Founded in 2001, SBI Life is one of the most trusted life insurance companies in India. SBI Life insurance has a varied product portfolio with traditional life insurance plans, child plans, pension plans, and savings plans, amongst others. SBI Life is one of the most trusted names in the insurance industry. It is a joint venture between the State Bank of India and French Financial Institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake including other investors. SBI Life has an authorized capital of ?20 billion (US$260 million) and a paid-up capital of ?10 billion (US$130 million). The AUM is Rs. 2,441.8 billion.
There are various benefits of investing in SBI Life Insurance Policies. Being one of the key players in the Indian Insurance Industry they have access to more than 100 million accounts throughout India and offers products and services to people of all economic strata in the country. SBI Life Insurance products and policies are so diverse that the needs of all consumers are fulfilled.
This joint mission has excelled in presenting insurance solutions to cater to the multiple needs of its customers.
The company is designed to cater to the needs of individual customers in every walk of life.
The company is committed to enhancing digital experiences for its customers, distributors, and employees with its extensive presence across the country. With its hard work and commitment towards providing the best services to its customers, the company has achieved many awards and accolades. Let's take a look at some of the company's achievements.
Awards & Achievements
SBI life insurance company operates with an extensive presence across the country through its 947 offices, 17,466 employees, 28,000+ partner branches, 111 brokers, 1,69,006 individual agents, and 57 corporate agents.
Gold Award under the category Life Insurance Provider of the Year in 2020
VCCircle Award for 2020 under the category 'Financial Services Company of the Year
Company Performance Award under the category 'India's Leading Life Insurance Company - Private' at the BFSI Summit & Awards by Dun & Bradstreet
Gold Shield from the Institute of Chartered Accountants of India (ICAI) for excellence in Financial Reporting for FY 2018-19.
SMART Award-Life Insurance in Large Category at the ET Insurance Summit held in Mumbai in 2019
Best Life Insurance Company Award at ICC Emerging Asia Insurance Conclave & Awards in 2019
Gold Award in Best Content Marketing Launch (National) Foxglove Awards 2019 for the inspiring story of Pabiben taking her 'Main Se Hum ka Kadam'
Silver Award in the 'Best Brand Film: BFSI' Category at the Indian Television BrandVid Awards 2019
Key Features Of SBI Life Insurance Company
With the availability of so many Life Insurance companies, choosing the right one for you and your family is a bit tricky. You have to be very cautious while comparing different companies on multiple performance parameters to make a wise decision.
To simplify the comparison process for you, we at PolicyX.Com have determined the key factors that should be considered while selecting a company. These are Market share, Solvency ratio, Affordability, Claim settlement Ratio. Refer to the IRDAI annual reports to check an insurer's performance data to determine the reliability and financial soundness of an insurance company.
Take a look at the Key Features of SBI Life Insurance Company that will give you a clear picture and will help you to find out the answer of: Why SBI Life?
1 Market Share
For understanding the financial background and business reputation of any insurance company, it is important to evaluate its market share. Talking about SBI Life Insurance, the company has witnessed significant growth in its annual premium over the past few years which in turn has increased its market share.
Over the years, SBI Life Insurance has been able to acquire almost 20% of the market share in the overall life insurance market.
As per the insurance experts, the solvency ratio of the company helps an individual to ascertain the company's ability to meet its long-term financial obligations.
It has now been mandated by the IRDAI for every life insurer to maintain a solvency ratio of 1.5.
Having an equal or above solvency ratio indicates that the company is reliable and can be trusted. When it comes to the solvency ratio of SBI Life Insurance company, it has maintained its solvency ratio that gained the trust of lakhs of customers. You can take a look at the below graph, depicting its solvency ratio for the last three years.
What good is your life insurance if you or your family cannot get benefits from it at the time of need? Therefore, it is important to select an insurance company that has a good claim settlement ratio (CSR) as a higher ratio indicates better claim credibility of the company.
As per the IRDAI report of 2020-21, the claim settlement ratio of SBI Life Insurance was 94.52, which clearly indicates how dedicatedly the company ensures that you or your family members don't have to go through any hassles while getting their claims.
Claim Settlement Ratio of SBI Life Insurance Company
Another distinguishing feature of SBI Life Insurance is that the company operates across the country with 947 offices, 17,464 employees, a large and productive individual agent network of about 170,096 agents, 57 corporate agents, 28000+ partner branches, and other insurance marketing firms.
What Are The Different Types of SBI Life Insurance Plans?
SBI has carefully crafted 25+ life insurance plans that cater to the different needs of an individual and their family. SBI Life Insurance Plans are designed in such a way that they ensure all your insurance needs are looked after. From protection plans to child plans, from retirement plans to savings plans, SBI offers coverage for every aspect of your life.
