SBI Life Insurance

SBI Life Insurance Company is a joint venture between the largest state-owned bank, State Bank of India (SBI) and a French multinational bank and financial services company, BNP Paribas. SBI Life Insurance Company was founded in the year 2001 in the month of March. SBI Life is one the leading private life insurers in India. SBI offers a vast array of Term, Unit-Linked, Investment, Savings, Retirement, Child and Moneyback plans. Their mission is to emerge as the leading company that offers a comprehensive range of life insurance plans at affordable prices and ensures high standards of customer satisfaction.

SBI Life Insurance’s philosophy is based on the five core values of trustworthiness, ambition, innovation, dynamism and excellence. SBI Life Insurance provides best-in-class services to customers while ensuring commitment to ethical standards, professional integrity, corporate governance and regulatory compliance.

SBI Life Insurance has been awarded several times. “Life Insurer of the year 2019” by FICCI, “Best Life Insurance Company 2019” by Indian Chambers of Commerce, and “Smart Life Insurance Company 2019” by Economic Times are some of the awards of SBI.

Types of SBI Life Insurance Plans

SBI Life Insurance offers a comprehensive and a wide range of plans to choose from. Following are the types of life insurance plans offered by the insurance company:

• Term Insurance Plans: SBI Life offers 7 term insurance plans namely SBI Life eShield, SBI Life Saral Jeevan Bima, SBI Life Poorna Suraksha, SBI Life Smart Shield, SBI Life Smart Swadhan Plus, SBI Life Saral Swadhan+ and SBI Life Grameen Bima. SBI Life eShield provides life coverage, this plan has inbuilt accelerated terminal illness benefit. SBI Life Saral Jeevan Bima is a pure term plan that ensures your family has financial aid to overcome their financial needs in case of your unfortunate demise. SBI Life Poorna Suraksha offers auto rebalance of life cover and critical illness benefits at policy anniversary, this plan also comes with in-built critical illness benefit. SBI Life Smart Shield offers life cover at an affordable price, this term plan has two plan options. SBI Life Smart Swadhan Plus provides life cover along with guaranteed return of premium. SBI Life Saral Swadhan+ provides fixed life cover along with guaranteed return of premiums at the time of plan maturity. SBI Life Grameen Bima is a pure term, micro-insurance plan that helps you provide financial security for your family at reasonable costs while allowing you the option to choose your premium.
• Health Insurance Plans: SBI Life Insurance provides two health insurance plans, namely SBI Life Sampoorn Cancer Suraksha and Corona Rakshak Policy, SBI Life Insurance Company Ltd.
• Unit-Linked Insurance Plans: SBI Life Insurance offers several wealth creation plans namely SBI Life eWealth Insurance, SBI Life Smart InsureWealth Plus, SBI Life Saral InsureWealth Plus, SBI Life Smart Wealth Builder, SBI Life Smart Wealth Assure, SBI Life Smart Power Insurance, SBI Life Smart Elite, and SBI Life Smart Privilege. These plans serve the purpose of insurance as well as investment.
• Savings Plans: SBI Life Insurance offers six savings plans namely SBI Life Smart Platina Assure, SBI Life New Smart Samriddhi, SBI Smart Future Choices, SBI Life Shubh Nivesh, SBI Life Smart Bachat, and SBI Life Smart Humsafar. SBI Life insurance savings plans provide dual benefits of insurance cover and savings.
• Retirement Plans: SBI Life Insurance Insurance offers three Retirement Plans namely SBI Life Saral Pension, SBI Life Retire Smart, and SBI Life Annuity Plus. SBI Life Insurance retirement plans help you secure a regular source of income after retirement.
• Child Plans: SBI Life Insurance offers two child plans namely SBI Life Smart Champ Insurance and SBI Life Smart Scholar. These plans help in securing your child’s education needs and provide life cover for your child as well.
• Moneyback Plans: SBI Life Insurance offers three moneyback plans, namely SBI Life Smart Money Back Gold, SBI Life Smart Money Planner, and SBI Life Smart Income Protect. These plans help in ensuring a regular income while allowing financial security for loved ones at the same time.

