SBI Life Insurance

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About SBI Life Insurance

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.

Awards & Achievements

  • 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 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?

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 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

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

Annual Premium of SBI Life Insurance Company

*Data from IRDAI Annual Reports

2 Solvency Ratio

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

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

Solvency Ratio of Top 5 Life Insurance Company

*Data from IRDAI Annual Reports

3 Claim Settlement Ratio

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

Claim Settlement Ratio of SBI Life 2016-2020

*Data from IRDAI Annual Reports

4 Operating Network

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 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 CategoriesNames of Plans
Protection PlanSBI 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 PlanSBI Life Smart Champ Insurance
SBI Life Smart Scholar
Wealth Creation With InsuranceSBI 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 PlanSBI 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 PlansSBI Life Saral Pension
SBI Life Retire Smart
SBI Life Annuity Plus
Money-Back/Income PlanSBI Life Smart Money Back Gold
SBI Life Smart Money Planner
SBI Life Smart Income Protect
Sbi Life Insurance

How To File A Claim For SBI Life Insurance?

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:

File A Claim For SBI Life Insurance

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

Mandatory Documents


Claim Form


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)

E-mail Address: info[at]sbilife[dot]co[dot]in

Message: SMS CELEBRATE to 56161 SMS Services


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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (27 Total Rating)

October 4, 2021

Munmum Pathak


I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti


SBI has been my go-to for almost every finance a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

Guni Das


amaaaaaazing team at! super helpful and ready to give any aid as and when asked! thankssss y all

September 28, 2021

Himanta Biswa


truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A


very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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