI Sampoorn Suraksha Life Insurance Plan

Let’s be clear from the start: this plan is not meant for people looking to buy term insurance on their own. It is meant specifically for groups and institutions. That said, it is a practical solution for organisations seeking a straightforward, affordable way to extend life insurance to their members or employees. However, while being covered under such a group plan is better than having no coverage at all, I always recommend people to purchase an individual term insurance plan, and then supplement this with group policies for sound financial planning.

About SBI Life Insurance

SBI Life Insurance is the second-largest player in the Indian Life Insurance market. They have over ₹31,000 crores in annual revenue, which is rivalled only by HDFC Life in the third place. Life Insurance Corporation of India dwarfs them with over ₹2 lakh crore in annual business.

That said, SBI Life also has good metrics, such as the Claim Settlement Ratio and the Amount Settlement Ratio. They also have a favourable complaint volume, which not many public insurers can boast about.

However, it is difficult to ignore the fact that SBI Life is a PSU, and that comes with its own set of vulnerabilities. PSUs often face bureaucratic delays, slower product innovations, and rigid operational structures compared to their private counterparts. The pace of customer service and digital adoption may lag behind that of more agile private players. While the metrics are good, these constraints can still limit the insurer’s comprehensiveness.

About SBI Life Sampoorn Suraksha

Sampoorn Suraksha is a group life insurance plan. This means that it cannot be purchased by individuals directly. Instead, it must be bought by a group entity — such as a company, an association, or a cooperative — for the benefit of its members or employees. 

One particular advantage of this policy is that there is a profit-sharing feature with the participating groups. Let me explain how this works:

If this is a compulsory scheme for people in a particular organization, the master policy holder (the organization) can opt for a profit-sharing arrangement. If the group plan performs well (e.g., fewer claims), a share of the profits is credited and used to reduce next year’s premiums. However, any losses will be carried forward and adjusted against future profits.

To initiate this policy, the group should have a minimum of 10 members. Once the group master policyholder purchases the plan, individual members can opt in for coverage.

SBI Life Sampoorn Suraksha Customer Reviews

Pros and Cons of SBI Life Sampoorn Suraksha

Here are some pros and cons of SBI Life Sampoorn Suraksha:

Pros: 

• It is a very simple and straightforward plan. 
• It also comes with no-nonsense, essential riders.
• Premiums can be slightly lower, depending on the features the master policyholder (group) selects.

Cons: 

• It lacks many of the features of some of the top term insurance plans and the built-in riders that other private insurers offer.
• You must be part of a group that offers this policy, and they control the features of this plan.
• No control over renewal for the insured members
• SBI Life’s claim settlement ratio can be better.

Key Features & Benefits of SBI Life Sampoorn Suraksha

Eligibility Criteria – SBI Life Sampoorn Suraksha

The above-mentioned metrics are the broad entry guidelines set by SBI Life. However, the actual eligibility depends on your association with the participating group or employer. They determine the final eligibility for this plan. 

For instance, SBI (Bank) offers this same plan as a group life insurance policy to its customers under the name SBI Insta Life Secure. If you hold an SBI bank account, you can purchase this policy directly through the Yono app. They offer coverage ranging from ₹2 lakh to ₹40 lakh, depending on your age. 

However, this policy has an age cap — it automatically terminates once you turn 56. Groups purchasing such policies have the flexibility to adjust parameters like the maximum cover amount, entry and exit ages, which affect the premium amounts. This customisation ensures that the policy structure aligns with the group’s profile and risk appetite, making it a convenient and cost-effective way to offer life insurance to a large number of people.

Premiums can be paid in various modes — monthly, quarterly, half-yearly, or annually. The master policyholder can bear the premium cost, split it with members, or have members pay it entirely.

Policy Structure: SBI Life Sampoorn Suraksha

While the policy officially has no variants, there will be some variations, depending on how the group purchases the plan. The policy operates differently under two main categories:

Employer-Employee (Compulsory Scheme)

• Participation: Mandatory for eligible employees.
• Premium Payment: Typically paid by the employer, or shared.
• Suicide Clause: Suicide exclusion does not apply — full death benefit is payable.
• Profit Sharing: Eligible for profit-sharing with the employer based on the claims experience of the scheme.
• Customization: Entry/exit age, cover amount, and benefits can be tailored to group needs.

Non-Employer-Employee or Voluntary Group Scheme

• Participation: Voluntary — members choose to opt in.
• Premium Payment: Usually paid by members themselves.
• Suicide Clause: If death occurs due to suicide within 12 months, only 80% of premiums paid are refunded (excluding taxes & extras).
• Profit Sharing: Not available for these schemes.
• Use Cases: Banks, cooperatives, and microfinance institutions offering coverage to customers or account holders.