Significant Facts About SBI Life Insurance

Before investing in SBI Life Insurance plans, it is a must for you to go through some of the key facts about SBI Life Insurance. So, here is a list of major facts about SBI Life Insurance that you should be aware of:

• SBI Life Insurance is one of the leading life insurance companies in India.
• All across India, SBI Life Insurance has 947 offices with 18,236 employees.
• SBI Life Insurance has a large and productive individual agent network comprising about 143,232 agents and 60 corporate agents.
• SBI Life Insurance has a wide bancassurance network of 14 partners.
• SBI Life Insurance has more than 27,000 partner branches. It also has 108 brokers and different other insurance marketing firms.
• In 2021, the gross written premium for SBI crossed Rs. 500 billion mark.
• SBI Assets under Management achieved the milestone of Rs. 2 trillion in the financial year 2021-22.
• SBI Life Insurance was awarded the ‘Insurer of the Year - Life Category’ at the FICCI Insurance Industry Awards 2021.

Features & Benefits of SBI Life Insurance Plans

Here is a list of prime features and benefits that one can enjoy after buying life insurance plans from SBI:

• Superior Financial Protection - SBI life insurance plans provide dependable financial protection to your family members.
• Easy Claims Settlement - SBI Life Insurance has about 947 offices across the country to ensure smooth claim settlement and consistent support.
• Flexibility - SBI life insurance plans come with the facility of flexible premium and payout options.
• Online Plans - SBI life insurance plans are specifically designed online plans that come at a low premium cost.
• Tax Benefits - SBI life insurance plans come with tax benefits that can be claimed under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

Why Choose SBI Life Insurance?

SBI Life is one of the celebrated life insurance providers in India. SBI Life Insurance started as a joint venture between State Bank of India and BNP Paribas Cardif S.A, a renowned life and property & casualty insurance arm of BNP Paribas. Over the period of time, SBI Life Insurance has introduced a vast array of insurance plans for the benefit of their customers. The insurer follows the ‘Customer-first’ approach and believes in constantly reinventing itself, thereby offering the latest technology and tools to the customers.

Modes of Payment Options in SBI Life Insurance

Policyholders of SBI Life Insurance can pay for their policy premium by two prime modes, i.e., online and offline.

Online Payment -

Policyholders can pay premium online via:

• Internet banking
• Visa BillPay
• e-Wallet
• Insurance company website
• ‘Easy Access’ mobile application
• Online standing instructions on credit card

Offline Payment -

On choosing offline mode, one can pay premium through:

• Direct remittance at the insurer’s branch office
• Direct debit
• Post or courier
• Auto debit through NACH
• In cash at authorized collection centers
• State Bank ATM

Claiming Insurance with SBI Life Insurance

Protecting the interests of policyholders while meeting the timelines set by IRDA (Insurance Regulatory and Development Authority) at the time of processing claims is one of the key objectives of SBI Life Insurance Company Limited. To ensure the claims are processed in an efficient manner, the insurance company has set a few simple steps:

Claim Intimation

The policyholder must make an intimation of the claim at any SBI life branch. The policyholder must provide the supporting documents as requested in the policy document for smooth processing of claims.

Addressing Requirements

It is the utmost responsibility of the claimant to meet the requirements if set by SBI Life Insurance or if the insurance company asks to check the admissibility of the claim.

Claiming the Amount

Once SBI Life is informed about the claim and all the desired requirements are met, the claims process can be expected to be complete much sooner. The insurer must feel free to contact the insurance company during claims settlement in case any assistance is required. SBI Life Insurance advises its policyholders to go through the detailed description of claims in the policy document so as to experience a seamless claim settlement process.

In order to claim for life insurance, a policyholder can choose either the online mode or the offline mode as per their convenience. The claim settlement process may slightly differ for both the modes.

