SBI Life is a private company that commenced operations as a joint venture between BNP Paribas Cardiff – a French financial services provider and multinational bank headquartered in Paris, and State Bank of India – the biggest financial service provider and the state-owned bank in India. BNP Paribas Cardiff holds 26% of the total capital in SBI Life Insurance Company while SBI holds 74% of the stake. The authorised capital of SBI Life stands at Rs.20 billion, while its paid-up capital is recorded at Rs.10 billion. Headquartered in Mumbai, the company was formed in 2001 and although it initially focussed mainly on bancassurance, it has, over time, developed into one of the biggest life insurance companies around.
Key Highlights of SBI Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @ ₹ 18*/day
Claim Settlement Ratio
Claim-settlement ratio of 93.39% for year 2015-2016
99.97% Grievances Settled for year 2015-2016
To be eligible for SBI Life Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
SBI Life Insurance at a Glance
A maximum tenure of 30 years
Min Sum Assured: Rs 20 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an SBI Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Benefits of SBI Life Insurance
Since inception, SBI Life has grown tremendously – so much so that it has contributed significantly towards transpiring the insurance industry in India. As a result, it is now among the key players in the market and the products and services offered by the company are versatile so that the insurance needs of a diverse customer base can be satisfied.
SBI Life has access to more than 100 million accounts throughout India and offers its products and services to every economic strata and geographic region in the country, thereby ensuring that individuals from all over the country can avail its offerings. The company is also known for boasting the most productive force so far as insurance agents are concerned, having tied up with more than 80,000 advisors. If you are looking for a life insurance policy, rest assured in the knowledge that SBI Life and its experienced and dedicated workforce will help you find one that best suits your specific requirements.
Different Types of Life Insurance Policies Offered by SBI Life:
SBI Life has a comprehensive portfolio of insurance products to meet the individual needs of a rather large customer base. Following are the plans offered by the insurance company:
SBI Life Insurance For Individuals :
SBI Life offers several different kinds of life insurance policies to individual customers. The portfolio includes unit-linked plans, child plans, endowment plans, protection plans and savings plans.
Unit-linked insurance policies are long-term protection cum investment plans that provide customers a chance to avail market linked returns and offers life insurance protection at the same time. Based on the risk appetite of a customer, there are a number of funds to choose from. The unit-linked insurance plans offered by SBI Life are as follow:
- SBI Life – Smart Wealth Builder: This is a non-participating unit linked life insurance plan that has been designed to make sure that you can invest as much as you can afford and still manage to watch your wealth grow. The design of the scheme offers policyholders the flexibility to decide their premiums, the policy tenure and even the mode of payment of premiums.
- SBI Life – Smart Wealth Assure: This too is a non-participating ULIP which offers investors the advantages of a life insurance policy and an opportunity to invest in the markets via various funds to help their wealth grow. It is a single premium payment scheme that allows for partial withdrawals that can be used to meet financial obligations that may arise at a later stage.
- SBI Life – Saral Maha Anand: The Saral Maha Anand scheme is a unit linked, non-participating life insurance plan which allows you to invest in accordance with your appetite for risk. It even lets you decide how much insurance you want to cover yourself which is subject to certain min and max amounts.
- SBI Life – Smart Scholar: This is a ULIP that is aimed at those who want to make sure that the needs of their families are taken care of even if they are not around. It offers the beneficiary the benefit of the payment of the sum assured under the policy and a waiver of premiums so that policy remains in force even in the unfortunate event of the death of the policyholder.
- SBI Life – Smart Elite: This is unit linked policy that offers life insurance cover of 7 to 10 times the annual premium paid. It also allows for premiums to be paid under the single pay scheme. The benefits of this policy include the option to increase or decrease the insurance cover and cover for accidental death or accidental total permanent disability.
- SBI Life – Smart Power Insurance: This ULIP offers investors life insurance cover and investment opportunities at affordable premiums. It also offers liquidity options by letting investors make partial withdrawals and a choice between a level cover or an increasing cover scheme.
- SBI Life – Smart Privilege: Smart Privilege from SBI Life is a non-participating unit-linked life insurance policy that not only offers coverage, but also gives customers the flexibility to redirect their premiums between eight diverse funds while providing them with loyalty additions so that fund value increases.
