SBI Term Insurance
SBI Life Insurance Company Limited is one of the leading and most trusted names in the life insurance industry of India. The company is a joint venture between the State Bank of India and BNP Paribas Cardif. It was founded in October 2000 and received its recognition from the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. The company has a reputation for serving millions of families across India with its diverse range of insurance products that include protection, pension, savings, and health solutions. Driven by a customer-centric approach, the company makes sure to provide a hassle-free claim settlement experience to its customers and come out with plans that are affordable and within the reach of a common man.
To make its service accessible to all, the SBI life insurance company operates an extensive presence across the country through its 947 offices, 17,466 employees, 28,000+ partner branches, 111 brokers, 1,69,006 individual agents and 57 corporate agents. The company has maintained a record of receiving several awards and recognitions ever since its inception. Given below is a list of a few key rewards achieved by the company in the last 2 years. Read along to find out.
- Gold Award under the category, 'Life Insurance Provider of the Year' (in the Private Sector) by the Outlook Money Awards in 2019.
- VCCircle Award under the category 'Financial Services Company of the Year' in the year 2020.
- Company Performance Award under the category 'India's Leading Life Insurance Company - Private' at the BFSI Summit & Awards by Dun & Bradstreet in the year 2020.
- Gold Shield award 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 2019
- Best Life Insurance Company Award at ICC Emerging Asia Insurance Conclave & Awards 2019.
- Gold Award in the 'Best Content Marketing Launch (National)' Foxglove Awards in 2019.
- Silver Award in the 'Best Brand Film: BFSI' Category at the Indian Television BrandVid Awards 2019.
Key Features Of SBI Life Insurance Company
As per IRDAI’s report of 2019-20, there are 24 Term Insurance companies in India. Given such a plethora of insurance providers and products available in the market, selecting an ideal insurer and plan for yourself often becomes a daunting task. So, to help you select a suitable insurance company, our team at PolicyX.com analyzed all these 24 insurance companies and came up with a list of few top term insurance companies in India.
Though there is no industry standard for ranking the term insurance companies, we can still evaluate these companies based on their annual premium and claim settlement ratio to get an idea about their financial soundness and claim support service. And after doing this evaluation, it was found that SBI Life Insurance ranks at the 3rd top position in terms of its annual premium and claim settlement service.
SBI offers a diverse range of SBI life insurance term plans that cater to the different needs of people including individuals as well as group customers and provides them with several useful features and benefits. The company commits to maintaining high standards of customer satisfaction along with world-class operating efficiency.
Given below are a few highlights of the key features of SBI Life Insurance Company. Let's have a look at them:
| Annual premium (2019-20) | Rs. 16,592.49 crores |
| Market share | 6.4% |
| Claim settlement ratio (2019-20) | 94.52% |
| Solvency ratio | 2.15 |
| No. of offices | 947 |
Given below is a detailed explanation of these features. Read along to find out.
The financial background and business reputation of any insurance company can be determined by its market share. In the case of 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. By offering a comprehensive range of life insurance and pension products to both individual and group consumers, the company can maintain a good reputation and increasing growth in the market. The graph given below highlights the increase in the amount of annual premium of SBI Life Insurance over the past four years.
Annual Premium of SBI Life Insurance Company
From the graph given above, it can be easily noted that the annual premium of SBI Life insurance has increased at a rising rate from 2016 to 2020. To get a more clear picture of SBI Life's performance over the past few years, we can compare its market share with other insurance companies in the industry. Hence for your understanding, we have prepared a pie chart that shows a comparison between the market share of the top 5 private sector term insurance companies based on their annual premium and claim settlement ratio. According to this pie-chart, SBI Life insurance commands a market share of 20% in comparison to other players in the market. Please note that the market share in the pie chart is calculated only for the private sector insurers and LIC, the public sector company is excluded from this calculation.
Market Share of Private Term Insurance Companies
*Data sourced from IRDAI's annual report of 2019-20.