Online Process

If you want to opt for online settlement of claims, follow these steps:

• Visit SBI Life Insurance’s official website.
• Click on ‘Services for Existing Customers’.
• Click on ‘Claims and Maturity’.
• Provide details like policy number, date of birth, and type of claim.
• Complete the security process by entering the captcha.
• Click on ‘Submit’.

Once you have submitted, the insurance company will verify the details submitted by you. If details are found to be correct, the claim application will get approved. The amount will be deposited to your bank account.

Offline Process

If you want to opt for offline settlement of claims, follow these steps:

• Visit the nearest SBI Life Insurance Company branch.
• Carry the relevant documents and duly filled claim application form.
• Submit it.

If the insurance company finds all the documents to be correct, the insurer will deposit the claim amount to your bank account.

Important Documents Required for Purchasing SBI Life Insurance

Below mentioned is a list of significant documents that an SBI Life Insurance policy buyer must have in order to purchase SBI Life Insurance:

i) Proof of Identity

The list of documents that qualify for proof of identity are:

• Passport
• PAN Card
• Voter’s ID
• Driving License
• A letter issued by the National Population Register or Unique Identification Authority of India. The letter must contain the name, Aadhaar number and address of the individual.
• Job card issued by NREGA & duly signed by a State Government official.

ii) Proof of Residence

The list of documents that qualify for proof of residence are:

• Telephone bill, electricity bill, water bill, piped gas bill, post-paid mobile phone bill, etc.
• Post office savings or bank account statement
• Municipal or property tax receipt
• Family pension/pension payment orders issued to retired individuals
• Letters issued by Mission in India or Foreign Embassy; documents issued by Government departments of foreign jurisdiction
• Letter of allotment of accommodation from employer issued by Central or State Government departments, Regulatory or Statutory bodies, public sector undertakings, listed companies & financial institutions, and scheduled commercial banks.

How to Check Your SBI Life Policy Status?

It is quite simple for a policyholder to check their SBI Life Insurance policy status. If you want to check your policy status at SBI Life Insurance, follow the below mentioned steps:

• Visit SBI life Login/Registration1.aspx.
• Enter your date of birth, Customer ID and policy number as given in the policy document.
• After providing your correct details, you will find information related to your policy and the policyholder on the screen.
• Confirm or edit your phone number and email address. Remember, you will have to enter the login details before clicking on Submit.
• Once you have submitted, you will receive an email along with a link that will allow you to reset your password.
• Enter the same password that you used during registration.
• Choose a new password.
• Once your password has been changed successfully, the registration process will get complete.
• Check your policy status.

SBI Life Insurance Online Payment

If you are interested in making your SBI Life Insurance policy premium online, follow the following steps:

• Visit online SBI Life Insurance payment website.
• Enter desired details like policy number, date of birth, mobile number and email address.
• Proceed to making the payment.

SBI Life Insurance Premium Calculator

If you want to calculate the premium payment for your SBI Life Insurance policy, follow the steps mentioned below:

• Visit SBI Life Insurance website.
• Select your plan from the list of options.
• Click on your life insurance plan.
• You will be redirected to a page asking details like name, date of birth, policy term, premium amount, plan type (Regular/Single/Limited Premium), the premium payment frequency, and more.
• Submit the required information.
• Your policy premium will be calculated and displayed on the screen.

SBI Life Insurance Customer Care

SBI Life Insurance is one of the renowned insurance providers in India. The company leaves no stone unturned in catering to the diverse needs of the customers. This is one of the prime reasons SBI Life Insurance has a dedicated customer support team that is easily reachable irrespective of the time.

The customer care helpline at SBI Life can be reached via different channels like phone, email, and SMS. Another option for customers to contact the customer care by requesting a call back or via online chat.

SBI Life Insurance is also backed by a dedicated team to handle and manage complaints along with feedback. The insurer ensures that all the processes operate in a hassle-free manner to further contribute value to the experience of the customers.