- SBI Life – eWealth Insurance: eWealth Insurance from SBI Life is a non-participating online unit-linked insurance policy that comes with two options – Balanced and Growth, and the Automatic Asset Allocation feature in this plan slowly and steadily increases exposure to money market or debt instruments with relatively low risk.
|Plan||Basic Sum Assured||Policy Term|
|SBI Life Smart Wealth Builder||Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium) for Regular and Limited Premium plans, and 1.25 x Single Premium for Single Premium plans in case the individual is under 45 years of age; and Higher of (7 x Annualised Premium) or (0.25 x Policy Term x Annualised Premium) for Regular and Limited Premium plans, and 1.1 x Single Premium for Single Premium plans in case the individual is 45 years or above||10 years and 15 to 30 years in case of Regular and Limited Premium plans, and 5 to 30 years in case of Single Premium plans|
|SBI Life Smart Wealth Assure||1.25 x Single Premium for individuals under 45 years of age, and 1.10 x Single Premium for individuals who are 45 years or above||10 to 30 years|
|SBI Life Saral Maha Anand||10 x Annualised Premium for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years or above||10 years / 15 years / 20 years|
|SBI Life Smart Scholar||1.25 x Single Premium for Single Premium plans, and Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium) for other premium payment terms||Minimum: 8 years Maximum: 25 years less child’s age at entry (The child must be between 18 and 25 years of age on maturity)|
|SBI Life Smart Elite||10 x Annualised premium for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years or above in case of Limited Premium plans, and 1.25 x Single Premium for individuals under 45 years of age, and 1.10 x Single Premium for individuals who are 45 years or above in case of Single Premium policies||5 to 20 years|
|SBI Life Smart Power Insurance||Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium)||10 years , 15 to 30 years|
|SBI Life Smart Privilege||For Regular / Limited premium: Higher of 10 x Annualised Premium or (Policy term x 0.5 x Annualised Premium) For Single Premium: 1.25 x Single Premium for individuals below 45 years of age, and 1.10 x Single Premium for individuals over 45 years of age||10 to 30 years for Limited / Regular premium policies and 5 to 30 years for Single premium plans|
|SBI Life eWealth Insurance||10 x Annualised Premium||10 to 20 years|
Planning for the future of your child at an early stage in their lives can leave you with plenty of benefits as they start to come of age. SBI Life has made available two comprehensive child insurance policies that are cut out to provide extensive benefits over time. Following are the options you can choose from:
- SBI Life – Smart Champ Insurance: This is a life insurance policy that can be taken to make sure that the future of your child is secured against all eventualities. This plan offers investors benefits like lump sum payments in 4 installments once your child attains the age of 18 years, waiver of premiums and the opportunity to pay the premium in one go.
- SBI Life – Smart Scholar: This insurance plan offers a double death benefit of the payment of the sum assured and a waiver of the remaining premiums. It also offers accidental death and total permanent disability benefits along with partial withdrawal benefits.
|Plan||Basic Sum Assured||Tenure (Policy Term)|
|SBI Life Smart Champ Insurance||Rs. 1 lac||21 years less child’s age at entry Minimum: 8 years Maximum: 21 years|
|SBI Life Smart Scholar||1.25 x Single Premium for Single Premium policies, and Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium) for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years or above||Minimum: 8 years Maximum: 25 years less child’s age at entry|
SBI Life Insurance Company offers retirement plans to its customers so that everyone is prepared for life after their working age. Retirement plans provide monthly payments to individuals in the form of pension so that they can carry on with things without depending on anyone for financial support. Following are the retirement plans you can purchase from SBI Life:
- SBI Life – Saral Pension: It’s never too late to put something aside for retirement and that is why this plan offers investors guaranteed simple reversionary bonuses, maturity bonus which is the sum assured plus the simple reversionary bonus plus terminal bonus if any. This plan can also be associated with various riders that help enhance the life insurance cover provided.
- SBI Life – Retire Smart: This is a non-participating unit linked pension plan that invests your money into various funds and guarantees a minimum return of 101% of all premiums paid. It also offers boosted fund value through additions of up to 210% of the annual premium paid subject to certain conditions.
