SBI Sampoorn Suraksha – Private Group Insurance Scheme for EPFO Subscribers
EPFO approves the Group Insurance Scheme “Sampoorn Suraksha”offered by SBI Life Insurance for EPF subscribers
SBI Sampoorn Suraksha to provide Assurance benefits to EPF subscribers with a minimum of Rs. 1,32,000
SBI Sampoorn Suraksha-Employees’ Provident Fund Organisation has approved the proposal for allowing Insurance Companies approved by IRDA to offer Group Insurance scheme to EPF subscribers that has similar or better benefits than the Employees’ Deposit Linked-Insurance Scheme, 1976.
After this approval, SBI Life Insurance Company Ltd has submitted its willingness to offer its Group Term Insurance Plan “Sampoorn Suraksha” to EPF Subscribers.
On examination this proposal, EPFO has found that the offer of SBI Life Insurance is better than than the existing Employees’ Deposit Linked-Insurance Scheme, 1976.
Hence, Group Term Insurance Plan “Sampoorn Suraksha” offered by SBI Life Insurance company has been approved by EPFO.The full text of this decision taken is given below.
To
All Addl. Central PF Commissioners(Zones)
All Regional PF Commissioners (OIC ROs/SROs)
(i) The Policy is arranged to provide Assurance benefits to the employees with a minimum of Rs. 1,32,000 as.the product minimum is Rs. 1,32,000.
(ii) All members of the Employees’ Provident Funds Scheme, 1952 in the company will be eligible to be members of the policy. The member becomes eligible for the coverage as soon as he/she becomes the member of the Employees’ Provident Funds Scheme, 1952.
(iii) No member shall withdraw from the Scheme as long as he satisfies the conditions of eligibility described above.
(iv) The employer (policy holder) will give an undertaking to the effect that all new members have been included from the date of their joining. If a death claim is received in respect of a member whose premium and/or name is not submitted to SBI Life Insurance, the employer undertakes to provide the benefits for the same.
(v) “the Beneficiary” shall mean the person or persons who has/have been nominated by the Member/s as beneficiary/beneficiaries and will be the same as envisaged under the Employees’ Deposit-Linked Insurance Scheme, 1976.
(a) That the policy was valid on the date when application of exemption from Employees’ Deposit-Linked Insurance Scheme, 1976 was made.
(b) That the employer has enrolled all eligible members and has also given an undertaking to that effect.
(c) That the insurance benefits under no circumstances shall be less than what would otherwise have been admissible to the beneficiary under Employees’ Deposit-linked Insurance Scheme, 1976.
(d) That the certificate of IRDA permitting M/s SBI Life Insurance Company Limited to transact in Life Insurance business is valid at the time application for exemption from the provisions of Employees’ Deposit-Linked Insurance Scheme, 1976 is made.