SBI Life Insurance FAQs

SBI Life Insurance has acquired a claim settlement ratio of 94.52% for the year 2019-20.

Renewal premium amount can be paid conveniently through the SBI Life Insurance website. You can make the payment through debit/credit cards, net banking or any of the partner banks listed on the website.

The taxes levied on insurance premiums charges are provided by the Government of India at a rate set by them as per the provisions provided by the tax laws Goods and Services Tax (GST).

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.

SBI provides Protection plans (Term plans), Online Plans, Savings Plans, Wealth Creation Plans, Retirement Plans, Money Back Plans and Child Plans.

SBI Life Insurance has multiple options available for renewal premium payment. The process of renewal is hassle-free and quick.

Life insurance policy purchase is a simple, fast and hassle-free process. When it comes to payment, it is made through a safe gateway. Buying policies online is much better as it is convenient at every level.

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.

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.

Your claim will be decided upon and settled within 30 working days of receiving the required and valid documents.

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.

As you open the website of SBI Life Insurance click on the ‘Services for Existing Customers’, then open the download centre and click on ‘Claim Forms’ category from there you can download the required form.

SBI Life Insurance 24x7 toll-free helpline number is 1800 267 9090.

You can make any number of claims in a policy tenure however it should not exceed the amount of sum assured. If the sum assured is exhausted, the policy holder cannot make more claims in the policy tenure.

SBI provides Protection plans (Term plans), Online Plans, Savings Plans, Wealth Creation Plans, Retirement Plans and Child 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.

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.

SBI Life Insurance has a claim settlement ratio of 94.52% for the year 2019-20.

You can pay a renewal premium amount conveniently on the SBI Life Insurance website. You can make the payment through debit/credit cards, net banking or any of the partner banks listed on the website. You can also make payment through ‘SBI Buddy’ and at the SBI ATM machine as well.

SBI Life Insurance 24x7 toll-free helpline number is 1800 267 9090.

You can return the policy after stating the reasons of disagreement with terms and conditions of the policy within the free look period provided by the insurance company as per regulations of IRDA. For Life Insurance policies, the free-look period starts 15 days from the date of receiving policy documents.

If your age is above the minimum age limit set by the insurance company, then you will have to go through a medical test. Some policies don't require a medical test depending upon the age and medical history of the applicant.

The policy that best suits your needs depends on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

Policy can be cancelled after purchasing (if the customer disagrees with any of the terms and conditions) in the free-look period as per the regulation of IRDA. For Life Insurance policies, the free-look period starts 15 days from the date of receiving policy documents.

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.

You can pay a renewal premium amount conveniently on the SBI Life Insurance website. You can make the payment through debit/credit cards, net banking or any of the partner banks listed on the website. You can also make payment on the ‘SBI Buddy’ mobile app or at any SBI ATM machine.

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.

You can apply for duplicate policy documents by paying charges for preparing the duplicate documents and you are also required to sign an indemnity.

SBI Life offers Critical Illness cover, Accidental Death Benefit Cover, and Permanent Disability Cover with the term insurance plans.

Yes, age does affect the calculation of premium as it is an important factor. As the age increases so does the insurance premium. It is recommended to get term insurance at an early age to avail high life coverage at an affordable price.

The ‘Basic Premium Amount’ stays constant throughout the term of policy but the renewal premiums change due to taxes levied by the government and change in premium payment frequency.

Different premium modes available for SBI Life Insurance plans are Yearly, Half-Yearly, Quarterly & Monthly. Single premiums are available for SBI Life ULIPs.

No, you can add riders at the time you are purchasing the policy.

Riders are additional benefits available to the policyholder, they can be added in the policy.

Factors that affect premium calculation for Life Insurance Plan are Age, Gender, Medical History, Geographic location, BMI Index and lifestyle of a person who is purchasing the insurance plan.