- SBI Life – Annuity Plus: The Annuity Plus is a non-participating immediate annuity plan that offers the insured a regular income from the age of 40 years with the option to choose the frequency of annuity payouts. This plan can also be enhanced by purchasing the accidental death rider. The plan also offers a return of premium or a return of balance premium options.
|Plan||Basic Sum Assured||Policy Term (Tenure)|
|Saral Pension||Rs.1 lac||5 years for Single Premium plans and 10 years for Regular Premium policies|
|Retire Smart||n/a||10, 15 to 35 years|
Protection plans from SBI Life are low-cost insurance policies that are designed with a view to offer full financial stability and protection to the family of an individual in case of his / her unfortunate demise. Following are the protection plans you can avail from SBI Life:
- SBI Life – Smart Shield: This is a term plan that offers a large sum assured for a nominal premium. It can also be coupled with various rides that enhance the cover this plan provides. It also includes rewards for leading a healthy life. The plan can also be taken as level or increasing term assurance or decreasing term assurance to secure a loan you may have taken.
- SBI Life – Saral Shield: This is a traditional term insurance plan that can be taken to ensure that in the unfortunate event of your death, your family is well taken care of. This plan features single premium payment and regular payment options and can be enhanced by the addition of certain riders.
- SBI Life – eShield: This is a non-linked and non-participating term plan that has, as its main feature, the option to purchase the life insurance plan online.It too offers rewards for leading a healthy life and accidental death benefits. It is a plan that will offer your family financial security for premiums that are very affordable. This plan is offering 1 crore life cover.
- SBI Life – Grameen Bima: This is an individual, micro insurance term plan that is meant to provide the financially weaker segments of society with an opportunity to secure themselves against tough times. This insurance plan does not require health checkups and offers an insurance cover that can be as high as 60 times the total premium paid.
- SBI Life – eIncome Shield: The eIncome Shield from SBI Life is a non-participating, traditional online pure term life insurance policy that ensures that your monthly income is protected so that your family / dependents can use that amount in case of your untimely death.
|Plan||Basic Sum Assured||Tenure (Policy Term)|
|SBI Life Smart Shield||Rs.25 lacs||5 years to 30 years|
|SBI Life Saral Shield||Rs.7.5 lacs||5 years to 30 years|
|SBI Life eShield||Rs.20 lacs||5 years to 30 years|
|SBI Life Grameen Bima||Rs.10,000||5 years|
|SBI Life eIncome Shield||n/a||10 years to 35 years|
In case you have future plans for yourself or for your family, planning in advance can help you in the long run, and SBI Life has made available several savings plan to help individuals save money for the future, whether it is for the education or marriage of their children, purchasing your dream home, or just taking off on a long vacation. Following are the savings plans that you can avail from SBI Life:
- SBI Life – Smart Humsafar: A joint life insurance plan with savings options where a person and his/her spouse can be covered under a single policy. With death benefits, this plan also offers maturity benefits in case either or both partners survive till the policy period.
- SBI Life – Smart Money Planner: A limited premium paying individual non linked plan that offers profit endowment and guaranteed cash inflows at regular intervals which also doubles up as a life cover in case of the unfortunate event of the demise of the life insured with tax benefits as per the Income Tax Act of 1961.
- SBI Life – CSC Saral Sanchay: Offered through the Common Service Centre Network under the National eGovernance Plan of India, this is a non-linked, non -participating, variable insurance plan that offers an option of savings too, along with a death benefit that would be paid in case of the unfortunate demise of the life insured.
- SBI Life – Smart Income Protect : This is an insurance plan that offers two benefits to the insured. The first is that they are provided with a life insurance cover and the second is that they get the benefit of a regular income. The policy also offers reversionary and terminal bonuses along with a guaranteed payouts of 11% of the sum assured for 15 years after the policy matures.
- SBI Life – Smart Guaranteed Savings Plan: This is a non-participating savings plan that offers guaranteed additions that are calculated at a rate of 5.5% to 6% and are applied to the cumulative basic premiums that have been paid. They also offer the option to pay premiums only for 7 years.
