SBI Life Insurance Plans are categorized under savings plan, 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. SBI Life Insurance has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake including other investors.
SBI Life Insurance with a claim settlement ratio of 97.05% is amongst the most trusted and revered brands in the Indian Insurance sector. SBI Life Insurance strives to make insurance accessible to all, with its extensive presence across the country through its 970 offices, 18,401 employees, an extensive and productive individual agent network of about 161,923 agents, 56 corporate agents, and 14 bancassurance partners with more than 40,000 partner branches, 119 brokers and other insurance marketing firms.
Awards And Achievement
Awarded with "the best strategist for insurance spreading" at Emerging Asia Conclave and Awards 2022 by the Indian Chamber Of Commerce (ICC).
Awarded "The best life insurance company of the year" at the 3rd Emerging Asia Conclave and Awards 2022 organized by the Indian Chamber of Commerce (ICC).
Awarded with "SBI Life Insurance wins the Most Innovative Risk Management Strategy of the Year" at the 4th CRO Leadership Summit and Awards 2022.
Awarded "Golden peacock award 2021 for risk management"
SBI Life Insurance wins "Silver for Financial Immunity Survey 2.0 in the Multi-Channel Marketing" category at the Adgully Datamatix Awards 2022.
SBI Life won 'Silver' Honour' at DIGIXX Awards 2022 for Digital Marketing Excellence in Multichannel Marketing
SBI Life won 'Gold' Honour' at DIGIXX Awards 2021 for Digital Marketing Excellence in Technology for M.Connect Life Mobile Application.
Key Features of SBI Life Insurance
SBI Life Insurance policy provides versatile all-around coverage to you and your family members with its customizable insurance solutions. The insurer is among the trusted names in the insurance industry and offers a high claim settlement ratio, solvency ratio, efficient customer care services, and more. To get more insight into SBI Life Insurance Company's performance, take a look at the below key features that will help you to analyze the company based on its performance:
Solvency Ratio SBI Life Insurance has a Solvency Ratio of 2.1 as per the IRDAI annual report 2021-22. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
Claim Support Claim support of an insurer is a metric that helps you analyze its claims settling ability. As per the IRDAI annual report of 2021-22, the claim support of SBI Life Insurance is 97.05%.
Annual Premium As per the annual report of IRDAI 2021-22, the Annual premium of SBI Life Insurance is 58759.64 Cr.
PAN India Presence SBI Life Insurance has a wide presence with over 40,000 partner branches and 990 offices PAN India. SBI Life ensures that the policyholder can directly visit their nearest branch office for any of their policy-related or claim-related queries.
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SBI Life Insurance Plans come with several features that offer financial security and protection to individuals. SBI Life Insurance Company comes with a range of plans that allow the customers to choose their ideal plan as per their and their family's requirements. The company ensures to offer a plan for everyone.
Wide Range of SBI Life Plans The company provides a wide range of life insurance plans that cover individuals through various stages of life. With an SBI life insurance policy customers can efficiently plan their finances and provide protection to their loved ones. The company offers a plethora of insurance products ranging from pure protection plans, investment plans, money-back plans, retirement plans, child plans, and more. Individuals can select the plans that are best suited for them.
Ease of Purchase SBI Life Insurance Plans offer multiple plans that are easily available online and can be purchased via a hassle-free online process. The company offers an efficient and quick purchase portal online for its customers.
Reliability and Trust With an impressive 97.05% Claim Settlement Ratio SBI life insurance plans are among the most reliable plans for customers. The company settles claims quickly within the given time frame as promised.. SBI Life Insurance also provides its customers with prompt customer support to resolve all their queries regarding claim settlement process aiding in a smooth settlement process.
Industry Recognition SBI Life Insurance plans are awarded consistently via various platforms for their capability of providing financial protection to its customers. SBI Life Insurance was recognized as an Amiable Insurer in the Life Insurance-Large Category at ET Insurance Summit and Awards and many such awards have been bestowed upon the insurer making it amongst the top recognized insurers in the industry.
Affordable Insurance Plans SBI Life Plans offers versatile insurance plans with multiple features and additional benefits at affordable premium prices. The plans also offer flexible premium payment options to make it easy for customers to plan their finances.
SBI Life Insurance Plans
We have discussed below SBI Life Insurance Plans, categories, benefits, and more.
