SBI Life Insurance

Founded in October 2000, SBI Life Insurance is a highly reputable insurance provider in India. The company was officially registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. SBI came into existence as a joint venture between the State Bank of India (SBI) and the French financial institution BNP Paribas Cardif.

Offering a wide range of products for both individuals and groups, SBI Life serves millions of families across India. Their list of products consists of pension, savings, health, and protection plans. With 1000+ offices across the nation and more than 24,000 employees, the SBI Life Insurance company is well-established across the country and dedicated to making insurance easily available to everybody.

Additionally, the insurance provider is listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) and holds an authorised capital of Rs. 20.0 billion and a paid-up capital of Rs. 10.0 billion. [1]

The following points mentioned below are the reasons that make SBI a good life insurance company in the industry:

• Claim Settlement Ratio (CSR): Claim settlement ratio refers to the percentage of claims settled by an insurance company against the total number of claims received in a financial year. SBI Life Insurance's high CSR of 97.05% in the financial year 2022-23 indicates the company's commitment to fulfilling the policyholders' claims promptly.
• Amount Settled: This metric indicates the total sum disbursed by the insurance company towards settling claims during a specific period. In the fiscal year 2022-23, the amount settled of Rs. 1677 crores shows that SBI Life Insurance is capable enough to meet its financial obligations towards policyholders.
• Solvency Ratio: A solvency ratio of 2.15% for SBI Life Insurance in FY22-23 suggests that the company has adequate assets to cover its liabilities. This excellent number reflects the financial strength and stability of the insurer.
• Assets Under Management (AUM): AUM represents the total market value of assets managed by an insurance company. SBI's AUM of Rs. 3,05,414 crores in FY22-23 indicates the company's strong presence in the market.
• Sum Assured in Force: Sum assured in force refers to the total amount of coverage provided by all active insurance policies held by the policyholders. SBI Life's sum assured in force of Rs. 9,39,505.07 crores indicates enormous financial protection offered to policyholders. [2]

Here are the eligibility criteria for purchasing SBI Life Insurance Plans, categorised into Term Plans and Investment Plans:

Term Plans

For SBI Term plans, the minimum age to buy a plan is 18 years, and the maximum age is 65 years. However, these age limits may vary depending on the specific term plan you select.

Investment Plans

For SBI Investment plans, the minimum entry age is 14 years, and the maximum age is 60 years. But, keep in mind that these age limits can vary depending on the particular investment plan you opt for.

SBI life insurance offers different types of term and investment plans that are as follows:

• ULIP (Unit Linked Insurance Plan): ULIPs combine insurance and investment. A portion of your premium goes towards providing life coverage, while the remaining is invested in various funds (like equity, debt, or a mix). The returns depend on the performance of these funds.
• Term Plan: This is one of the simplest and most affordable life insurance plans. You pay a fixed premium for a specific term, and if something happens to you during that period, your beneficiaries receive the sum assured.
• Wealth Creation with Insurance: This plan not only offers life cover but also helps you grow your money over time. It invests your premiums in different avenues like stocks, bonds, etc., aiming to give you returns higher than traditional savings accounts.
• Protection Plan: This type of plan is designed to protect your loved ones financially in case something happens to you. If you pass away during the policy term, your family will receive a lump sum amount, which will help them cover expenses and maintain their lifestyle.
• Pension Plan: Also known as annuity plans, these are designed to provide you with a regular income stream after retirement. You pay premiums during your working years, and upon retirement, the accumulated fund is used to provide you with a steady income for the rest of your life.
• Child Plan: As the name suggests, this plan by SBI is specifically designed to secure the future of your child. It provides financial support for your child's education, marriage, or any other important event, even if you're not around.
• Savings Plan: SBI Savings Plan encourages savings while providing life coverage. Under this plan, you pay regular premiums, which are then invested to help you achieve your financial goals

The top term and investment plans offered by SBI Life Insurance are tabulated below:

On the payment of the extra premium, you can add any of the following riders [3] with your base SBI life or term insurance policy:

• Accidental Permanent and Total Disability: Accidental Permanent and Total Disability rider provides coverage if the insured person becomes permanently and totally disabled due to an external, violent, unforeseeable, and visible cause, preventing them from earning income for the rest of their life.