- SBI Life – Smart Money Back Gold: This traditional money back plan offers the advantages of a life insurance policy with an income coming in at regular intervals. The insurance cover under this scheme can be enhanced using a wide range of riders available for this plan.
- SBI Life – Shubh Nivesh: This scheme is a non-linked profit endowment assurance plan that offers the flexibility to turn this policy into a whole life insurance policy. It also offers benefits like a choice between single premium payment or regular premium payment options and options to receive the basic sum assured over a period of time.
- SBI Life – Saral Swadhan+: A non-linked, non-participating term assurance plan meant for individuals that provides life cover for a period of 10 years or 15 years and gives a higher return on investment upon survival of the life insured till the maturity period. The premiums and benefits under this plan are eligible for tax benefits.
- SBI Life – Flexi Smart Plus: An individual, participating variable insurance product that can be custom-tailored to change as per the customer’s needs. It offers a host of bonuses on the maturity value as well as a death benefit as per the Gold or Platinum option.
- SBI Life – Smart Women Advantage: The Smart Women Advantage plan from SBI Life is a participating traditional endowment policy that comes with extra protection features so that financial planning is easy for you in addition to offering valuable security.
- SBI Life – Smart Swadhan Plus: The Smart Swadhan Plus plan from SBI Life is a non-linked, non-participating Term Assurance with Return of Premium policy that helps in meeting your insurance requirements while offering the extra benefit of getting back your total premium payments in maturity.
|Plan||Basic Sum Assured||Tenure (Policy Term)|
|SBI Life Smart Humsafar||Rs.1 lac||10 years to 30 years|
|SBI Life Smart Money Planner||Rs.1 lac||15 years to 25 years|
|SBI Life CSC Saral Sanchay||10 x Annualised Premium if the individual is under 45 years of age, and 7 x Annualised Premium if the individual is 45 years or above in case of Regular Premium policies; and 125% of top-up premium for individuals under 45 years of age, and 110% of top-up premium for individuals who are 45 years or above in case of Top-up Premium policies||10 years to 15 years|
|SBI Life Smart Income Protect||Rs.1 lac||7 years / 12 years / 15 years|
|SBI Life Smart Guaranteed Savings Plan||Dependent on premium selected by customer||15 years|
|SBI Life Smart Money Back Gold||Rs.75,000||12 years to 25 years|
|SBI Life Shubh Nivesh||Rs.75,000||Minimum of 7 years for Regular Premium plans and 5 years for Single Premium policies, and maximum of 30 years for both|
|SBI Life Saral Swadhan+||Rs.30,000||10 years / 15 years|
|SBI Life Flexi Smart Plus||Annualised basic premium x Sum Assured Multiple Factor||5 years to 30 years|
|SBI Life Smart Women Advantage||Rs.2 lacs||10 years and 15 years|
|SBI Life Smart Swadhan Plus||Rs.5 lacs||
SBI Life provides a number of group insurance plans which aid organisations and companies in rewarding, retaining and encouraging their best employees while also offering a variety of corporate solutions to meet the voluntary and statutory requirements of employers, thereby strengthening the relationship between employees and employers. Following are the group plans you can avail from SBI Life under each category:
SBI Life Group Retirement Plans:
The group retirement plans offered by SBI Life are designed in a manner such that they offer financial stability as well as security to the family of an employee, thereby ensuring that the workforce of an organisation remains motivated and loyal. These policies safeguard funds that can be used at a later date to meet the obligations of your organisation on gratuity, annuity / pension, leave encashment and superannuation. Following are the retirement solutions offered by SBI Life:
- SBI Life – Kalyan ULIP Plus: A fund based group insurance plan. The benefits offered by this plan can be obtained by the master policy holder as well as by each member of the group.
- SBI Life – CapAssure Gold: Offered only to employer/ employee groups i.e. to the employers/ state government/ central government who want SBI Life to manage their employees gratuity, leave encashment and superannuation benefit schemes.
- SBI Life – Swarna Jeevan: The SBI Life Swarna Jeevan provides higher annuity rates.
