SBI Claim Settlement Ratio
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  • 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.

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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Sneha Nath


March 28, 2024

I would like to inform you that my maturity claims have been settled by SBI Life Insurance on 04.15.2024 and thanks all of you for helping me throughout the claim process.

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kartik saxena


March 18, 2024

I had to add some riders to my Sbi life insurance, team helps to me to understand which rider is more important and which is not. Resulting helps me to save lots of money. Happy with...

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Rakesh kumar


February 16, 2024

Great service! Quick claim processing for my sbi life insurance, Highly recommend for reliable insurance coverage at competitive rates.

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Priyanshu raghav


January 25, 2024

I wanted a term insurance plan that was not too expensive, and gave me just that. The website let me compare quotes from different companies, so I found a plan that fits my budget.

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Vidyut Sharma


October 4, 2023

Thanks to, I found an affordable SBI Term Insurance policy that fits my family s needs perfectly. The platform is easy to navigate, and their customer support is top-notch. Highly r...

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Vidisha Gupta


October 4, 2023 s comparison tool is a game-changer. I was able to assess multiple SBI Term Insurance plans and pick the one that suits my budget and requirements. The process was efficient, and I ...

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Veer Singh


October 4, 2023

I appreciate the transparency and honesty of They provided all the necessary information about SBI Term Insurance, including premiums and benefits. It helped me make an informed ch...

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Varsha Verma


October 4, 2023 simplified the process of getting SBI Term Insurance. Their website is user-friendly, and the policy details were explained clearly. I now have peace of mind knowing my family s fut...

View All Sbi Term Insurance Reviews

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of 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 Insurance Web Aggregator.