The sum assured ranges from a minimum of Rs. 25,000 or the minimum sum assured of the base product, whichever is lower, to a maximum of Rs. 50,00,000. The maximum sum assured for the rider cannot exceed the sum assured of the attached base product.

• Accidental Death Benefit (ADB): The ADB Rider is an individual non-participating rider that offers extra coverage equal to the rider's sum assured if the insured person passes away due to an accident.

The sum assured for this rider ranges from a minimum of Rs. 25,000 or the minimum sum assured of the base product, whichever is lower, to a maximum of Rs. 50,00,000. However, the maximum sum assured cannot exceed the sum assured of the attached base product.

• Preferred Term Rider: The Preferred Term Rider is a non-linked, non-participating individual rider that protects against the death of the life assured. This SBI life insurance rider offers additional coverage on top of the life cover provided by the base product. Premiums can be paid regularly or as a single premium, with guaranteed rates for the chosen policy term.

NOTE: A rider is an extra feature that can be added to the base life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

You can purchase any of the SBI life insurance plans either through InsuranceDekho or via the official website of the insurer. The steps for each of these ways are detailed below:

Buy SBI Life Policy Through the InsuranceDekho Website

Here are the steps that you can follow to buy an SBI Life Insurance policy through InsuranceDekho:

Step 1: Visit InsuranceDekho

Start by visiting the InsuranceDekho website [4] and go to the "Life Insurance" section.

Step 2: Fill Details

Enter basic personal details like your name, gender, date of birth, and mobile number. Click on "View Plans for Free" to proceed.

Step 3: Choose Your Plan

Explore the available SBI Life Insurance plans listed on the website. Consider factors like coverage, benefits, and premiums to select the plan that aligns with your needs.

Step 4: Provide Information

Provide additional specific details as requested, such as educational background, income, and any other relevant information.

Step 5: Pay Premium

Review the premium amount associated with your chosen plan. Once satisfied, proceed to make the payment securely through the website's payment gateway.

Step 6: Submit Documents

After payment, you will be prompted to submit necessary documents such as KYC (Know Your Customer) documents and income proof. Make sure that all required documents are uploaded accurately.

Step 7: Medical Evaluation

If you've selected an SBI Term Plan that requires a medical evaluation, you may need to undergo this step. The insurer may arrange for a medical examination to assess the status of your health.

Step 8: Policy Issuance

Once your application is processed and approved, you'll receive confirmation of your policy issuance via email and SMS.

NOTE: Review the policy details carefully to check if it matches your expectations.

Buy SBI Life Policy Through the Insurer’s Website

If you prefer to buy any of the SBI Life Insurance policies directly from the insurer's website, you can easily do so by following these steps:

Step 1: Visit the SBI Life Insurance Website

Go to the official website of SBI Life Insurance [5] and under the “Products” section, choose the plan of your choice.

Step 2: Proceed with the Purchase

Follow the previously outlined steps (beginning from Step 2) detailed in the section "Buy SBI Life Policy Through the InsuranceDekho Website" to finalise your policy purchase via the SBI life insurance website.

When applying for a SBI Life Insurance plan, you'll need to gather the following documents:

• Identity Proof: You can provide any of the following documents to verify your identity - Permanent Driving License, Aadhaar Card, Voter ID Card, or Passport
• Address Proof: Submit one of the following documents as proof of your address - Passport, Voter ID Card, Permanent Driving License, or Aadhaar Card
• Medical Reports: For certain plans like SBI Term Insurance Plans, SBI may request medical reports to assess your health condition. This will enable the company to customise a life cover that meets your requirements
• Income Proof: Depending on whether you're a salaried or non-salaried individual, you'll need to provide supporting documents such as the last three months' salary slips, the previous three years' income tax returns, or a valid rent receipt. These documents will help the insurance company validate your income
• Additional Documents: In addition to medical reports, you might be asked to provide recent passport-size photographs, details of current or past insurance policies, and your medical history.

Below are the steps to follow when claiming an SBI life insurance policy in the event of the policyholder's death:

Step 1: Notification of Claim

Immediately after the demise of the insured person, the nominee must inform the insurance company about the policyholder's demise.

