SBI Life Insurance Claim Settlement
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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Claim Settlement of SBI Life Insurance
SBI Life Insurance has a simple, quick, and hassle-free claim intimation and settlement process. SBI Life featured a high claim settlement ratio of 93.09% FY 2020-21. The insurer makes sure that the amount of claim is received to the entitled person/family quickly and easily. SBI Life insurance follows a simple 3 step process for the ease of its customer.
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How To Make Claim
SBI Life Insurance Claim Settlement Process
SBl Life Insurance has a 3 step hassle free claim settlement process. The process is as follows:
Step 1: Claim Intimation
To intimate insurance company about the claim the insured can file the claim online on SBI Life Insurance website, submit the filled claim form along with required documents at the nearest SBI Life Insurance branch or the insured can mail the filled form along with documents required at the official Email of SBI Life Insurance.
Step 2: Document Submission
The insured needs to submit the required documents at the nearest SBI Life Insurance branch. The documents to be submitted for each type of claim are listed on the website.
Step 3: Decision and Settlement
Claims are to be assessed based on the documents that the insured/family of insured submits and the information that insured provides to SBI Life in the proposal form.
Once the claim decision has been made the amount will be paid as per terms and conditions of the policy tenure.
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Documents Required
Documents Required for SBI Life Insurance Claims
Following is the list of mandatory documents required for different types of SBI Life Insurance Claims:
Claim Type
Documents Required
Natural Death Claim
- Original Policy Document
- Claim Form
- Death Certificate issued by local authority (original/attested)
- Claimant’s ID proof
- Claimant’s address proof
- Claimant’s bank passbook/statement of Cancelled Cheque
- Direct Credit Mandate form
Unnatural/Accidental Death Claim
- All natural death claim documents
- Hospital treatment Certificate
- Medical attendant’s certificate.
- Employer’s Certificate - for salaried person
- Copy of FIR/Punchnama Report/Post Mortem
- Copy of Inquest Report/Chemical Analysis Report/Police Final Report/Magistrate’s verdict
Individual Maturity Claim
- Original Policy Document
- Maturity Discharge Voucher
- Insured’s current address proof
- Insured’s ID Proof
- Direct Credit Mandate Form
- Insured’s bank pass book/bank statement/cancelled cheque
- Pan Card (if TDS is applicable)
Pension Maturity Claim/ Annuity Claim
- Original Policy Document
- Maturity Discharge Voucher
- Option sheet (available at SBI Life Insurance Branch 3 months prior the due date)
- Insured’s ID Proof
- Insured’s address proof
- Direct Credit Mandate Form
- Insured’s bank pass book/bank statement/cancelled cheque
- Pan Card (if TDS is applicable)
Survival Benefits Claim
- Insured’s current address proof
- Insured’s ID Proof
- Direct Credit Mandate Form
- Insured’s bank pass book/bank statement/cancelled cheque
- Pan Card (if TDS is applicable)
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SBI Life Insurance Claim Settlement FAQs
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Who receives the claim benefit?
The claim benefit can be received by the nominee you appoint while you purchase the insurance policy, the policy holder or the assignee the person in whose favour the policy has been assigned.
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What happens when the nominee dies or hasn't been mentioned in the policy?
If the nominee dies or hasn't been mentioned in the policy, your family members will have to produce proof establishing their right to claim the policy benefit.
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How do I file a SBI Life claim online?
To file the claim online visit SBI Life Insurance website and fill information like Policy number, Date of Birth and select the claim type then submit to file the claim online.
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How much time does it take to settle the claim?
Your claim will be decided upon and settled within 30 working days of receiving the required and valid documents.
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Where do I email my documents for a claim?
For death claims you can email the documents at claims@sbilife.co.in and for maturity/survival/annuity claims documents can be mailed at maturity@sbilife.co.in.