- SBI Life – Gaurav Jeevan: The SBI Life Gaurav Jeevan is provided for central government/ state government and government agencies who wish to purchase their existing or emerging in respect to annuity payments for compensation to landowners whose lands are being taken.
SBI Life Group Protection Plans:
The group protection plans offered by SBI Life provide pure protection cover for the employees of a company to ensure the financial security of their families in case of unfortunate and unforeseen circumstances. Following are the group protection plans that you can avail from SBI Life:
- SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana: As per the Pradhan Mantri Jeevan Jyoti Yojana, this non-linked, non-participating plan is an annually renewable group term insurance that provides a death benefit of Rs. 2,00,000 at an annual premium of Rs. 330 only. No medical examinations are required for getting enrolled in the plan.
- SBI Life – Sampoorn Suraksha: A group term insurance plan that can be renewed. It offers excellent protection at affordable rates.
- SBI Life – Suraksha Plus: A group insurance scheme like company employers or government institution.
SBI Life Group Loan Protection Plans:
The group loan protection plans made available by SBI Life are affordable policies that provide significant help in sharing the burden of your liabilities. There is only one group protection plan offered by the company, which is as follows:
- SBI Life – RiNn Raksha: plan assures that you get to enjoy the simple joys of life like taking a vacation overseas with the family, buying a dream car, building a house without having to worry about liabilities.
SBI Life Group Micro Insurance Plans:
The group micro insurance plans designed by SBI Life are ideal for customers with low household income and small savings. Following are the two options available to you:
- SBI Life – Grameen Shakti: A plan to provide life insurance to the underprivileged sections of the society.
- SBI Life – Grameen Super Shiksha: This is for the rural section and for the underprivileged parts of the society who opt for life insurance protection without maturity benefit.
How to Claim Insurance with SBI Life Insurance:
SBI Life Insurance Company Limited is committed to ensuring that the interests of their policyholders are well protected, and also ensures that the timelines set by IRDA (Insurance Regulatory and Development Authority) are met when it comes to processing claims. Following is the claim settlement process associated with SBI Life:
- Intimation of Claim
An intimation of the claim must be made at any branch of SBI Life along with all the supporting documents as requested in the policy document.
- Addressing Requirements
In case SBI Life Insurance has an requirements or asks you to check the admissibility of the claim, the claimant must ensure that these requirements are met.
- Claiming the Amount
Once you have intimated SBI Life about the claim and met all the requirements, the claims process will be completed much sooner. If at any time during the claims settlement process should you require any assistance, you can contact the company’s officials.
Going through the detailed description of claims in the policy document will help you experience a seamless claim settlement process.
SBI Life Insurance Claim Settlement Ratio:
|Total Premium in Crores (2014-15)||Total Premium in Crores (2013-14)||Claim Settlement Ratio (2014-15)||Claim Settlement Ratio (2013-14)|
Documents Required for Purchasing SBI Life Insurance:
To avail a life insurance policy from SBI Life Insurance Company Limited, few of the following documents will have to be submitted to the insurer:
i. ID Proof
- PAN Card
- Voter’s ID
- Driving License
- Letter issued by the National Population Register or Unique Identification Authority of India containing information such as the name, Aadhaar number and address of the individual
- Job card issued by NREGA and duly signed by a State Government official.
ii. Proof of Residence
- Utility bill provided it is less than two months old (post-paid mobile phone bill, water bill, telephone bill, piped gas bill, electricity bill, etc.)
- Municipal or property tax receipt
- Post office savings or bank account statement
- family pension or pension payment orders issued to retired individuals by Public Sector undertakings or Government Department, provided they contain the residential address of the individual
- Letters issued by Mission in India or Foreign Embassy and 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, scheduled commercial banks, public sector undertakings, listed companies and financial institutions.
How to Check SBI Life Policy Status?
Checking your policy status with SBI Life Insurance is relatively simple. All you have to do is visit https://mypolicy.sbilife.co.in/Login/Registration1.aspx and key in your date of birth, Customer ID and policy number as mentioned in your policy document. Once you have entered the correct details, information regarding the policy as well as the policyholder will appear on the screen. Here, you will have to confirm / edit your phone number and email address. You will also be required to enter the login details before hitting Submit, after which you will receive an email with a link that allows you to reset your password. You will have to enter the same password you used during registration and then choose a new password. After your password has been changed successfully, the registration process will be complete and you can check your policy status.