2 Claim Settlement Ratio
The main idea behind purchasing a term insurance plan is to make sure that your beneficiaries are able to claim the coverage amount in case of your unfortunate demise. 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 stood at 94.52% in the financial year 2019-20. The company recorded the highest CSR of 99.35% during the year 2017-18.
3 Solvency Ratio
The solvency ratio works as a very useful parameter for determining the financial trustworthiness of an insurance company. It helps in measuring the ability of the company to meet its long term debt obligations and other monetary commitments. As per IRDAI, all life insurance companies in India are obliged to maintain a solvency ratio of at least 1.5% and SBI Life Insurance has managed to maintain a solvency ratio of more than 1.5% over the past few years. At present, the solvency ratio of the company is 2.15%.
We've created a graph below that highlights the solvency ratio of SBI Life Insurance for the last 3 years. Refer to this chart to get a clearer understanding of the financial soundness of the company.
Solvency ratio of SBI Life Insurance Company
*Data sourced from IRDAI's annual report of 2017-18, 2018-19, and 2019-20
4 Operating Network
Another distinguishing feature of SBI Life Insurance is that the company operates a PAN India presence and has a wide operating and distribution network. At present, the company has 947 offices, 17,466 employees, a large and productive individual agent network of about 1,69,006 agents, 57 corporate agents, a widespread bancassurance network of 14 partners, more than 28,000 partner branches, 111 brokers and other insurance marketing firms.
Term Insurance Plans offered by SBI Life Insurance
There are 7 different types of SBI life term insurance plans being offered to keep your loved ones financially protected, even in unforeseen circumstances. All the SBI term plans are carefully designed to cater to the needs of a diverse range of people, coming from all segments of society.
Let's have a quick overview of the term insurance plans offered by SBI Life Insurance.
| S.No. | SBI Term Insurance Plans | Who Should buy? |
| 1 | SBI Life - Saral Jeevan Bima | This policy is suitable for people who are buying a term insurance plan for the first time and cannot devote much time and effort to understanding how a policy works. |
| 2 | SBI Life - eShield | The plan is designed for tech-savvy, educated, high net-worth individuals looking for pure protection cover to secure their family's future. Buying a term insurance plan is a crucial decision and that is why you must always select a plan after carefully analysing your as well as your family's needs. |
| 3 | SBI Life Poorna Suraksh | Individuals who are more prone to get diagnosed with any type of critical illness and want to protect the financial future of their family should consider opting for this plan. |
| 4 | SBI LIFE - Smart shield | This plan is designed for people who want to provide financial protection to their family with comprehensive coverage at an affordable cost. |
| 5 | SBI LIFE - Grameen Bima | The plan offers a significantly lowered premium amount and is suitable for customers coming from financially weaker segments of society. |
| 6 | SBI LIFE - Saral Swadhan+ | People who want to protect their family with the assured return of premiums should consider investing in this plan. |
| 7 | SBI LIFE - Smart Swadhan Plus | This plan is suitable for people who are interested in getting protection for their family at a nominal cost, with the added benefit of getting their premiums back. |
Now, let's study these plans in detail. Given below is a brief explanation of all the 7 SBI life term plans offered by the company.
SBI Life - Saral Jeevan Bima
SBI Life Saral Jeevan Bima is a standard, individual term life insurance plan. This plan is specially designed to suit the insurance needs of first-time buyers planning to invest in a simple plan and for people looking for pure protection cover.
Key Features of the plan
- The plan offers the benefit of selecting the premium payment term and frequency as per the convenience of the customer.
- With this plan, the policyholder can enjoy revival benefits if in case their policy has lapsed due to non-payment of the due premium amount.