Have a look at the below table to explore all the SBI Life Insurance Plans offered by the company under different categories:
Names of Plans
SBI Life Saral Jeevan Bima SBI Life Poorna Suraksha SBI Life Sampoorn Cancer Suraksha SBI Life Smart Shield SBI Life Corona Rakshak Policy SBI Life Smart Swadhan Plus SBI Life Saral Swadhan + SBI Life Grameen Bima SBI Life Arogya Shield SBI Life eShield Next
SBI Life Smart Champ Insurance SBI Life Smart Scholar
Wealth Creation With Insurance
SBI Life e Wealth Insurance SBI Life Smart InsureWealth Plus SBI Life Saral InsureWealth Plus SBI Life Smart Wealth Builder SBI Life Smart Wealth Assure SBI Life Smart Power Insurance SBI Life Smart Elite SBI Life Smart Privilege
SBI Life Smart Platina Plus SBI Life Smart Platina Assure SBI Life New Smart Samriddhi SBI Life Smart Future Choices SBI Life Shubh Nivesh SBI Life Smart Bachat SBI Life Smart Humsafar
SBI Life Saral Pension SBI Life Retire Smart SBI Life Annuity Plus SBI Life Saral Retirement Saver
SBI Life Smart Money Back Gold SBI Life Smart Money Planner SBI Life Smart Income Protect
How To File A Claim For SBI Life Insurance?
SBI LIfe Insurance company ensures a hassle-free death (including rider claim) and maturity claim process. With a claim settlement ratio of 94.52** SBI Life Insurance makes sure that you & your family can easily get their claims settled. For the same, you just have to follow the below-mentioned steps
For Offline Process:
Visit the nearby branch of SBI Life Insurance Company. Submit the duly filled claim form along with the supporting documents. The company will verify the details and will inform you regarding the approval/rejection of the claim via mail/phone call.
For The Online Process:
For your convenience, the company offers SBI Life online claim submission process. Below mentioned is the process for online claim submission. Take a look:
Visit the official website of SBI Life Insurance
Take your cursor to the tab "Services for existing customers"
Click on the "Claims & Maturity tab"
Under claim intimation, you have to submit the policy number, date of birth, & claim type. Enter the captcha code and submit.
After submitting the claim form along with all the necessary documents, the company will verify the details. It will share the approval or rejection letter with you through email or message
Note: If the company requires any other information/document to check the admissibility of the claim, the claimant should provide it at the earliest.
Documents Required For Filing Claim
Claimant's photo ID proof
Original or Attested Death Certificate issued by the local authority
Original Policy Document
Claimant's current address proof
Direct Credit Mandate form
Additional documents (if required)
Copy of FIR/Punchnama Report/Post Mortem
Hospital treatment certificate
Medical attendant's certificate
Employer's certificate (for salaried individuals
Copy of Police Final Report/Inquest Report/Magistrate's verdict/Chemical Analysis Report
How Can I Contact SBI Life Insurance?
Corporate Office Address: SBI Life Insurance Co Ltd., Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400069.
Contact Number: 1800 267 9090(Available from 9:00 am to 9:00 pm every day)
1. What are the required documents to surrender an SBI Life Insurance Policy?
The required documents are:
Original Policy Bond
Identity Proof & Address Proof
Direct Credit Mandate along with proof of bank account (original cancelled cheque with a pre-printed name or self-attested copy of bank passbook).
2. How can I update my address under SBI Life Insurance?
You can easily update the address by logging in to MyPolicy account >> Transact Online >> Change of Address >> and fill the respective fields. Make sure to submit the address proof in PDF/JPEG format
3. How can I update my Bank Account details under SBI Life Insurance?
To update your bank a/c details, you have to log in to your My Policy account >> Transact Online>>Update Bank A/c details and follow the procedure. Ensure that the bank account proof is in PDF/JPEG format.
4. Can I change the frequency from single to regular and vice versa?
No, this is not allowed.
5. How can I revive my lapsed SBI Life Insurance Policy?
You can easily revive your plan by paying the outstanding premium (including interest) and submitting proof of continued good health to the SBI Life Insurance.
6. I have lost/misplaced my original SBI Life Insurance Policy documents. What am I supposed to do now?
In case the original SBI Life Insurance Policy documents are misplaced or lost, inform SBI Life Insurance company. You can request for a duplicate policy paper if you lose your insurance policy.
You must pay the document preparation fees and sign an indemnification agreement. If the policy's value is significant, you may be requested to furnish a guarantor in addition to the indemnity.
7. I want to change my nominee for my SBI Life Policy. Can I do that?
Yes, you have the option to modify your nomination. Change in Nomination Forms can be submitted to us at any SBI Life branch or the Central Processing Centre.
8. My son is 15 years old. Can I make hima a nominee of my SBI Life Policy?
Yes, you can. However, a guardian (adult) has to be provided for the Minor Nominee.
9. I am a smoker. Will my term insurance proposal be rejected because of my smoking habits?
Your proposal for term insurance might be cancelled or rejected based on your lifestyle condition. However, if accepted, you should know that the smoker rates are higher than the non-smoker rates. A person is considered a non-smoker if he/she has not been smoking or using tobacco in any form for at least the last 5 years.
10. Can I avail loan against SBI Term Insurance?
No, Loans are not available under SBI Term Insurance because it doesn't have any surrender value.