Step 2: Document Submission

To proceed further, the beneficiary must provide essential documents, including the Policy Number, Death Certificate, and Government ID proof to the insurance company. Depending on the cause of death, additional documents such as the FIR Report or Postmortem Report may be required.

Step 3: Claim Review

After receiving the required documents, the insurance company will review the claim.

Step 4: Claim Settlement

Once the claim is approved, the settlement procedure begins.

Note: In cases where no nominated beneficiary exists or if the nominee is unavailable, the claim will be disbursed to the next legal heir, subject to appropriate legal documentation.

How InsuranceDekho can Help?

Make your claim settlement request via InsuranceDekho, and our team will collaborate with your insurer to simplify the claim process. And, if you face any problems or need assistance, InsuranceDekho will be happy to help.

Policyholders can choose from the multiple options listed below to pay their SBI life insurance premium [6]:

Online Methods

• SBI Life website
• Visa BillPay
• Internet Banking
• e-Wallet
• "Smart Care" mobile application
• Online Standing instruction on credit card

Offline Methods

• Post or courier
• Direct remittance at SBI Life branch
• At authorised collection centres (in cash)
• POS terminal at SBI Life branch
• State Bank ATM
• Auto debit through NACH
• Direct debit

• Gold Award in Environment Protection Initiative of the Year-IHW Annual Awards 2023
• Leapvault TISS CLO Awards 2022 - Silver for Best Induction Training Program
• Leapvault TISS CLO Awards 2022 - Gold for CLO Chief Learning Officer of The Year
• Leapvault TISS CLO Awards 2022 - Gold for L&D Team of The Year
• ET Insurance Summit and Awards- Amiable Insurer in Life Insurance-Large Category
• ASSOCHAM- 14th Global Insurance Summit and Awards 2022
• 2nd Edition of Navabharat BFSI Conclave and Awards 2022 - Most Trusted Private Life Insurance Company
• 3rd Emerging Asia Conclave and Awards 2022 - Best Life Insurance Company of the Year [7]

You may easily contact the InsuranceDekho customer support team for any assistance that you may need with your SBI life insurance policy: There are two easy methods to contact us [8] are as follows:

• Email: If you're more comfortable communicating your concern in writing, you can write us an email at support@insurancedekho.com.

• Phone: For those who prefer direct interaction or require immediate assistance, give us a call at +91-755 1196 989. Our dedicated support team is available during operational hours.

You can get help from InsuranceDekho’s or SBI’s grievance redressal team in case you encounter any issues with your insurance.

Grievance Redressal with InsuranceDekho

If you need any help with resolving your issues related to insurance claims or queries then the grievance redressal team at InsuraneDekho has got you covered. You can reach out to us in the following ways:

• Call Us: Dial our dedicated customer support number 755 1196 989. Our team is here to assist you 24/7 from Monday to Sunday (except for national and gazetted holidays).

• Email Us: You can drop us an email at support@insurancedekho.com by simply writing down your concerns, and we will try to get back to you as soon as possible.

• Escalate Concerns: In case your issue needs further attention, please feel free to contact Mr. Rohit Khurana, our Grievance Redressal Officer, at grievance@insurancedekho.com.

• Further Escalation: In case your concern remains unresolved, you have the option to escalate it to our Principal Officer by sending an email to PO_GIBPL@girnarinsurance.com. [9]

Grievance Redressal with SBI Life Insurance Company

To address a grievance with SBI Life Insurance Company directly, you can begin by submitting your complaint online. Alternatively, you have the option to elevate your concern to the regional director. If your query remains unresolved, you can further escalate the matter to the corporate office by calling on 022-6645 6100 or 022-66456785. Furthermore, if your grievance persists, you can escalate it to the Insurance Ombudsman. [10]

1. https://www.sbilife.co.in/en/about-us
2. https://irdai.gov.in/document-detail?documentId=4417599
3. https://www.sbilife.co.in/en/services/download-center/rider-brochures
4. https://www.insurancedekho.com/
5. https://www.sbilife.co.in/
6. https://www.sbilife.co.in/en/services#premium-payment-procedure
7. https://www.sbilife.co.in/en/about-us/awards
8. https://www.insurancedekho.com/contact-us
9. https://www.insurancedekho.com/grievance-redressal
10. https://www.sbilife.co.in/en/grievances