Founded in 2001, SBI Life is one of the most trusted life insurance companies in India. It is a joint venture between the leading global insurance company BNP Paribas Cardif and India's largest bank (State Bank of India). This joint mission has excelled in presenting insurance solutions to cater to multiple needs of its customers. The company deals in a wide range of life insurance products that include traditional life insurance plans, child plans, pension plans, and savings plans, among others.
The company committedly enhanced 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.
With the availability of so many Life Insurance companies, choosing the right one for your 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?
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 company has been able to acquire almost 20% of the market share in the overall life insurance market.
Market Share of SBI Life Insurance Company
*Data from IRDAI Annual Reports
With its comprehensive range of life and pension products, the company has maintained a good reputation.
The graph given below shows the annual premium of SBI Life Insurance over the past four years.
Annual Premium Of SBI Life Insurance Company
*Data from IRDAI Annual Reports
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 four years.
Solvency Ratio of SBI Life Insurance Company
*Data from IRDAI Annual Reports
Not only this, the company has the highest Solvency Ratio among all the top 5 life insurance companies. Take a look at the below graph to get a better picture.
Solvency Ratio of Top 5 Life Insurance Company
*Data from IRDAI Annual Reports
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 2019-20, 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
*Data from IRDAI Annual Reports
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.
SBI has carefully crafted 25+ life insurance plans that cater to the different needs of an individual and his family. 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 plans offered by the company under different categories:
| Product Categories | Names of Plans |
| Protection Plan | SBI Life eShield Insurance 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 |
| Child Plan | 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 |
| Savings Plan | 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 |
| Retirement Plans | SBI Life Saral Pension SBI Life Retire Smart SBI Life Annuity Plus |
| Money-Back/Income Plan | SBI Life Smart Money Back Gold SBI Life Smart Money Planner SBI Life Smart Income Protect |
The company ensures a hassle-free death (including rider claim) and maturity claim process. 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:
Note: If the company requires any other information/document to check the admissibility of the claim, the claimant should provide it at the earliest.
Mandatory Documents
1
Claim Form
2
Claimant's photo ID proof
3
Original or Attested Death Certificate issued by the local authority
4
Original Policy Document
5
Claimant's current address proof
6
Direct Credit Mandate form
Additional documents (if required)
1
Copy of FIR/Punchnama Report/Post Mortem
2
Hospital treatment certificate
3
Medical attendant's certificate
4
Employer's certificate (for salaried individuals
5
Copy of Police Final Report/Inquest Report/Magistrate's verdict/Chemical Analysis Report
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Honestly speaking, investing in the SBI ULIP plan was one of the best decisions of my life. After investing for 20 years, I received the maturity benefit. With that amount, I will be able to send my daughter abroad for her higher studies and save something for her marriage. In this time of inflation, saving for your future expenses is a must. and SBI will help you.