SBI Life Savings Plan
SBI Life Savings Plan helps you achieve your financial goals like buying your dream home, achieving financial freedom, planning your child's future, and more
Plan
Eligibility
Features
SBI Life Smart Lifetime Saver
Min Entry Age: 30 Days Max Entry Age: 55 Years
Guaranteed Survival Income Death Benefit Rider Benefits
SBI Life Smart Platina Plus
Min Entry Age: 30 Days Max Entry Age: 60 Years
2 Plan Options Limited Premium Payment Survival Benefit
SBI Life Term Insurance Plans are designed to safeguard your family's future requirements and provide them with financial stability in case of an unfortunate event leading to the demise of the policyholder.
Plan
Eligibility
Features
SBI Life Arogya Shield
Min Entry Age: 91 Days/18 Years Max Entry Age: 65 Years
Rider Benefits Available Two Rider Options Tax Benefits
SBI Life Grameen Bima
Min Entry Age: 18 Years Max Entry Age: 50 Years
One-Time Premium Payment Death Benefit Designed for Rural Population
SBI Life Wealth Creation With Insurance
SBI Life ULIP Plans or Wealth Creation plans offer life insurance coverage along with disciplined savings, and wealth creation with the flexibility of Systematic Monthly Withdrawal.
Plan
Eligibility
Features
SBI Life eWealth Insurance
Min Entry Age: 5 Years Max Entry Age: 50 Years
Maturity Benefit Death Benefit Automatic Asset Allocation
SBI Life Smart InsureWealth Plus
Min Entry Age: 30 Days Max Entry Age: 55 Years
Choice of 9 Funds Fund Value Boosters 3 Investment Strategies
SBI Life Saral InsureWealth Plus
Min Entry Age: 30 Days Max Entry Age: 55 Years
Choice of 8 Funds Systematic Monthly Withdrawals Life Coverage
3 Money Back Options Regular Payouts Flexible-Premium Payment Term
SBI Life Smart Money Planner
Min Entry Age: 18 Years Max Entry Age: 60 Years
Life Cover 4 Plan Options Limited and Single Premium Payment
SBI Life Smart Income Protect
Min Entry Age: 8 Years Max Entry Age: 50 Years
Guaranteed Annual Payouts Rider Benefits Regular Income Benefit
SBI Life Insurance Riders
The various riders available with SBI Life Insurance Plans are mentioned below:
SBI Life Accidental Death Benefit Rider
Eligible for individuals between the ages of 18 to 65 years offering a minimum sum assured of 25,000 or the minimum Sum assured on the base product whichever is lower. It is available on the death of the life assured, due to an accident. The death benefit is payable as a lump sum to the nominee or legal heir of the life assured.
SBI Life Accidental Total & Permanent Disability Rider
Eligible for individuals between the ages of 18 to 65 years offering a minimum sum assured of 25,000 or the minimum Sum assured on the base product whichever is lower. It is Payable on the occurrence of accidental total & permanent disability before the end of the policy term. No maturity or surrender benefit is available with the rider.
SBI Life Preferred Term Rider
This rider covers the death of life assured. This is the additional cover over the life cover provided by the base product. The premiums can be paid as regular or single premiums. Such premiums are guaranteed for the term chosen by the policyholder. The minimum and maximum entry age is 18 years and 65 years respectively.
How To Buy SBI Life Insurance Plans?
SBI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.
Steps to buy from PolicyX.com
Fill out the form given 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 policy term, premium period, and riders (if required) and then proceed to do the payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
Steps to buy from SBI Life Insurance company:
Visit the official website of SBI Life Insurance Company.
Click on 'Online Plans' on the navigation bar and select the category of plans you want to purchase.
Click on the 'Buy Now' button and fill in the required details.
Tap on 'Next' and select a plan as per your requirements.
Select the cover option you want and make your payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
How to File SBI Life Term Insurance Claims
Filing a claim for SBI Life Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for SBI Life Term Plan, you need to follow the below-mentioned steps.
Claim Intimation
The very first thing to do while filling a claim is to intimate the company immediately by filling out an online claim form. To do this, you should visit the claims and maturity section on the company's website.
Secondly, send the duly filled claim form along with the supporting documents either by post or by visiting the nearest branch of the company.
You can also mail the documents to claims claims@sbilife.co.in.
