SBI Life Insurance Benefits
Claim Settlement Ratio | 93.09% |
Death Benefit Paid For | 212,57 Policies |
Inception | 2000 |
Presence | 992 offices |
Total Death Benefit Paid | 810.71 Crore |
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Benefits of 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 and was founded in March 2001. SBI Life is one the leading private life insurers in India. SBI provides a comprehensive range of Term, Unit-Linked, Savings, Investment, Retirement, Moneyback and Child plans. Their mission as a leading company is to emerge as the company that offers a wide range of life insurance plans at affordable prices and ensures high standards of customer satisfaction.
SBI Life Insurance’s philosophy operates 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.
Benefits of SBI Life Insurance
SBI Life Insurance offers the following benefits to its customers:
- Wide Range of Products: SBI provides a comprehensive range of Term, Unit-Linked, Savings, Investment, Retirement, Moneyback and Child plans. You can choose the plan that fits your needs and budget. They offer online plans that cater to hassle-free and quick registrations. Every plan differs from each other and comes with many options that can fit your requirements and budget as well.
- High Claim Settlement Ratio: SBI Life Insurance has a claim settlement ratio of 94.52% for the year FY 2019-20. This Claim Settlement Ratio reflects the credibility of the insurance company.The Claim Settlement Ratio depicts the number of claims that were paid successfully by the insurance company among the total claims received during a year. A customer will choose an insurance provider who he/she can rely on and a high claim settlement ratio helps to assess the reliability of the insurance company.
- Award Winning Services: SBI Life has been awarded with the “Life Insurer of the year 2019” by Federation of Indian chambers of commerce (FICCI). It has been awarded “Best Life Insurance Company 2019” by Indian Chambers of Commerce. It has also been awarded with the “Smart Life Insurance Company” by Economic Times for the year 2019.
- Affordable Plans: An insurance buyer will always want a good insurance plan that fits their necessary requirements and most importantly that fits in their budget. SBI Life Insurance provides comprehensive life cover on the payment of an affordable premium rate. Some SBI Life Insurance plans provide many options at a very affordable premium rate.
- Excellent Customer Service: SBI Life Insurance company is one of the leading life insurance providers of affordable policies and plans The company values its customers and provides excellent customer services. Their customer care service is accessible 24x7 on their website and their customer care toll free number that is accessible 24x7. This helps the customer to stay connected with the insurance provider.
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FAQ About SBI Life Insurance
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Why should I choose SBI Life Insurance?
SBI Life offers a variety of comprehensive plans that you can choose from according to your requirements and budget. SBI Life insurance has a high Claim Settlement Ratio of 94.52% FY 2019-20. The plans offered by SBI Life Insurance are affordable.
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What all life insurance plans does SBI Life offer?
SBI provides Protection plans (Term plans), Online Plans, Savings Plans, Wealth Creation Plans, Retirement Plans and Child Plans.
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What is the grace period of SBI Life Insurance plans?
SBI offers a 30 days grace period for the premium due date for yearly, half-yearly and quarterly mode of premium and 15 days for monthly mode of premium. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.
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What factors will determine the premium of SBI Life Insurance plans?
Policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy and tenure of the policy and Riders (if any) are some of the factors that determine the premium of SBI Life Insurance Plans.
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What is the Claim settlement Ratio of SBI Life Insurance?
SBI Life Insurance has a claim settlement ratio of 94.52% for the year 2019-20.