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SBI Term Insurance is one of the most popular term insurance policies offered by SBI Life Insurance Company. SBI Life is a joint venture between State Bank of India, India’s largest public sector bank and BNP Paribas Cardif, a global investment company.
Awarded as ‘Life Insurance Company of the Year’ in 2016
There are eight different types of term insurance plans offered by SBI Life Insurance - SBI Life – eShield, SBI Life – Poorna Suraksha Plan, SBI Life - Sampoorn Cancer Suraksha , SBI Life – Smart Shield, SBI Life – Saral Shield, SBI Life – Smart Swadhan Plus, SBI Life - Saral Swadhan+ and SBI Life – Grameen Bima. Know all about them in this article.
If the life assured commits suicide within one year from the policy issue date or reinstatement date, the nominee will be entitled to 80% of the premiums paid, provided the policy is in force. After which, the policy will be void and no claim will be payable.
Exclusion for Accidental Death Benefit Death arising from or due to the consequences of or occurring during the events as specified below is not covered:
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:
1. Claim Intimation:
The nominee/claimant needs to intimate the insurance company by filing an 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 branch on their Toll-Free number - 1800-22-9090
2. Claim Assessment: On receiving all the necessary documents, SBI Life will assess claim documents and the information provided by the proposal in the form.
3. 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 firstname.lastname@example.org
4. Claim Documents:
List of Mandatory Documents:
In addition to the standard documents there are other documents required under different case:
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.
Why should I buy a SBI term insurance?
SBI Term Insurance plan is a pure term insurance plan offering sufficient financial protection for dependents in the family for a nominal cost. The plan is simple to understand and can be purchased online without much hassle. SBI Life Insurance has a good network of branches across India providing convenience service and reach for the customers. SBI Life Insurance also has a simple claim process and a healthy claim settlement ratio making it a good purchase for your financial security needs.
Does any SBI term plan cover maturity benefits?
Yes, SBI Life – Saral Swadhan+ term assurance plan offers maturity benefits in the form of return of premiums, alongside providing fixed life cover. The premium return rate can be 100% or 115% of premiums paid based on the term of the policy.
Can I change my nominee under SBI term insurance policy?
Absolutely, SBI gives the facility to change nomination under SBI term Insurance policy. All you have to do is submit the 'Change in Nomination Form' to nearest SBI life insurance branch. You can also send the nomination form to the following address "The Manager (Underwriting), SBI Life Insurance Co. Ltd., 2nd Floor, Kapas Bhavan, Plot No.3, Sector No. 10, CBD Belapur, Navi Mumbai - 400 614".
Which is the best risk cover plan offered by SBI term insurance?
SBI Life-eShield pure term insurance plan offers the best risk cover with huge coverage and long-term at a nominal cost.
Should I go for SBI term plan with return of premium?
The return of premiums term insurance plan has costlier premiums compared to a normal term insurance plan. You can compare both the plans as per your individual needs and then depending on your budget, you can make the decision which term insurance plan will be more beneficial for you.