- The plan also offers premium discounts on opting for a larger sum assured.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | 5 to 40 years |
| Premium Payment Options | Regular premium, limited premium (5 and 10 years), single premium |
| Sum Assured | Minimum: Rs. 5,00,000, Maximum: Rs. 25,00,000 |
SBI Life - eShield
SBI Life eShield is an individual insurance product that is designed to provide financial protection to the family members of the policyholder, after their unfortunate demise. This insurance policy is designed for people who are tech-savvy, educated, earn high net-worths and wish to invest in a plan that offers pure protection cover.
Key Features of the plan
- The plan is available within two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Customers can select protection cover as per their choice. However, the premium amount varies depending upon the option chosen.
- Policyholders can enhance their plan coverage with the help of two rider options- accidental death benefit rider and accidental total & permanent disability benefit rider.
- The plan also provides a discount on premiums to non-smokers.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: For Level Cover: 65 years, For Increasing Cover: 60 years |
| Policy Term | Minimum: For Level Cover: 5 years, For Increasing Cover: 10 years, Maximum: For Level Cover: 80 years less Age^ at Entry, For Increasing Cover: 75 years less Age^ at Entry |
| Premium Payment Options | Yearly, Half-yearly, Quarterly & Monthly |
| Sum Assured | Minimum: Rs. 35,00,000, Maximum: No Limit |
SBI LIFE - Poorna Suraksha
SBI Life Poorna Suraksha is a comprehensive term insurance plan that offers insurance coverage to the insured's family members if in case they die or gets diagnosed with any of the listed critical illnesses.
Key Features of the plan
- This plan has a unique 'Life-Stage Rebalancing' feature wherein the sum assured under life cover would reduce over the term whereas the critical illness cover would increase.
- The policyholder gets coverage against a range of 36 critical illnesses including serious diseases like heart attack, brain tumour, cancer, and kidney failure.
- The plan offers an in-built premium waiver benefit that waives all future premiums in case of the diagnosis of any of the covered critical illnesses.
- With this plan, the policyholder has to pay a fixed premium amount as the premium remains the same throughout the term of the policy.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | 10, 15, 20, 25, 30 Years |
| Premium Payment Options | Yearly, Half Yearly, and Monthly |
| Sum Assured | Minimum: Rs. 20 Lakh, Maximum: Rs. 2.5 crores |
SBI LIFE - Smart Shield
SBI Smart Shield is a traditional term insurance plan that provides helpful financial assistance to the family of the insured in case of their unfortunate demise. The plan offers a variety of features and benefits that are designed to help people protect their family's financial future at an affordable cost.
Key Features of the plan
- This policy is available within two plan options called Level Term Insurance and Increasing Term Assurance @ 5% Simple p.a.
- The plan offers two-rider benefits including accidental death benefit rider, and accidental total and permanent disability benefit rider.
- The premium discount is given to those who opt for a higher sum assured amount.
- Special rewards are provided for maintaining a healthy lifestyle.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 60 years |
| Policy Term | Minimum: 5 years, Maximum: 80 years less age at entry |
| Premium Payment Options | Quarterly, yearly, half-yearly, and monthly |
| Sum Assured | Minimum: Rs. 25 Lakh, Maximum: No limit |
SBI LIFE - Grameen Bima
SBI Life - Grameen Bima is a microinsurance life insurance product that is specially designed to provide financial security to the policyholder's family at reasonable costs.
Key Features of the plan
- The plan offers life cover with a one-time premium payment.
- The registration procedure for the plan is very simple and requires no prior medical examinations.
- The premium amount of the plan is significantly low and policyholders can choose from a range of premiums in multiples of Rs. 100.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 50 years |
| Policy Term | 5 years |
| Premium Payment Options | Single-Premium: One Time payment at the time of inception |
| Sum Assured | Minimum: Rs. 10,000, Maximum: Rs. 50,000 |
SBI LIFE - Saral Swadhan+
SBI Life - Saral Swadhan+ is a special type of term insurance product that comes with the feature of a return of premium. The plan offers a fixed life cover throughout the policy tenure along with a guaranteed maturity benefit.
