Why wait for adversity to strike? Compare best life insurance plans now!

SBI Life Insurance

SBI Life Insurance Co Ltd is a joint venture. The alliance formed by State Bank of India (SBI) and BNP Paribas Cardif S.A.(BNP Paribas Cardif). In which SBI owns 70.1% of the total capital and BNP Paribas Cardif holds 26%, the rest of 1.95% is shared by Value Line Pte. Ltd, MacRitchie Investments Pte. Ltd each.

Awarded as ‘Life Insurance Company of the Year’ in 2016

In 2016, SBI Life Insurance was awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards.SBI Life offers range of life insurance products to cater different segments as per their need. SBI life offers both Individual and Group plans.

Interesting Facts about SBI Life Insurance

  • SBI Life has unique multi-distribution model including bancassurance, retail agency, institutional alliance, etc.
  • Agency Channel, comprising of over 80,000 Insurance Advisors
  • Awarded as ‘Life Insurance Company of the Year’ in 2016.
  • The Claim settlement ratio of SBI Life Insurance Company for F.Y 2017-18 is 96.76%.

Highlights of SBI Life Insurance

ParticularsNumbers
Percentage of Grievances Solved100%
Claim Settlement Ratio96.76% (No. of policies - claims paid during 2017-2018)
Group Death Claims99.35% (No. of policies - claims paid during 2017-2018)
Percentage of Claims Rejected2.63%
Solvency Ratio2.06 for quarter ended 31.03.2018

Benefits of Buying SBI Life Insurance Plans

  • Financial Protection - Provides financial protection to your family.
  • Claims Settlement - 23,000 branches across the country to provide claim settlement support.
  • Flexibility - Flexible premium and payout options.
  • Online plans - Specifically designed online plans that costs lower

Types of SBI Life Plan

SBI Life insurance offers range of life insurance products with variants to provide financial protection against life’s uncertainties. Plans offered:

  • SBI Life Unit Linked Insurance Plans (ULIP)
  • SBI Life Protection (Term) Insurance
  • SBI Life Savings Plans
  • SBI Life Investment Plans
  • SBI Life Retirement Plans
  • SBI Life Child Plans

SBI Life Insurance Riders

  • SBI Life Accidental Death Benefit Rider - In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
  • SBI Life Accidental Death Benefit Linked Rider - In the case of an accidental death of the life insured, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
  • SBI Life Accidental Total and Permanent Disability Rider - In the case of disability to the life insured caused due to the accident, SBI will pay rider sum assured in addition to the basic term assured to the nominee. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
  • SBI Life Critical Illness Non-Linked Rider - It covers 13 major critical illnesses, including First Heart Attack of specified severity, Cancer, Open Chest CABG,Kidney Failure, Major Burns,Paralysis, Major Organ Transplant,etc. The minimum rider benefit is Rs.25,000 and the maximum is Rs.50 Lakh.
  • SBI Life Preferred Term Rider - It covers death of life assured. This an additional life cover to the base cover. The minimum rider benefit is Rs. 25,000.

Claim Process of SBI Life Insurance

SBI Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed timelines laid down by IRDAI.

Following is the Claim Process:

Claim Intimation:

  • The nominee/claimant needs to intimate the insurance company by filing a online claim form.

Send form to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706.

  • Intimate SBI Life on their Toll-Free number - 1800-22-9090

  • You can also email at claims@sbilife.co.in

Claim Assessment: On receiving all the necessary documents, SBI Life will asses claim documents and the information provided by the proposal in the form.

Claim Approval process - on the approval of Claim Claim Acceptance the nominee will receive a sum assured. For further process at any time of claim process you can also reach out to info@sbilife.co.in

Claim Documents: List of Mandatory Documents:

  1. Duly filled Claim Form
  2. Original Policy Document
  3. Original/Government officer Attested Death Certificate issued by the local authority
  4. Claimant’s address proof
  5. Claimant’s ID Proof
  6. Claimant’s Bank Pass Book/Bank Statement/Cancelled Cheque

In addition to the standard documents there are other documents required under different case:

  • Hospital / Other treatment records
  • Photo Identification & address proof of the claimant
  • Post-mortem & chemical viscera report (if performed)
  • Physician's Statement
  • Police Report/F.I.R in case of unnatural death

Documents Required for Buying SBI Life Insurance Policy

The documents required to avail any SBI Life Insurance Plan are as follows:

  • Age Proof: passport, birth certificate, driving license, PAN card, etc.
  • Identity Proof: PAN card, passport, voter ID card, driving license, etc.
  • Address Proof: electricity bill, bank A/c statement, etc.
  • Income Proof: employer’s certificate, I-T Return details, etc.