SBI Life Insurance Online Payment:
If you would like to choose the option of making premium payments towards your life insurance policy online, visit https://mypolicy.sbilife.co.in/onlinepayment/bulletpayment.aspx and enter the required details, such as policy number, your date of birth, your mobile number and email address and proceed to making the payment.
SBI Life Insurance Premium Calculator:
In order to calculate the premium payment for your particular policy, visit www.sbilife.co.in/sbilife/content/11_2904 and select your product from the list of options. Once you click on your life insurance plan, you will be redirected to a page that will require you to enter certain details such as your name, your date of birth, your policy term, your premium amount, your plan type (Regular / Single / Limited Premium), the premium payment frequency, etc. and submit this information after which you can get a clear idea as to how your premium is calculated.
SBI Life Insurance Frequently Asked Questions:
1. Will I receive any benefits in case I survive the policy term?
A. Individuals who have purchased a life insurance policy from SBI Life Insurance Company Limited may not receive any additional benefits upon maturity, but in most cases, customers can expect to receive the premium payments they have made over the course of the policy term or the sum assured of the policy upon maturity. In case of policies that provide profits or bonuses to customers who survive the policy term, the sum assured will be paid to the individual in addition to the accumulated bonus for the policy term. For instance, in case your policy term is 25 years, the payout upon maturity would be the sum assured as well as the bonuses accumulated over the policy term.
2. How do I claim the maturity amount once my life insurance policy has expired?
A. Insurance companies usually send details regarding the maturity of a life insurance plan well in advance, in addition to the forms you will be required to fill in as well as the documents you will have to send to the insurer. Once you have adhered to the requirements of the insurance company, you will receive your payment by post or the company could credit the amount directly to your bank account based on your preference.
3. Will the insurance company pay me anything in case I decide to discontinue my life insurance policy even if I haven’t been making premium payments recently?
A. SBI Life Insurance Company Limited, like most other insurance providers, grants a grace period to customers, usually spanning 30 days from the due date, and customers are expected to clear their outstanding premium payments within this period. In case you purchased your life insurance policy less than three years ago and have failed to make premium payments, the insurance company will not offer you anything. In case you have made premium payments for over three years in succession and then defaulted on the same, a proportion of the premium payments you have made over the years will be paid to you, and this amount you receive will depend on the sum assured and bonuses, if any are accrued within that period, along with the policy term and the number of premium payments you have made.
4. Is it possible to revive my life insurance policy even if I have defaulted on my premium payments?
A. In case of regular premium payment policies, you will have to clear your defaults within the grace period. If you have not made premium payments within the grace period, your policy will lapse. Once your policy lapses, you can revive it by making all arrears of premium payments along with the interest rate for that particular period of time.
5. What are the taxes/cess applicable on insurance premium/ULIP charges?
A. Charges such as service tax / GST (for J&K residents) /cess will be charged at the rates notified by the Central or State government on the following:
For traditional plans:
- Base premium.
- Rider premium.
- Other charges depending on the features of the product in question.
- Mortality charges.
- Policy administration charges.
- Fund management charges.
- Discontinuance / Surrender charges.
- Partial withdrawal charges.
- Other charges depending on the features of the product in question.
6. What kind of benefits will my dependents / nominees receive on my death?
A. There are different cases to consider, depending on when the unfortunate event of your death occurs.
In case death occurs during the policy term, the nominee/s will be paid Sum Assured, plus bonuses, if any. If the policy incorporates bonuses or participative profits, bonuses will be payable for the number of years premiums were paid.
In case death occurs due to accident, the nominee/s will be paid double the Sum Assured, if the accidental benefit rider was purchased.
If death occurs after the maturity date of the policy, the nominee/s will not be entitled to any kind of death benefit.
7. Is it possible to pay premiums online?
A. Yes. Log in to the Mypolicy portal, and pick the “Pay Premium Online” option under the Transaction menu. Pick the policy you’re enrolled under and make the payment.
