SBI Life Insurance
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SBI Life Insurance

SBI Life Insurance is a collaboration between the State Bank of India and French Financial Institution BNP Paribas Cardiff. SBI Life Insurance has a 55.50% stake in the company and BNP Paribas Cardiff owns a 0.22% stake including other investors.

Being one of the key players in the Indian Insurance Industry they have access to over 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 cater to individual customers' needs in every walk of life. SBI Life insurance has a varied product portfolio with traditional life insurance plans, child plans, pension plans, and savings plans, amongst others.

SBI Life Insurance with a claim settlement ratio of 93.09% 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 is amongst the most trusted insurance providers in India. With so many life insurance companies available in India, choosing the right insurance company can be a hectic task. It is important that you choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors of the insurance company such as claim settlement ratio, solvency ratio, annual premium, and operating network.

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 2.33 as per the IRDAI annual report 2020-21. 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 2020-21, the claim support of Bajaj Allianz Life Insurance is 93.09%.
  • Annual Premium
    As per the annual report of IRDAI 2020-21, the Annual premium of Bajaj Allianz Life Insurance is 50,254.17 Cr.
  • PAN India Presence
    SBI Life Insurance has a wide presence with over 40,000 partner branches and 970 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.
SBI Life Insurance Key Features

SBI Life Insurance Plans

SBI Life Insurance comes with several plans 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.

  1. SBI Life Online Plans

    SBI Life online Insurance Plans are hassle-free and can be bought directly through the website with minimal effort.

    Plan Entry Age Tenure Minimum Sum Assured
    SBI Life eShield Next Minimum Age:- 18 years
    Maximum Age:- 65 years
    5 years to whole life Rs. 50,00,000 (for online and web aggregators)
    Rs. 75,00,000 (for other channels)
    SBI Life eWealth Insurance Minimum Age:- 5 years
    Maximum Age:- 50 years
    10 to 30 years Annualized basic premium X 10
    SBI Life- Smart Platina Plus Minimum Age:- 30 days
    Maximum Age:- 60 years
    23 to 39 years Rs. 5,50,000
    SBI Life- Smart Annuity Plus Minimum Age:- 0 years
    Maximum Age:- 95 years
    N/A Annuity payout: - Rs. 1,000
    SBI Life-Saral Jeevan Bima Minimum Age:- 18 years
    Maximum Age:- 65 years
    5/10/15 to 40 Rs. 5,00,000
    SBI Life- Sampoorna Cancer Suraksha Minimum Age:-
    6 years (Child)
    18 years(Adult)
    Maximum Age:-
    17 years (Child)
    65 years
    5 to 30 years Rs. 10,00,000
    SBI Life- Smart Wealth Builder Minimum Age:- 2 years
    Maximum Age:- 55 years
    12 to 30 years 10 x Annualized premium
    SBI Life- Smart InsureWealth Plus Minimum Age:- 0 years
    Maximum Age:- 55 years
    10/15/20 and 25 years 10 x Annualized premium
    SBI Life- Smart Champ Insurance Minimum Age:- 21 years
    Maximum Age:- 50 years
    8 to 21 years Rs. 1,00,000
    SBI Life- New Smart Samriddhi Minimum Age:- 3 years
    Maximum Age:- 50 years
    12&15 years Rs. 63,500
  2. 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 Entry Age Tenure Minimum Sum Assured
    SBI Life- Smart Platina Assure Minimum Age:- 3 years
    Maximum Age:- 60 years
    12&15 years Rs. 2,40,000
    SBI Life- Smart Future Choices Minimum Age:- 18 years
    Maximum Age:- 50 years
    12/15/20/25 and 30 years Rs. 6,55,000
    SBI Life- Shubh Nivesh Minimum Age:- 18 years
    Maximum Age:- 60 years
    5/10/15 and 30 years Rs. 75,000
    SBI Life- Smart Bachat Minimum Age:- 6 years
    Maximum Age:- 50 years
    12/15/20 and 25 years Rs. 1,00,000
    SBI Life- Smart Humsafar Minimum Age:- 18 years
    Maximum Age:- 46 years
    10 to 30 years Rs. 1,00,000
    SBI Life- Smart Sawdhan Plus Minimum Age:- 18 years
    Maximum Age:- 65 years
    10 to 30 years Rs. 5,00,000
    SBI Life- Saral Sawdhan + Minimum Age:- 18 years
    Maximum Age:- 55 years
    10 to 15 years Rs. 30,000
  3. SBI Life Term Insurance Plan

    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 Entry Age Tenure Minimum Sum Assured
    SBI Life Arogya Shield Minimum Age:- 91 days
    Maximum Age:- 18 years
    1/2/3/5 to 40 years Rs. 1,00,000
    SBI Life Smart Shield Minimum Age:- 18 years
    Maximum Age:- 60 years
    5 to 80 years Rs. 25,00,000
    SBI Life- Grameen Bima Minimum Age:- 18 years
    Maximum Age:- 50 years
    5 years Rs. 10,000
  4. SBI Life ULIP Plans

    SBI Life ULIP Plans offer life insurance coverage along with disciplined savings, and wealth creation with the flexibility of Systematic Monthly Withdrawal.