Modes of Payment Options

Individuals who would like to avail an SBI Life Insurance Plan have three choice of premium payment modes. They can pay online, pay via phone and pay through any of the company's branches. Under the online mode, applicants can pay via debit card, credit card, net banking, direct debit facility and NACH facility. Those who would want to pay by phone can download SBI Life Easy Access Mobile Application and accordingly proceed to pay premiums. There is also the option of Interactive Voice Response, Mobile Wallets - SBI Buddy and SBI Mobile Banking. Lastly, those who want to make payment at one of SBI Life's branch offices can do so through cash, direct remittance and Electronic Fund Transfer (EFT).

SBI Life Premium Calculator

Individuals who would like to avail a life insurance policy from SBI Life Insurance can make use of the insurer’s premium calculator. These facilities will help users determine the cost of achieving their life goals. The premium calculators available on the insurer's website are as under:

  • Human Life Value Calculator
  • Child Education Planner
  • Retirement Planner
  • Need Analysis Planner
  • Goal Planner
  • Cost of Smoking
  • Future Cost Planner
  • Future value of monthly savings
  • Personal Tax Rate
  • Power of Compounding
  • Family Maintenance Planner
  • Health Tax Saving
  • Marriage Financial Planner
  • Present Value of Future Income
  • Risk Analyzer & Asset Allocator
  • Section 80C Tax Calculator
  • Time to Double Your Money
  • Your Personal Financial Planner

SBI Life Insurance - 10 Years Policy

SBI Life has a number of insurance plan options that offer coverage for 10 years and more. Here is a look at some of those insurance plans:

  • SBI Life - Smart privilege
  • SBI Life - eWealth Insurance
  • SBI Life - Smart Wealth Builder
  • SBI Life - Smart Power Insurance
  • SBI Life - eIncome Shield
  • SBI Life - eShield
  • SBI Life - Saral Pension
  • SBI Life - Smart Swadhan Plus
  • SBI Life - SaralSwadhan+
  • SBI Life - Smart Humsafar

Why choose SBI Life Insurance?

SBI Life is one of the top life insurance providers in India. The company is a joint venture between State Bank of India and global insurance company BNP Paribas Cardif. Over the years, the company has introduced a number of insurance plans for the benefit of their customers. The insurer is constantly reinventing itself, providing the latest technology and tool to the customers.

Review of SBI Life Insurance

SBI Life Insurance has been awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards, 2016. SBI Life stands out with SBI Bank Group has an unparalleled strength of 23,000 branches across the country. And BNP Paribas Cardif is one of the world leaders in creditor insurance. It has been received an AA rating from Standard & Poor’s. SBI Life offers quick and hassle-free claim process so that the family stays financially protected as promised.

SBI Life Address

SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706

FAQ's on SBI Life Insurance

Is SBI Life term Insurance reliable?

Established in 2001, SBI Life is presently among the top life insurance providers in India. The insurance company is backed by two major financial giants namely, public sector bank- State Bank of India and global insurance company- BNP Paribas Cardif. The company's claim settlement ratio for the year 2016-2017 stood at about 97%. In 2016, SBI Life Insurance was awarded the titles ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Award. Considering all these points, it can therefore be said that SBI Life’s term insurance covers are reliable. SBI Life’s term insurance offerings include SBI Life – Smart Shield, SBI Life – Saral Shield, SBI Life – Grameen Bima and SBI Life – eShield.

Which are the popular SBI life insurance term plans?

SBI's term life insurance portfolio include SBI Life – Saral Shield, SBI Life – Grameen Bima, SBI Life – Smart Swadhan Plus and SBI Life - eIncome Shield. The features and benefits of each of these plans vary from one another. It is therefore necessary to match what these SBI life insurance term plans are offering against one’s requirements and accordingly make a decision on the policy to purchase.

What is the policy renewal process?

SBI Life Insurance provides the facility of policy renewal on the company’s website. To begin with, click on the ‘Services’ section. Then, select the ‘Online Premium Payment’ and press ‘Proceed’. Enter all the necessary details like policy number and mobile number, and then click on Submit. Finally, make the premium payment to renew the policy coverage.

What is the policy cancellation process?

To surrender your policy, you will need to submit Original Policy Bond, Self-attested Identity Proof & Address Proof and Direct Credit Mandate with proof of bank account. You will need to place your surrender request at the nearest SBI life branch or send it to Central Processing Centre.

What are the taxes applicable on insurance premium/ULIP charges?

An 18% GST will be applicable on the life insurance premiums paid. ULIP charges that are normally levied include mortality charges, policy administration charges, fund management charges and other charges depending on the policy features.

What is the grievance redressal procedure for SBI Life insurance plans?

There are 3 levels of grievance redressal:

  • Level-1 - Escalate to Regional Director
  • Level-2 - Escalate to Corporate Office
  • Level-3 - Approach Ombudsman
Leave a rating!
4.0 (17 votes)