SBI Claim Settlement Ratio
  • CSR of the Company
  • Types of claims
  • Claim Filing Process
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SBI Term Insurance Claim Settlement Ratio

The Claim Settlement Ratio of term insurance is mentioned as “the number of claims settled by a company divided by the total number of claims reported by the claimants, in a given financial year”. The claim settlement ratio is expressed in the form of percentages, which is very helpful for comparing the claim settlement data, across all the insurance companies present in the Indian market. A person must consider taking a term plan from the company, with a good claim settlement percentage, because if it is not a good number, then the entire point of taking a term plan is defeated. The process of Claim settlement of term insurance must be minimal and less time taking.

Other Term Insurance Claim Settlement Ratio

Claim Settlement Ratio of SBI Life Insurance Company:

Speaking of the claim settlement process of term insurance, SBI Life Insurance has a customer-friendly, fast and hassle-free claim settlement process. SBI term plan has acclaimed a claim settlement ratio of 94.52% for the FY 2021-22. SBI Life Insurance Company makes sure that the claim settling process is quick and easy.

Other Term Insurance Companies

SBI Term Insurance Claim Settlement Process:

SBI Life insurance follows a simple 3-step process designed for the ease of the customer. Let’s have a brief look at the process as follows:

Step 1: Claim Intimation
To inform the insurance company about the claim, the policyholder has to file the claim online on the SBI Life Insurance website, fill out the claim form and submit it along with all the required documents. Policyholders can even mail the form duly filled along with the documents required on the official Email address of SBI Life Insurance.

Step 2: Document Submission
The policyholder has to submit the required documents at the nearest SBI Life Insurance branch. Detailed information about documents to be submitted for each type of claim is listed on the company’s website.

Step 3: Decision and Settlement
Claims are assessed by SBI Term Insurance Team based on the documents that are submitted and the information that the policyholder has provided to SBI Life in the claim proposal form. Once the claim decision has been made by the company, the amount will be paid to the policyholder as per the terms and conditions of the policy tenure.

Term Insurance Articles

SBI Term Insurance Claim Settlement Ratio: FAQs

1. How much time does it take to settle an SBI Term Insurance Claim?

The claim will be decided and settled by SBI Term Insurance Claim Team within 30 working days of receiving the form along with the required documents.

2. What is the maximum number of claims a policyholder can make in a policy tenure?

A policyholder can make any number of claims in a policy tenure but it should not exceed the amount of sum assured.

3. After the SBI Term Insurance Claim is settled, who receives the claim benefit?

The claim benefit is received by the nominee who is appointed when the customers purchase the insurance policy, the policyholder assigns the person in whose favor the policy has been assigned.

SBI Term Insurance Reviews

Read what our customers have to say about SBI term insurance company

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Munmum Pathak

Pune

October 4, 2021

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

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Rahul Kakoti

Allahabad

September 30, 2021

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

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Guni Das

Chandigarh

September 28, 2021

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

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Himanta Biswa

Mysore

September 28, 2021

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!...

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Salman A

Bengaluru

September 27, 2021

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

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Jayesh

Gurgaon

September 22, 2021

the reputation of the company got me to approach SBI ...I bought a life plan and added riders etc ...so pretty sure its good enough coverage

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Krutika Kalra

Jaipur

September 21, 2021

buyed my 1st plan from sbi ...took help from policyx who guide me to this ! so so pleased !very happy

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Girish Saikia

Mumbai

September 20, 2021

very healthy discussion I did with policyx.com...i only wanted to buy SBI life plan so when I told them they helped me customize a good policy that I hope will be helpful

View All Sbi Term Insurance Reviews

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.