SBI Life Insurance: Overview
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. State Bank of India holds a 55.50% stake in the company, and BNP Paribas Cardif owns a 0.22% stake, along with other investors.
Why Choose SBI Life Insurance?
- Wide range of plans
- Reliability and trust
- Ease of purchase
- Tax benefits
- Affordable insurance plans
Features of SBI Life Insurance
There are various features of SBI Life Insurance plans. Let's understand each of them in detail:
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Choice of Plan Variants
Various SBI Life Insurance plans offer different variants, allowing you to choose one that fulfills your specific requirements.
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Special Premium Rates for Women or Non-Smokers
SBI Life Insurance plans offer special discounts for women and non-smokers, which can be availed when paying first-year premiums.
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Choice of Sum Assured
With SBI Life Insurance, you can choose the sum assured as per your requirements.
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Multiple Premium Payment Modes
SBI Life Insurance offers multiple premium payment modes to cater to diverse individual needs.
Exclusions of SBI Life Insurance Plans
- Death due to a pandemic such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at the policy's inception.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Benefits of SBI Life Insurance Plans
SBI Life Insurance plans offer multiple benefits. Read below to understand the advantages provided by the insurer.
Wide Range of SBI Life Plans
The company provides a wide range of life insurance plans, covering 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, including pure protection plans, investment plans, money-back plans, retirement plans, and child plans. Individuals can select the plans best suited for them.
Ease of Purchase
SBI Life Insurance plans offer multiple plans that are easily available and can be purchased via a hassle-free online process. The company offers an efficient and quick online purchase portal for its customers.
Reliability and Trust
With an impressive 97.05% claim settlement ratio, SBI Life Insurance plans are among the most reliable for customers. The company settles claims quickly within the promised timeframe. SBI Life Insurance also provides prompt customer support to resolve queries regarding the claim settlement process, aiding in a smooth settlement.
Industry Recognition
SBI Life Insurance plans are consistently awarded for their capability to provide financial protection to customers. SBI Life Insurance was recognized as an Amiable Insurer in the Life Insurance-Large Category at ET Insurance Summit and Awards. Many such awards have been bestowed upon the insurer, making it among the top recognized insurers in the industry.
Affordable Insurance Plans
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, making it easy for customers to plan their finances.
Riders You Can Avail With SBI Life Insurance Plans
| Name of the Rider |
Benefits |
| SBI Life Accidental Death Benefit Rider |
This rider provides an additional sum assured if the policyholder dies within 120 days due to an accident. |
| SBI Life Accidental Total and Permanent Disability Rider |
This rider offers the sum assured if the policyholder suffers from total and permanent disability due to an accident. |
Documents Required to Purchase an SBI Life Insurance Policy
Here is the list of documents required to buy SBI Life Insurance plans:
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Photo ID Proof
Passport, Aadhaar card, PAN card, Driving license (any one).
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Age Proof
Passport, Aadhaar card, PAN card, Driving license (any one).
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Address Proof
Utility bill, passport, voter ID, ration card (any one).
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Medical Records
Medical records of the policyholder if requested.
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Income Proof
Bank statement, last three months' salary slips (if you are salaried) (any one).
How to Calculate Premiums
- Visit the official website of SBI Life Insurance.
- Choose the plan category on the navigation bar that you want to purchase.
- Click on the 'Request a call' button at the bottom of each plan page.
- Select policy tenure and fill out all mandatory details.
- Make payment through any available payment mode. Once payment is made, you will receive a confirmation at your registered email address.
SBI Life Insurance Claim Settlement Process
Every claimant/nominee is assigned a dedicated Claims Relationship Officer to assist throughout the process. The life insurance claim settlement process at SBI Life Insurance involves the following three steps:
Online Process
1. Claim Intimation
Inform the company about the incident via email ([email protected]), toll-free number (1800-103-7766), the online claim form on its website, or by visiting the nearest branch. A claim reference/intimation number will be provided upon successful registration.
2. Document Submission
Submit the necessary documents requested by the insurer to process the claim. For natural death: death claim form, death certificate, original policy documents, claimant's identity & residence proof, medical records, and nominee's account details. For accidental death: the same documents plus FIR and post-mortem report.
3. Claim Settlement
After receiving all documents and claim forms, the insurer will verify the details as per their norms. If additional details are required, they will contact you via call or email. Upon successful completion, the claim will be settled, and the amount will be transferred to the nominee's bank account, with communication via call or email.
Offline Process
SBI Life Insurance claim settlement can be reported by visiting a local SBI Life Branch Office. For details of SBI Life Insurance branches, visit their website to locate the nearest one. Submit the essential documents at the branch for claim processing.
How to Port Your Policy
- Fill out the form 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), then proceed to make the payment. Once payment is made, you will receive a confirmation at your registered email address.
Conclusion
In conclusion, SBI Life Insurance offers a range of life insurance plans to meet the financial needs of customers across India. With its pan-India presence, SBI Life Insurance could be the best life insurance policy for you. For more information on SBI Life Insurance, contact PolicyX.com 24/7. Our trusted insurance advisors will listen to your concerns and suggest the best possible solution.
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