8. What are the other ways to make payments online?
A. Premium payments can be made online through Visa, Master, and Diners & American Express cards. Net banking customers can also pay online, if the bank is listed on the site.
9. Can advance payments be made for premiums?
A. This depends on the frequency of premium payments.
Under the monthly payment frequency mode, advance payments can be made up to 10 days in advance.
Under any non-monthly payment frequency mode, advance payments can be made up to 30 days in advance.
10. What is the procedure to change the address as mentioned in the policy?
A. To initiate the process of changing the address, a written request needs to be sent to the Central Processing Centre, or any SBI Life branch. The request can also be faxed to the insurer.
11. What is the procedure to change the percentage of allocation or to switch between funds?
A. To initiate the process of changing the percentage of allocation or to switch between funds, one must furnish and submit the policy servicing form to any SBI Life branch.
12. What is the process to change the nominee named to receive benefits in my SBI Life insurance policy?
A. Nominees can be changed at any time by submitting the Change of Nomination form to SBI Life Central Processing Centre, or the closest SBI Life branch office.
13. What is the grievance redressal procedure for SBI Life insurance plans?
A. There are 3 levels of grievance redressal:
- Level 1: You can call SBI Life and inform them of your issue. If you don’t receive a satisfactory solution.
- Level 2: In case your grievance is not satisfactorily resolved in level 1, you can contact the Head Grievance Redressal Officer – Client Relationship.
- Level 3: In case the Head Grievance Redressal Officer is unable to satisfactorily resolve your grievance, you may directly approach the Insurance Ombudsman.
News About SBI Life Insurance
Exclusive insurance plan for women launched by SBI
Commemorating International Women’s day which falls on 8th March every year, EBI has launched an insurance scheme specifically targeted towards women. The scheme is called SBI Life - Smart Women Advantage. The scheme is unique because of the critical illness cover it offers with respect to ailments specific to women.
SBI Life - Smart Women Advantage is a participating, traditional, endowment plan which is individual in nature. The plan covers women specific illnesses like childbirth related complications and congenital anomalies. This plan is available in two variants namely Gold and Platinum. The plan has facility to waive off future premiums as soon as the policyholder is diagnosed with any of the listed critical illnesses.
10th April 2016
New insurance plan launched by SBI Life
SBI Life Insurance has launched a new product called SBI Life - Smart Women Advantage. Launched on International Women’s Day, this insurance plan offers life cover, savings and female-specific critical illness benefits.
As an individual traditional endowment plan, it also provides optional benefits of additional pregnancy complication, congenital anomalies (APC & CA) and childbirth-related abnormalities. It also covers other illnesses. The plan also has an in-built premium waiver benefit, where future premiums would be waived off in case the life assured is diagnosed with any of the covered 'major stage critical illnesses.
Having two basic options - Gold and Platinum, tax benefits under Sections 80D and 80C of the Income Tax Act can be availed for premiums paid towards life cover and health benefits.
23rd March 2016
SBI Life Insurance Progression Plans
Life insurance companies across the nations are well benefitted with the presence of a large network and the same can be aptly noticed from the cases of LIC India and SBI Life Insurance. The top contenders in the the nation have a reach of more than 7000 locations in India.
Aiming to up the ante even more, SBI Life Insurance is now going to go ahead and involve the parent company, State Bank of India and its branches into the stream. That will effectively add close to about 16000 more branches through which insurance policies can be offered to potential customers. In addition to that, SBI Life reportedly will be reducing the percentage of new group insurance schemes from 30% to 20% and slow down on singe premium policies so that it can focus more on regular premium policies that allow return visits to the customers, allowing a better rapport and heightened chances of cross-selling. By March 2017, SBI Life also plans to increase the count of its agents to around 1.05 lakhs to facilitate a better infantry in the insurance battlefield.
10th February 2016
SBI Life net profit rises by 26%
New Delhi: The net profit of SBI Life rose by 26% to Rs.197 crore in the third quarter of FY 2015-16. Similarly, assets under management (AUM) of SBI Life rose by 15% to Rs.77,174 crore.
According to MD and CEO of SBI Life Arijit Basu, emphasis on high-quality customer delivery has resulted in the increase of net profit after tax.