Riders Available in the SBI Life Sampoorn Suraksha Life Insurance Plan

The plan comes with an in-built death benefit. However, the master policyholder may opt for additional protection by including paid riders:

• Critical Illness Rider: This rider covers critical illnesses listed in the policy document. There are 4 variants of this rider that offer coverage for four to ten pre-defined critical illnesses. 
  
  The critical illness payout comes from either the base cover amount or is paid out additionally, depending on the variant chosen. The ‘accelerated’ variants pay out from the base cover amount, and the ’additional’ variants will pay an additional amount.
• Accidental Death Benefit: Additional payout in case of death due to an accident, along with the base plan death benefit.
• Accidental Partial Permanent Disability: The APPD rider pays a benefit if a member suffers a partial but permanent disability due to an accident, meaning a sudden, unexpected, and visible event. The disability must last at least 180 days unless there’s a complete severance of a hand or foot, which is considered permanent. A doctor appointed by the insurer will assess and confirm the nature of the disability. The payout is a percentage of the rider's sum assured, depending on the severity of the disability. 
  
  For example, losing both hands, both feet, or eyesight in both eyes results in a 100% payout. Lesser injuries like loss of one hand, one eye, or thumb receive lower percentages (e.g., 50%, 25%).
  
  Only one claim per disability is allowed, and the total payout from this rider cannot exceed 100% of the base sum assured. Once claimed, coverage under the rider reduces accordingly, and the member cannot increase the coverage again.
• Accidental Total Permanent Disability: The Accidental Total Permanent Disability (ATPD) rider provides a payout if the policyholder becomes permanently disabled due to an accident. To qualify, the disability must prevent the person from ever working again or involve the permanent loss of any two limbs or eyes. The condition must last for at least 180 continuous days and be certified as permanent by a doctor appointed by the insurer. The benefit is only paid if both the base policy and rider are active at the time of the accident, and the incident is reported within 90 days. This rider can only be claimed once during the entire policy term.

Exclusions and Limitations in the SBI Life Sampoorn Suraksha Life Insurance Plan

Since this is a group policy, there are certain different exclusions than normal. They are as follows:

1. Compulsory Employer-Employee Schemes: In these schemes, the suicide exclusion does not apply. This means that if an insured member dies by suicide, the full death benefit is payable to the nominee.
2. Other Schemes (Non-Compulsory or Voluntary Participation): In these cases, if an insured member dies by suicide within 12 months from the commencement of risk, the death benefit is not payable. Instead, the nominee is entitled to receive 80% of the total premiums paid up to the date of death, excluding any extra premiums and taxes, provided the policy was in force at the time of death. After this payment, the member's coverage under the master policy is terminated.

This distinction ensures that in employer-employee arrangements, where participation is mandatory, the full benefit is provided even in cases of suicide, whereas in voluntary schemes, a waiting period applies to mitigate potential adverse selection.

Here’s a detailed article I wrote about what life insurance does not cover. Feel free to take a look at this for an in-depth understanding.

How to Buy the SBI Life Sampoorn Suraksha Life Insurance Plan?

You cannot buy this plan directly. It must be purchased through an organisation, association, or employer. Once the group buys the master policy, members can enrol by submitting the required documents. Enrolment may also be available online through the SBI Life website or via the Yono App for eligible SBI customers.

However, speaking purely based on features and premiums, there are better policies out there that give you more bang for your buck. Here’s a quick list:

Who Should Consider the SBI Life Sampoorn Suraksha Life Insurance Plan? (Ditto’s Take)

SBI Life Sampoorn Suraksha is best suited for cooperatives, societies, and companies looking to extend life cover to their members or employees. It is not ideal for individuals who want control over their policy features. If you're covered under a group plan, that’s a good start, but Ditto strongly recommends buying a personal term insurance policy to complement it. A personal plan stays with you regardless of job changes or membership status.

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Conclusion – SBI Life Sampoorn Suraksha Life Insurance Plan

SBI Life Sampoorn Suraksha is a useful group life insurance plan that extends affordable protection to large groups. With a range of riders and flexible payment modes, employers or associations can customise coverage for their members. However, it isn’t built for individual buyers. If you’re part of an eligible group, consider enrolling — but only after purchasing a personal term insurance plan. And if you are looking for a personal term insurance plan, always compare the features, premiums, and insurers so that you get the best deal in the market. If you need help with this, you can always feel free to book a call with one of our insurance experts here.