​Executive Summary: SBI Life Poorna Suraksha is a term policy that covers 36 critical illnesses. It offers rebalancing of the amount of the policy and premium waiver in case of detection of critical illness. There are other similar policies. You should compare them before buying this plan.

SBI Life Poorna Suraksha Term Insurance Plan is a term plan offered by SBI Life. It is a term insurance plan that includes cover for 36 critical illnesses. Let us look at the details of this plan – 
Key Features

• Entry Age – 18 years to 65 years
• Age at Maturity – 28 years to 75 years.
• Sum Assured – Rs. 20,00,000 to Rs. 2,50,00,000
• LifeStage Rebalancing – This feature allows for the increase of cover for critical illness and decrease of cover for life as the person insured gets older. When you take the policy, 80% of the amount is for life cover and 20% is for Critical Illness. In the first 10 years, the critical insurance cover increases by 15%, in the next 5 years, the  critical insurance cover increases by 10% and for the next 5 years, it will go up by 7.5% and then 6% for the next five years and then 5%. The cover for term life will be adjusted accordingly so that the sum assured is constant. The reasoning here, is that as a person grows older, the probability of falling ill is higher and as the dependent children grow up, they become less dependent. Here is a tabular representation of this feature –

• There are no maturity benefits as it is a term insurance plan.
• There will be a 30-day grace period for premium payment after the due date for annual policies and half yearly policies and a 15-day grace period for monthly premium payment option.

Benefits

• There is a rebate of 10% on policies with sum assured amount in the range – Rs. 50,00,00 to Rs. 1,00,00,000 and of 15% with sum assured amount in the range – Rs. 1,00,00,000 to Rs. 2,50,00,000. 
• 36 critical illnesses are covered under this policy. Some of them are cancer, first heart attack, organ transplant, stroke, brain tumour, blindness, deafness, loss of speech, Alzheimer’s disease, Third Degree burns etc.
• Premium paid can be accounted for in tax deduction while filing tax returns.
• Discount is available for current employees, retired employees, VRS holders, spouses of employees and children of employees of SBI Life. 
• In case of death, the sum assured for life would be paid as death benefit.
• All future premiums are waived in case of detection of critical illness from the list of illnesses covered by the policy.

Exclusions

• These conditions are not covered by SBI Life Poorna Suraksha –

1. Pre-existing disease for which life assured had symptoms of  or was diagnosed with or was treated for in the last 2 years of the commencement/reinstatement of the policy
2.  Illness due to a congenital defect or disease which has manifested or was diagnosed before the Insured attains age 18
3. War, hostilities, criminal intent, drug abuse and nuclear accidents
4. Pregnancy and related complications
5. Underwater expeditions of flying activity other than being a passenger on a licensed aircraft.

• Loan against policy is not allowed
• There are no maturity benefits as it is a term plan.

Premium Payment Examples
Here are some examples showing the premium payable for the SBI Poorna Suraksha plan –

Our Comments
It is comprehensive as it covers life and critical illness. But there are many such plans already available in the market. Competitor plans such as HDFC Click2Protect 3D Plus and ICICI Life iProtect Smart have more options like income option, income replacement option, increase of sum assured etc. Compare this plan with the other plans, assess your requirements and then decide whether to go ahead with this plan.