The Claim Settlement Ratio of term insurance is mentioned as ...Read More
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. ...Read Less
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Himanshu is a content marketer with 2 years of experience in the life insurance sector. His motto is to make life insurance topics simple and easy to understand yet one level deeper for our readers.
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Updated on Mar 10, 2026 4 min read
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.
Speaking of the claim settlement process of term insurance, SBI Term Insurance has a customer-friendly, fast and hassle-free claim settlement process. SBI term plan has acclaimed a claim settlement ratio of 98.39% for the FY 2022-23. SBI Life Term Insurance Company makes sure that the claim settling process is quick and easy.
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 documents required for the insurance policy. Policyholders can even mail the form duly filled along with the term insurance documents required on the official Email address of SBI Life Insurance.
Step 2: Document Submission
The policyholder has to submit the documents required for the term insurance claim 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.
For policy issuance, SBI Life gives customers the option: Do you wish to avail the physical policy document or go paperless with a digital copy. This enhances convenience while maintaining transparency.
SBI Life Insurance holds an impressive Claim Settlement Ratio of 98.39% and is known for its 3 steps and seamless claim settlement process. They understand that a more straightforward process and instant claim settlement are essential for life insurance claims.
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SBI Term Insurance | Best Life Insurance Policy In India
A policyholder can make any number of claims in a policy tenure but it should not exceed the amount of sum assured.
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.
Some common claim documents include original policy documents, death certificates, hospital records, photo identification & address proof of the claimant.
Typically, all valid claims are to be settled within 30 days after receiving all necessary documents related to the claim
You can check your claim status online through their official website or contact their customer representative by dialing 9250001848 from your registered mobile number.
Max Life and SBI Life are both reliable insurers, but the better option depends on your needs. Max Life is recognized for its high claim settlement ratios, competitive premiums, excellent customer service, and appeal to value-conscious consumers. SBI Life, on the other hand, provides robust distribution, a wide product variety, and a government-backed trust, making it best for buyers. Comparing advantages, features, premium affordability, and long-term agility will help decide which insurance would be best for you.
Yes, you can surrender and withdraw an SBI Life Insurance policy, subject to some terms and conditions. Most conventional and UIP policies get a surrender value after the lock-in period, which is five years. After surrendering, you receive either the guaranteed surrender value for traditional plans or the fund value for the ULIPs.
To purchase a term insurance policy, you basically need age proof (school certificate, birth certificate, Passport), address proof (Adhaar, Passport, Utility bills), income proof (IT returns, salary slips, bank statements), and passport-sized photographs. During the claim, nominees have to submit the policy document, death certificate, and claim form.
To purchase a term insurance policy, you basically need age proof (school certificate, birth certificate, Passport), address proof (Adhaar, Passport, Utility bills), income proof (IT returns, salary slips, bank statements), and passport-sized photographs. During the claim, nominees have to submit the policy document, death certificate, and claim form.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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February 5, 2023
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