SBI Life, a joint venture between BNP Paribas Cardif and State Bank of India, has Rs.2,000 crore as capital and Rs.1,000 crore as paid up capital.
25th January 2016
SBI Life Insurance ranked as second most-valued insurer
In a recent valuation of all insurance providers, SBI Life Insurance has become the second most-valued insurer among others. Valued at Rs 25,000 crore SBI has moved past HDFC to grab the second position.
SBI Life Insurance has a wide distribution network of over 17,000 branches of India's largest bank and its associates, through which it sells insurance. The company, which is a joint venture between BNP Paribas Cardif and SBI took up the valuation process as part of the stake sale to BNP Paribas Cardif. According to reports, SBI will be selling another 10% shares in the joint venture to its foreign shareholder.
14th January 2016
Dena Bank Ties Up with SBI Life For A Group Life Insurance Product
Dena Bank announced their tie up with SBI Life Insurance Company intending to provide Group Life Insurance coverage to their housing loan customers under the 'Dena Grihaswami Suraksha Yojana'. According to the Memorandum of Understanding (MoU), insurance cover will be given to all housing loan borrowers at a very low premium, according to their release.
The insurance cover is limited to outstanding loan amount. In case of death of the borrower during the term of cover, outstanding loan is set off against the policy proceeds settled by SBI Life Insurance. There would be only one premium for the entire period of the loan at the time of entry into the scheme. In case the amount of death claim is over the outstanding loan, the excess is paid to the nominee of the member according to the press release.
22nd December 2015
SBI to become first insurer with IPO
SBI Life may overtake HDFC Life to become the first insurer in the country to hit the capital market with an initial public offering (IPO). SBI Life Insurance has an authorised capital of around Rs 2,000 crore and a paid-up capital of Rs 1,000 crore.
The company's renewal income grew 20% due to new business premium, or income from sale of new policies which increased by 52% to Rs 3,042 crore in the first half ended September. This was driven by demand for individual policies.
The total asset under management for SBI Life is Rs 76,000 crore. Earlier in 2015, HDFC had sold 9% in HDFC Life to Standard Life for Rs 1,700 crore. The total value of the life insurance business was about Rs 19,000 crore, or about 1.9 times the estimated embedded value for the year 2015-16.
13th November 2015
SBI Life plan an Initial Public Offer after their stake sale in March
SBI will divest 10% of their stake in SBI Life Insurance in March 2016, the valuations, and other aspects are being discussion and is scheduled for completion by December of this year. With a net profit of Rs 820 crore in FY15, plans to provide an Initial Public Offer after the stake sale has been completed. It is still a mystery as to who will invest in the 10% since the government has increased the foreign direct investment stake increased to 49% in this sector.
14th October 2015
SBI plans to wait to sell shares
State Bank of India (SBI) shares have dropped in value by 23% with the global turmoil in stocks and bad loans. They are planning to reduce their stake in the life insurance venture with BNP Paribas Cardiff SA to 49% at the end of this year.
SBI owns 74% of their insurance unit SBI Insurance Co. The process of valuing the company will be too early now. The lender is going to release an Initial Public Offer (IPO) of its insurance unit with the next 2 years. With the voting of foreign investors going up to 49% from the earlier 26% BNP Paribas Cardiff SA can increase their stake as well or an IPO will take place.
29th September 2015
CSC Saral Sanchay Insurance Plan launched by SBI Life Insurance
SBI Life Insurance has recently launched a new life insurance scheme that will be available through the Common Service Centre network set up by the government. The plan is meant for individuals and is a non-linked, non-participating, variable insurance product that offers life cover as well as returns on the savings done through it.
While a rate of interest at 1% per annum may not be as appealing, an additional interest rate of 4% per annum is made available during the first 5 years and the same additional factor will be 0.5% from the sixth year onwards. This plan aims to help customers save systematically and build a corpus that could help the family in their financial goals. With a policy term of 10-15 years, this plan can be availed by individuals within the 18 years to 60 years age group. The plan offers loan facilities through partial withdrawals from the sixth policy year onwards and tax benefits as per the prevailing tax laws.
3rd September 2015
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017