SBI Life Insurance
- 24*7 customer assistance
- Customization of plans available
- Reliable claim settlement ratio
SBI Life Insurance Plans are categorized under savings plans, protection plans, wealth creation insurance plans, retirement plans, child plans, money back/income plans, and more catering to individuals with different financial and protection needs. SBI Life Insurance is a collaboration between the State Bank of India and the French Financial Institution BNP Paribas Cardif. SBI Life Insurance has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake including other investors.
SBI Life Insurance Company ensures to look after your insurance needs by offering:
Wide range of plans
Reliability and trust
Ease of purchase
Tax benefits
Affordable insurance plans
To get more insight into SBI Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:
SBI Life Insurance has a Solvency Ratio of 2.2 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
To cater to the dynamic insurance needs of an individual and their family, SBI Life Insurance comes with a range of plans. This allows their customers to choose an ideal plan for themselves. The company ensures to offer a plan for everyone.
| Plan | Entry Age | Tenure | Minimum Sum Assured | Unique Features |
|---|---|---|---|---|
| SBI Life Smart Flexi Term Plus | Minimum Age - 18 years Maximum Age - 60 years | 10 times annual premium | 10 times annual premium |
|
There are various features of SBI Life Insurance Plans. Let's understand each of them in detail:
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Unique Features
There are multiple benefits of SBI Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.
The company provides a wide range of life insurance plans that cover individuals through various stages of life. With an SBI life insurance policy customers can efficiently plan their finances and protect their loved ones. The company offers a plethora of insurance products ranging from pure protection plans, investment plans, money-back plans, retirement plans, child plans, and more. Individuals can select the plans that are best suited for them.
SBI Life Insurance Plans offer multiple plans that are easily available online and can be purchased via a hassle-free online process. The company offers an efficient and quick purchase portal online for its customers.
With an impressive 97.05% claim settlement ratio SBI life insurance plans are among the most reliable plans for customers. The company settles claims quickly within the given time frame as promised. SBI Life Insurance also provides its customers with prompt customer support to resolve all their queries regarding the claim settlement process aiding in a smooth settlement process.
SBI Life Insurance plans are awarded consistently via various platforms for their capability of providing financial protection to its customers. SBI Life Insurance was recognized as an Amiable Insurer in the Life Insurance-Large Category at ET Insurance Summit and Awards and many such awards have been bestowed upon the insurer making it amongst the top recognized insurers in the industry.
SBI Life Plans offer versatile insurance plans with multiple features and additional benefits at affordable premium prices. The plans also offer flexible premium payment options to make it easy for customers to plan their finances.
Here are the rider options you can avail with SBI Life Insurance Plans to enhance your coverage:
Eligible for individuals between the ages of 18 to 65 years offering a minimum sum assured of 25,000 or the minimum sum assured on the base product whichever is lower. It is available on the death of the life assured, due to an accident. The death benefit is payable as a lump sum to the nominee or legal heir of the life assured.
Eligible for individuals between the ages of 18 to 65 years offering a minimum sum assured of 25,000 or the minimum Sum assured on the base product whichever is lower. It is payable on the occurrence of accidental total & permanent disability before the end of the policy term. No maturity or surrender benefit is available with the rider.
This rider covers the death of life assured. This is the additional cover over the life cover provided by the base product. The premiums can be paid as regular or single premiums. Such premiums are guaranteed for the term chosen by the policyholder. The minimum and maximum entry age is 18 years and 65 years respectively.
Here is the list of documents required to buy SBI Life Insurance Plans:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
SBI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.
Fill out the form given at the top of this page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.
Visit the official website of SBI Life Insurance.
Choose the category of plan on the navigation bar that you want to purchase.
Click on the 'Request a call' button present at the bottom of each plan page.
Select policy tenure and fill out all the mandatory details.
Make payment through any of the available payment modes. Once the payment is made, you will get a payment confirmation at your registered email address.
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at SBI Life Insurance involves the following three steps:
Inform the company about the incident via various channels-either by writing an email to SBI Life at claims@SBILife.com, calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.
You have to submit the necessary documents requested by the insurer to process the claim. In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence Proof, medical records, and account details of the nominee. In case of an accidental death: same documents with two additional ones, FIR and post-mortem report.
After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.
SBI Life insurance claim settlement procedure can be reported by visiting the local SBI Life Branch Office. For the details of SBI Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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