    Plan Entry Age Tenure Minimum Sum Assured
    SBI Life- Smart InsureWealth Plus Minimum Age:- 0 years
    Maximum Age:- 55 years
    10/15/20 and 25 years 10 x Annualized premium
    SBI Life- Saral InsureWealth Plus Minimum Age:- 0 years
    Maximum Age:- 55 years
    10/15/20 and 25 years 10 x Annualized premium
    SBI Life- Smart Wealth Assure Minimum Age:- 8 years
    Maximum Age:- 60 years
    10 to 30 years 1.25 x Single premium
    SBI Life- Smart Power Insurance Minimum Age:- 18 years
    Maximum Age:- 45 years
    10 to 30 years Annualized premium x 10
    SBI Life- Smart Elite Minimum Age:- 18 years
    Maximum Age:- 60 years
    10/12/15 to 30 years 7 x Single premium
    SBI Life- Smart Privilege Minimum Age:- 8 years
    Maximum Age:- 55 years
    5/10 to 30 years 7 x Single premium
  5. SBI Life Retirement Plans

    SBI Life Retirement Plans offer stable and stress-free second innings of life to the insured individual with guaranteed annuity benefits.

    Plan Entry Age Tenure Minimum Sum Assured
    SBI Life- Saral Retirement Saver Minimum Age:- 18 years
    Maximum Age:- 65 years
    5/10 to 40 years Rs. 1,00,000
    SBI Life- Saral Pension Minimum Age:- 40 years
    Maximum Age:- 80 years
    N/A Rs. 1,000 (Annuity)
    SBI Life- Smart Annuity Plus Minimum Age:- 0 years
    Maximum Age:- 95 years
    1 to 10 years (Deferment period) Rs. 1,000 (Annuity)
    SBI Life- Retire Smart Plus Minimum Age:- 20 years
    Maximum Age:- 60 years
    5/15/20 to 35 years N/A
    SBI Life- Retire Smart Minimum Age:- 30 years
    Maximum Age:- 70 years
    10 to 35 years N/A
  6. SBI Life Child Plans

    Secure your child's future and fulfill their aspirations with SBI Life Child Plans.

    Plan Entry Age Tenure Minimum Sum Assured
    SBI Life- Smart Champ Insurance Child:-
    Minimum Age:- 0 years
    Maximum Age:- 13 years
    Minimum Age:- 21 years
    Maximum Age:- 50 years
    8 to 21 years Rs. 1,00,000
    SBI Life- Smart Scholar Child:-
    Minimum Age:- 0 years
    Maximum Age:- 17 years
    Minimum Age:- 18 years
    Maximum Age:- 57 years
    8 to 25 years 1.25 x Single Premium
  7. SBI Life Investment Plans

    SBI Life Investment plans offer dual benefits of regular income and security for your family.

    Plan Entry Age Tenure Minimum Sum Assured
    SBI Life- Smart Money Back Gold Minimum Age:- 14 years
    Maximum Age:- 55 years
    15/20/25 years Rs. 2,00,000
    SBI Life- Smart Money Planner Minimum Age:- 18 years
    Maximum Age:- 60 years
    15/20/25 years Rs. 1,00,000
    SBI Life- Smart Income Protect Minimum Age:- 11 years
    Maximum Age:- 58 years
    7/12/15 years Rs. 1,00,000

Life Insurance Companies

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

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 Contact SBI Life Insurance Company?

SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706.

info@sbilife.co.in

Toll-Free Number: 1800 267 9090 (Available from 9:00 am to 9:00 pm IST)

Life Insurance Articles

SBI Life Insurance: FAQs

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.

11. 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.

12. Will my policy premium amount increase after I purchase the policy?

No, they remain constant throughout the term of the policy.

13. What do I do if I misplace my policy?

In case of such an emergency, you can apply for a duplicate policy document.

14. 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.

15. 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.

What Our Customers Have to Say

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Priya Sharma

Jaipur

December 14, 2022

PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them

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Somesh

Agra

December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

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Prerna Kumari

Mumbai

July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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Priya Sangwan

Mumbai

July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

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Vipul Bhardwaj

Coimbatore

June 9, 2022

Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.