A guide to SBI Life Insurance company, their features, and achievements. Understand the various types of term insurance plans, exclusions, and buying process.
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SBI Life , one of the most trusted names in the insurance industry 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 has an authorized capital of Rs. 20 billion (US$260 million) and a paid-up capital of Rs. 10 billion (US$130 million). The AUM is Rs. 2,441.8 billion.
SBI Life's diverse range of products caters to individuals as well as group customers through 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.
SBI Life Term Insurance offers various life insurance products such as Term, Unit-Linked, Investment, Savings, Retirement, Child and Money-Back plans. In this article PolicyX has rounded up all the term plans offered by SBI Life, read further to select the best one for you.
SBI life insurance company operates with 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.
As per IRDAI's report of 2020-21, there are 24 Term Insurance Companies in India. The multiple insurance providers and products may make the task of choosing the right company and term plan a daunting task and this is where PolicyX helps you make the right choice and offer you updated information helping you in making your financial decisions.
SBI offers a diverse range of insurance term plans that cater to the different needs of people including individuals as well as group customers. The company commits to maintain 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 (2020-21) | Rs. 50,254.17 crores |
Market share | 6.4% |
Claim settlement ratio (2020-21) | 93.09% |
Solvency ratio | 2.33 |
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. It is the number of claims paid against the number of claims filed - the higher the ratio, the better for the insurer. As per the IRDAI report of 2020-21the claim settlement ratio of SBI Life Insurance stood at 93.09%in the financial year 2020-21.
The solvency ratio is one of the various important factors one should consider while buying an insurance policy. Insurers receive hundreds of claims from their customers regularly. To process all these claims and pay the monetary benefit to the beneficiaries, the company needs to be financially stable and have adequate funds. The solvency ratio is a simple indicator to know how good or bad the financial strength of an insurer is. An insurer with a high solvency ratio has more chances of fulfilling its commitment of paying your beneficiary the sum assured in case of your demise. 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 2.33.
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
There are 8 different types of SBI life term insurance plans 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 SBI term plans to understand who all should buy these plans and why.
S.No. | SBI Term Insurance Plans | Who Should buy? |
1 | Arogya Shield- Health plus life combi plan | This plan offers dual benefits of health insurance and pure term life insurance in a single plan which will protect you and your family and provide financial Suraksha for your dear ones even when you are not around. |
2 | SBI Life - Saral Jeevan Bima | This SBI term plan 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. |
3 | SBI Life- e shield next | A plan for those who want to give a boost to their financial immunity. It is a new age protection plan, thoughtfully crafted for you to meet not only your present requirements but also take care of your changing responsibilities as life goes along. |
4 | 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 SBI life term plan. |
5 | SBI LIFE - Smart shield | This plan is designed for people who want to provide financial protection to their families with comprehensive coverage at an affordable cost. |
6 | SBI LIFE - Grameen Bima | The plan offers a significantly lowered premium amount and is suitable for customers coming from financially weaker segments of society. |
7 | SBI LIFE - Saral Swadhan+ | People who want to protect their families with the assured return of premiums should consider investing in this plan. |
8 | SBI LIFE - Smart Swadhan Plus | This SBI life term 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. |
Let us understand these 8 plans in a little more detail.
Arogya Shield, is an insurance product that will offer you a dual benefit of health insurance and pure term life insurance in a single plan which will protect you and your family and provide financial support for your dear ones, even when you are not around.
Key Features of the Plan
Eligibility Criteria
Age at Entry | Minimum: 18 years, Maximum: 65 years |
Policy Term | 5 to 40 years |
Premium Payment Options | Regular premium, annual premium |
Sum Assured | Minimum: Rs. 5,00,000, Maximum: Rs. 25,00,000 |
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
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 |
It is a newly launched plan by SBI and is considered to be the "new age" plan as it can be customized to the ever-changing needs of an individual's life. It has been thoughtfully crafted for everyone to meet not only your present requirements but also take care of your changing responsibilities as life goes along.
Key Features of the Plan
Eligibility Criteria
Age at Entry | Minimum: For Whole Life: 45 years For Other than Whole Life: 18 years Maximum: For Level Cover, Increasing Cover Benefit & Level Cover with Future-Proofing Benefit: Single Premium & LPPT: 65 years Regular Premium: 60 years For Better Half Benefit: 55 years |
Policy Term | 5 to 85 years |
Premium Payment Options | Single, Yearly, Half-yearly & Monthly |
Sum Assured | Minimum: Rs.50,00,000, Maximum: Rs. 99,00,000 |
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
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 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
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 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
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+ 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
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 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
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 |
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:
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.
Follow the below steps to buy SBI Life Term Insurance from the company's official website.
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 SBI term insurance plans. These plans are SBI Life - Saral Jeevan Bima, SBI Life eShield and, SBI Life Poorna Suraksha.
To buy SBI life term plans 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 SBI term insurance 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.
While purchasing SBI Term Plan, one should always keep the below-mentioned documents handy for hassle free buying experience:
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.
You will be required to submit a few necessary documents while filing for a claim. Here is a list of some of these documents
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.
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
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As per the IRDAI report of 2019-20, SBI Life Insurance Company had a claim settlement ratio of 96.47%.
For the claims where no investigation is required: 30 days after all the related documents are deposited.
For the claims where further investigation is compulsory: 90 days starting from the date of claim intimation and 30 days for the claim settlement following the receipt of all necessary documents.
15 days is the free look period for all SBI term insurance plans, however for the policies bought through distant marketing, the free look period is 30 days.
Once the payment is made and policy is issued, the company will provide you with periodic intimations on your registered mobile number and email id on the occurrence of the following event:
SBI Life offers the flexibility of changing the nominee name by submitting the 'Change in Nomination Form' which is available on the company's website. The form should be then submitted at the nearest SBI Life branch.
To renew your SBI life insurance plan, the process is quite simple. You have to just log in to your account, click on the 'Renew policy' option and make the required premium payment. You can also renew your policy by visiting the nearest branch or through an SMS.
You can check and track your SBI term insurance policy online. Log in to your "MyPolicy" account through Customer Self Service and click on the tab 'Tracking your proposal'. Enter the required details and your application details will be provided.
An insurance rider offers additional insurance coverage that can be added to your base policy by paying an extra premium. SBI term plan offers riders that will enhance your coverage. The riders available are Critical Illness cover, Accidental Death Benefit Cover, and Permanent Disability Cover.
Yes, you can. SBI Life Term Plan allows minor nominees. However, an appointee, who is an adult has to be provided for the minor nominee.
The company offers a grace period of 30 days from the premium due date for yearly, half-yearly, and quarterly mode of premium and 15 days for monthly mode of premium. During this period, one can pay their due premium.
Yes. Sections 80C, 80D, and 10(10D) of the Income Tax Act of 1961 provide for tax deductions on premiums paid for SBI term Insurance.
A birth certificate, Matriculation certificate, or the Latest medical report can also be used as an "Age-proof".
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October 4, 2021
Munmum Pathak
PuneSeptember 30, 2021
Rahul Kakoti
AllahabadSBI 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
Chandigarhamaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all
September 28, 2021
Himanta Biswa
Mysoretruly 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
Bengaluruvery good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !
Last Updated on April, 2022
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