A claim reference number/intimation number will be provided to you upon successful registration of the claim.
Document Submission
Submit the necessary documents requested by the company to process the claim. In the case of natural death-
You will be required to submit a few necessary documents while filing for a claim. Here is a list of some of these documents:
Claimant Statement/Claim intimation form duly filled and attested by the claimant.
Policy document.
Death certificate original as well as photocopies issued by local municipal bodies located in your area.
Identity proof and address proof of the nominee/claimant.
Bank passbook canceled cheque or bank statement of the claimant.
Hospital records.
Post-mortem and chemical viscera of the dead insured, if performed.
FIR
Note: Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for that.
Claim Settlement
After receiving the claim application, the company will assess it based on the claim documents submitted and the information provided by the life Assured in their proposal form.
If the application gets approved by the company, the claim amount will be provided to the nominee as per the terms and conditions of the policy.
How To Check SBI Life Insurance Policy Status
There are two ways in which the policyholder can fetch the policy status of SBI Life Policy. The processes are:
Online Process
Offline Process
SBI Life Online Policy Status
The procedure for checking the SBI Life Insurance Plan's status is really simple and only requires a few clicks. Let us lead you through the procedure step by step:
Step 1: Visit the official website of SBI Life Insurance.
Step 2: Choose "Online Services" from the menu on the home page.
Step 3: You will be redirected to the login page. Choose the option for "Registered Users".
Step 4: Enter your login ID and Password to access your account.
Step 5: Once logged in to your account , provide the necessary policy details, such as customer ID, policy number, and date of birth.
Step 6: After entering the required details, you will be directed to a page to view your enrolled policies. Click on 'View Enrolled Policies'. Once you click on this option the portal will display every vital information about the policy such as premium amount, enrolled date.
Step 7: Click on the "Policy Number" to check the specific details and status of your SBI Life Insurance policy.
SBI Life Insurance Policy Status :Offline
If you are not registered on the SBI Life Insurance website, you can still check your policy status offline.
Step 1: Contact the SBI Life Insurance company helpline or customer support. Provide them with your policy details, such as policy number and other required information.
Step 2: Alternatively, you can send an SMS to the designated SBI Life Insurance number, following the format specified by the company. The SMS should include your policy details.
Step 3: Once you provide the necessary information through either phone or SMS, the SBI Life Insurance representative will provide you with the status of your policy.
Toll-Free Number: 1800 267 9090 (Available from 9:00 am to 9:00 pm IST)
SBI Life Insurance: FAQs
1. 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.
2. I am a smoker. Will my SBI 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.
3. 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.
4. I have not paid the premiums for some time and want to discontinue my policy. Do I get anything back from the insurance company?
For non-linked products, you can surrender your policy only if it has acquired a paid-up value. For your policy to acquire a surrender value, your policy should have run for a specific period and you should have paid a minimum number of premiums.
5. Will my policy premium amount increase after I purchase the policy?
No, they remain constant throughout the term of the policy.
6. What do I do if I misplace my policy?
In case of such an emergency, you can apply for a duplicate policy document.
7. What is the meaning of vesting age?
The vesting age is the maturity age for a pension plan. This is the time when an annuity plan begins payouts to the policyholder.
8. What do I get if I survive the policy term?
If you survive the policy term, then you are eligible to receive maturity benefits as explained in your policy document.
9. How can we retrieve policy status of SBI life insurance company?
By visiting the official website, choosing online services, and then selecting enrolled policies, you may find out the status of your SBI Life Insurance Plan policy.
10. How can we retrieve SBI life insurance company policy status offline?
By calling the SBI Life Insurance Company's customer service and giving them the necessary information, you can find out your policy status.
11. What are the various premium payment modes available with SBI Life Insurance Plans?
SBI Life Insurance Plans are available to customers via flexible premium payment services at single, regular, half-yearly, and yearly premiums payments making it easier for customers to purchase SBI Life Insurance Plans.
12. Can SBI Life Insurance Plan Premiums be paid online?
Yes, premium payment for SBI Life policy can be done online via the official website of SBI Life Insurance. Customers can click on the "login" section present on the top right corner of the website and go to the "Pay Premiums" section wherein the website will ask for your policy number and date of birth. Once you fill in the details, you can pay your premiums online and receive premium receipts.
Life Insurance Companies
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