Key Features of the plan
- The plan provides customers with the convenience to choose the cover and premium amount as per their needs.
- At the time of maturity, the policyholder will receive a guaranteed benefit of 100% or 115% of the total paid premium.
- In the event of the death of the insured during the policy tenure, the plan will pay the sum assured to the nominee/beneficiary.
- The plan adopts an easy enrolment process which is based on a simplified proposal form.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 55 years |
| Policy Term | Regular Premium: 10 years, Limited Premium: 15 years |
| Premium Payment Options | Quarterly, yearly, half-yearly, and monthly |
| Sum Assured | Minimum: Rs. 30,000, Maximum: Rs. 4,75,000 |
SBI LIFE - Smart Swadhan Plus
SBI Life Smart Swadhan plus is an individual insurance product that comes with a special return of premium option that helps the policyholder to get back all the total premiums paid by them during the tenure period, in the form of a lump sum amount.
Key Features of the plan
- Under this plan, the policyholder will receive 100% of the paid premium at the time of maturity.
- The plan offers the option to pay premiums through a single payment, for a limited period (5,10,15 years) and throughout the policy tenure.
- Customers can avail of discounts on premium rates if they opt for a high amount of sum assured.
Eligibility Criteria
| Age at Entry | Minimum: 18 years, Maximum: 65 years |
| Policy Term | Regular Premium: 10 years, Limited Premium: 30 years |
| Premium Payment Options | Quarterly, yearly, half-yearly, and monthly |
| Sum Assured | Minimum: Rs. 5,00,000, Maximum: No limit |
Exclusions of SBI Term Insurance Plans
There are some general exclusions against which the above-mentioned term insurance plans by the SBI Life Insurance company would not provide coverage. Let's have a look at them:
- Death due to self-inflicted injuries.
- Death due to any pre-existing or critical disease against which coverage is not provided in the policy document.
- Death due to intoxication (alcohol or drug overdose).
- Death by suicide (during the initial 12 months from issuance of the policy).
- Death resulting due to an act of criminal nature.
- Death due to natural calamity.
How To Buy SBI Term Insurance Plans?
As a customer, you have two options for buying an SBI Term insurance plan:
Official website of the SBI Life Insurance companyThird-party intermediaries like agents, brokers, and banks
Steps to buy from SBI Life Insurance Company
Before we step into the detailed buying process of SBI Life Insurance Company, it is important to note that the company provides online buying options only within 3 plans. These plans are SBI Life - Saral Jeevan Bima, SBI Life eShield and, SBI Life Poorna Suraksha.
To buy from the official website of SBI Life Insurance Company, follow the below-mentioned steps:
Once your payment is received by the company, it will share the policy documents on your registered mail Id and also send a hard copy of the same to your address.
To buy any other insurance plan that is not available online, you will have to visit the nearest SBI Life Insurance branch to invest in the same.
Claim Process of SBI Term Insurance
The nominee of the insured can file a claim for the policy upon the death of the policyholder. SBI Life Insurance offers a hassle-free and simple 3 step settlement claim process. Given below is a detailed explanation of these steps. Read along to find out.
1 Claim intimation
- The very first thing to do while filling a claim is to intimate the company immediately by filling an online claim form. To do this, you should visit the claims and maturity section on the company's website.
- Next, 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 at claims[at]sbilife[dot]co[dot]in (for death claim) and maturity[at]sbilife[dot]co[dot]in (for living benefit claims).
2 Document Submission
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 cancelled 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.
3 Claim Assessment
- 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?
Registered and Corporate Office Address
SBI Life Insurance Co. Ltd, Natraj, M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069.
CIN: L99999MH2000PLC129113
Contact Information
Toll-Free Number: 1800 267 9090 (Available from 9:00 am to 9:00 pm every day)
E-mail Address: info@sbilife.co.in
I have been using term insurance from SBI life company since last two years, and the service they provide me was very good, till now i have not face any issue in that