SBI Life Insurance
  • 24*7 customer assistance
  • Customization of plans available
  • Reliable claim settlement ratio
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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. 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 Company ensures to look after your insurance needs by offering:

why-choose
  • Wide range of plans

  • Reliability and trust

  • Ease of purchase

  • Tax benefits

  • Affordable insurance plans

Key highlights of SBI Life Insurance

To get more insight into SBI Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

SBI Life Insurance has a Solvency Ratio of 2.2 as per the IRDAI annual report 2022-23. 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.

Best Selling SBI Life Insurance Plans

To cater to the dynamic insurance needs of an individual and their family, SBI Life Insurance comes with a range of plans. This allows their customers to choose an ideal plan for themselves. The company ensures to offer a plan for everyone.

  1. Bajaj Allianz Savings Plan

    Plan Entry Age Tenure Minimum Sum Assured Unique Features
    SBI Life Smart Flexi Term Plus Minimum Age - 18 years Maximum Age - 60 years
    10 times annual premium 10 times annual premium
    • Partial Withdrawal
    • Guranteed Death Benefit
    • Maturity Benefit

Features of SBI Life Insurance

There are various features of SBI Life Insurance Plans. Let's understand each of them in detail:

  • Choice of plan variants  Various SBI Life insurance plans offer you different plan variants, you can choose any specific variant that fulfills your requirement.
  • Special premium rates for women or non-smokers  SBI Life Insurance plans offer special discounts for women and non-smokers. You can avail of this discount while paying first-year premiums.
  • Choice of sum assured  With SBI Life Insurance, you have the option to choose the sum assured as per your requirement.
  • Multiple Premium payment modes  SBI Life Insurance offers multiple premium payment modes to cater to the diverse needs of every unique individual.

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SBI Life Insurance Life Plan

SBI Life Flexi Smart Plus is a non-linked life insurance plan    This plan offers the required comprehensive life insurance cover along with...

Unique Features

  • Offers Surrender Benefit
  • Tax Benefits Available
  • 100% Guaranteed Returns

SBI Life Smart Flexi Term Plus (Pros)

SBI Life Smart Flexi Term Plus
  • Guaranteed Bonus
  • Partial Withdrawls
  • Interim Bonus

SBI Life Smart Flexi Term Plus (Cons)

SBI Life Smart Flexi Term Plus
  • No Policy Loan
  • Funds to invest
  • Spouse cover

SBI Life Smart Flexi Term Plus (Other Benefits)

SBI Life Smart Flexi Term Plus
  • Death Benefit
  • Maturity Benefit
  • Tax Benefit

SBI Life Smart Flexi Term Plus (Eligibility Criteria)

SBI Life Smart Flexi Term Plus
  • Minimum entry age-18 years
  • Maximum entry age-60 years
  • Minimum policy term- 5 years
  • Maximum policy term-30 years
  • Maximum sum assured- Rs. 50
  • 000

Benefits of SBI Life Insurance Plans

There are multiple benefits of SBI Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.

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 protect 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 the 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 offer 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.

Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

Rider Benefits You Can Avail With SBI Life Insurance Plans

Here are the rider options you can avail with SBI Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

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.

Maternity Benefit Rider

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.

Maternity Benefit 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.

Documents Required to Purchase SBI life insurance Life Insurance Policy

Here is the list of documents required to buy SBI Life Insurance Plans:

Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

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.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the official website of SBI Life Insurance.

  • Step 2

    Choose the category of plan on the navigation bar that you want to purchase.

  • Step 3

    Click on the 'Request a call' button present at the bottom of each plan page.

  • Step 4

    Select policy tenure and fill out all the mandatory details.

  • Step 5

    Make payment through any of the available payment modes. Once the payment is made, you will get a payment confirmation at your registered email address.

Why Choose PolicyX.com?

Don't just take our word for it - check out what our happy customers say about us!

All my claims were rejected for 3 years. Then, I received a text from PolicyX team, who noticed that my claims hadn't been settled. They managed to get my claims settled, totalling ₹4.5 L. I really appreciate the efforts of the PolicyX advisors for their support in settling my claims.

Ravindra Singh

I highly appreciate the help of the PolicyX team for settling my claim of Rs. 5 Lakhs with zero deductions. I took a policy online from them in March 2024. As a customer, it's been a great experience throughout the process.

Priti varshney

I'm very satisfied because my claim of over ₹2 L has been settled as a result of your team effort. However, I was very upset with the insurer, who delayed the claim for almost 2 months. But with your support and interaction, the claim was settled within 30 days & I appreciate it a lot.

Nisha Mary

I bought my health policy from PolicyX, and so far, it's been a very pleasant experience with the team. I really appreciate the help for renewing my health policy. I look forward to continuing my relationship with PolicyX and recommend it to everyone.

Ajay Shah

PolicyX has been a savior during a medical emergency in my family recently. My wife was admitted in the hospital, and the insurance company declined my claim request. The PolicyX team handled the situation very well and I received the claim right on time.

Vijay Rathod

I purchased a health plan for the very first time and the support by PolicyX is commendable. They helped me with the paperwork, explained the policy details to me with patience and supported me at every step of policy buying. A big thanks to you guys.

Uma Mahajan

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at SBI Life Insurance involves the following three steps:

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to SBI Life at claims@SBILife.com, calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.

Your Occupation
2

Document Submission

You have to submit the necessary documents requested by the insurer to process the claim. In case of natural death: death claim form, death certificate, original policy documents, claimant's identity & residence Proof, medical records, and account details of the nominee. In case of an accidental death: same documents with two additional ones, FIR and post-mortem report.

Your Occupation
3

Claim Settlement

After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.

Offline Process

SBI Life insurance claim settlement procedure can be reported by visiting the local SBI Life Branch Office. For the details of SBI Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.

Your Occupation

Exclusions of SBI Life Insurance Plans

  • Death due to a pandemic such as COVID-19 or ebola will not 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 that isn't mentioned during the start of the policy.
  • 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. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

In conclusion, SBI Life Insurance offers a range of life insurance plans to meet the financial needs of every unique customer in India. customers. With its PAN India presence SBI life insurance could be the best life insurance policy for you. For more info related to SBI Life Insurance, you can contact Policyx.com 24/7. Our trusted insurance advisors listen to your every unique problem and suggest the best possible solution for you.

Life Insurance

More Queries?

If you have any more queries regarding SBI Life Insurance Plans, Renewals, or Claim Procedures, contact our insurance experts at:
1800-4200-269 now!

SBI Life Insurance: FAQs

1. My son is 15 years old. Can I make him a nominee for 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 canceled 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 the policy status of the 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 premium 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 the SBI Life policy can be done online via the official website of SBI Life Insurance. Customers can click on the "login" section present in 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

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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Himanshu Kumar

Written By: Himanshu Kumar

Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.