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.

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.

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.