Founded in 2001, SBI Life Is a joint venture between the State Bank of India and French Financial Institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake including other investors.
SBI Life insurance has a varied product portfolio with traditional life insurance plans, child plans, pension plans, and savings plans, amongst others.
Being one of the key players in the Indian Insurance Industry they have access to more than 100 million accounts throughout India and offer products and services to people of all economic strata in the country. SBI Life Insurance products and policies are designed to cater to the needs of individual customers in every walk of life.
SBI Life Awards & Achievements
Let us explore some of the recent achievements of SBI Life Insurance:
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 you 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 such as Annual Premium, Claim Settlement Ratio, Solvency Ratio etc. that should be considered while selecting a company. 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 SBI Life Insurance Annual Premium
With the wide range of life insurance products available, the company caters to the needs of every individual from every walk of life. As per the IRDAI report 2020-21, SBI Life Insurance recorded an annual premium of Rs. 50,254.17 Crores.
The Graph below shows the Annual Premium of SBI Life Insurance over the past 3 years.
As per the insurance experts, the solvency ratio of the company helps an individual 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.
The solvency ratio of SBI Life Insurance company for 2020-21 is 2.33.
You can take a look at the below graph, depicting its solvency ratio for the last three years.
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 2020-21, the claim settlement ratio of SBI Life Insurance was 93.05, 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 Insurance Company
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, and 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 their family. SBI Life Insurance Plans are designed in such a way that they ensure all your insurance needs are looked after. 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 SBI Life Insurance Plans offered by the company under different categories:
Product Categories
Names of Plans
Protection Plan
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 SBI Life Arogya Shield SBI Life eShield Next
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 Plus 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 SBI Life Saral Retirement Saver
Money-Back/Income Plan
SBI Life Smart Money Back Gold SBI Life Smart Money Planner SBI Life Smart Income Protect
SBI Life Insurance Premium Illustration
Knowing in advance how much you are required to pay for your policy can be very helpful. Not only it helps you in making a budget but also helps you to compare with other plans. SBI Life Premiums are affordable and ensure that you get maximum coverage with less burden on your pocket.
To get an understanding of SBI Life premium payable under SBI Life insurance plans, take a look at the below illustration:
Suppose, Mr A. a 30 year old individual wants to buy SBI Life Smart Shield. Let us see how his premium will vary in different situations:
Plan Option**
25L
50L
75L
Level Term Assurance
14,628
26,330
39,495
Increasing Term Assurance
15,415
27,747
41,621
Note: The above SBI Life Insurance premium is calculated with a policy term of 5 years, & a single premium frequency.
How To File A Claim For SBI Life Insurance?
SBI LIfe Insurance company ensures a hassle-free death (including rider claim) and maturity claim process. With a claim settlement ratio of 94.52** SBI Life Insurance makes sure that you & your family can easily get their claims settled. For the same, you just have to follow the below-mentioned steps
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.
Online Process:
For your convenience, the company offers SBI Life online claim submission process. Below mentioned is the process for online claim submission. Take a look:
Visit the official website of SBI Life Insurance.
Take your cursor to the tab "Services for existing customers".
Click on the "Claims & Maturity tab".
Under claim intimation, you have to submit the policy number, date of birth, & claim type. Enter the captcha code and submit.
After submitting the claim form along with all the necessary documents, the company will verify the details. It will share the approval or rejection letter with you through email or message.
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 SBI Life Insurance Claim
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
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)
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.
6. I have lost/misplaced my original SBI Life Insurance Policy documents. What am I supposed to do now?
In case the original SBI Life Insurance Policy documents are misplaced or lost, inform SBI Life Insurance company. You can request for a duplicate policy paper if you lose your insurance policy.
You must pay the document preparation fees and sign an indemnification agreement. If the policy's value is significant, you may be requested to furnish a guarantor in addition to the indemnity.
7. I want to change my nominee for my SBI Life Policy. Can I do that?
Yes, you have the option to modify your nomination. Change in Nomination Forms can be submitted to us at any SBI Life branch or the Central Processing Centre.
8. 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.
9. 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.
10. 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.
Find Out What Customers Are Saying
(Showing latest 5 reviews only)
- 4.8/5 (28 Total Rating)
October 4, 2021
Munmum Pathak
Pune
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
Allahabad
SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy
September 28, 2021
Guni Das
Chandigarh
amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all
September 28, 2021
Himanta Biswa
Mysore
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
Bengaluru
very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !
I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth