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SBI Life Insurance

Reduce your taxable income by up to Rs. 1.5 Lakh under Sec.80C
Pay premiums monthly, quartely, half-yearly or annualy
Enhance your cover through riders like permanent disability/accidental death rider

SBI Life Insurance with a claim settlement ratio of 96.69% is one of the most reputed insurance companies in India and is known to offer different types of products which are easily customisable depending on various financial needs of yours.

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.

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 to individual customers. The portfolio includes unit-linked plans, child plans, endowment plans, protection plans and savings plans.

SBI Life Unit-linked Insurance Plans:

SBI 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

SBI Life Insurance Child Plans:

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 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 Retirement Plans:

SBI Life Insurance 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
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
Annuity Plus n/a n/a

SBI Life Term Insurance Plans:

SBI Term insurance plans 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 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

SBI Life Insurance Savings Plans:

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 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
  1. ears to 30 years

SBI Life Insurance For Groups :

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:

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:

  1. Intimation of Claim
  2. 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.

  3. Addressing Requirements
  4. 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.

  5. Claiming the Amount
  6. 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 (2017-18) Total Premium in Crores (2016-17) Total Premium in Crores (2015-16) Total Premium in Crores (2014-15) Total Premium in Crores (2013-14) Claim Settlement Ratio (2017-18) Claim Settlement Ratio (2016-17) Claim Settlement Ratio (2015-16) Claim Settlement Ratio (2014-15) Claim Settlement Ratio (2013-14)
25,354.19 21,015.13 15,825.36 12,867.11 10,738.6 96.76% 96.69% 93.39% 89.43% 91.06%

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

  • Passport
  • 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 SBI life 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 online payment website 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 website 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 Customer Care:

When it comes to offering insurance, customer care forms an important part of deal. An efficient customer care team can help elevate the status of an insurer in the eyes of its policyholders. SBI Life, one of India leading insurance provider, operates by this principle and has set in place a dedicated customer support team which is reachable at all times. The customer care helpline at SBI Life is reachable via multiple channels like phone, email, and SMS. Customers can also get in touch with the customer care by requesting a call back, or via online chat. The insurer has also set up a dedicated team to handle and manage complaints and feedback in a hassle-free manner to further add to the customer’s experience.

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.

    For ULIPs:

    • 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.
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News About SBI Life Insurance

  • New campaign launched by SBI Life Insurance for Father’s Day

    A new campaign has been launched by SBI Life Insurance on the occasion of Father’s Day. The interaction-led campaign is being called the #PapaHainNa-MeraPapaFormula and features the playback singer Shaan. A personalised formula can be created in the interactive micro-site and users can download the formula in a music video format that can be shared on social media. The #PapaHainNa campaign was launched by SBI Life in 2015 and since then, it has been celebrating fatherhood in a unique way. On this Father’s Day, the opening roll-out of the campaign features Shaan in the music video where he encourages fathers to share their unique personality traits. This will, in turn, help fathers decode their special Papa Formula. The campaign has been successfully rolled out on the digital platforms of SBI Life such as Youtube, Instagram, Facebook, Twitter, etc. The campaign’s outreach has further been augmented by some on-ground activation efforts.

    12 June 2019

  • State Bank of India to raise funds amounting to Rs.18,000 via QIP

    With State Bank of India having the largest qualified institutional placement (QIP) in the country, following the advice of Bank of America Merrill Lynch, CLSA, Kotak Mahindra Capital, and SBI Cap, the bank is all set to raise funds anywhere between Rs.15,000 crore and Rs.18,000 crore through QIP in June. According to a representative of the bank, SBI was waiting for the elections to get over as political uncertainty is an issue with many investors. The stock has done well since the mandate of the election was announced. They have been talking with investors and they want to launch the transaction soon. In fact, based on the stats, following the general elections, the value of SBI’s stocks have gone up by 5%, taking the total stock value in the year up by 20.4%. As of yesterday, each stock of the bank is valued at Rs.360.40. Though their plan to raise funds has made the news, SBI have refused to comment. That said, in 2017, SBI raised Rs.15,000 crore through qualified institutional placement, which is still a record in the country by any bank. That said, the gross NPAs of the bank stand at 7.53%.

    29 May 2019

  • SBI Life Insurance Company is Preferred by Brokerages

    The insurance sector has been thriving since the previous year with private life insurance providers posting a heavy growth for the month of March with an annual premium equivalent growing by almost 19% from one year ago. Financial professionals and analysts have stated that this is essentially a hint at a stable growth trend and actually a reaffirmation about the fact that the structural trend that has been shaped of a market share shift will in fact remain intact for a long period of time. State Bank of India Life Insurance Company has been gaining immense popularity in the sector of insurance with its rising market share and an immense growth in the protection business. This is the reason why brokerage firms are also inclining more towards investing in the shares of SBI as compared to other private life insurance companies. With a strong bancassurance partner (SBI Bank) selling SBI Life products only, SBI life insurance company has indeed carved a niche in the sector of life insurance. SBI Life Insurance offers multiple products for the benefit of its customers, ranging from investment products to retirement plans. You can purchase these products online.

    29 April 2019

  • SBI Life Insurance Company is Preferred by Brokerages

    The insurance sector has been thriving since the previous year with private life insurance providers posting a heavy growth for the month of March with an annual premium equivalent growing by almost 19% from one year ago. Financial professionals and analysts have stated that this is essentially a hint at a stable growth trend and actually a reaffirmation about the fact that the structural trend that has been shaped of a market share shift will in fact remain intact for a long period of time. State Bank of India Life Insurance Company has been gaining immense popularity in the sector of insurance with its rising market share and an immense growth in the protection business. This is the reason why brokerage firms are also inclining more towards investing in the shares of SBI as compared to other private life insurance companies. With a strong bancassurance partner (SBI Bank) selling SBI Life products only, SBI life insurance company has indeed carved a niche in the sector of life insurance. SBI Life Insurance offers multiple products for the benefit of its customers, ranging from investment products to retirement plans. You can purchase these products online.

    29 April 2019

  • SBI Life Insurance Introduces Thanks a Dot in Rural India

    One of the most reputed life insurance companies in India, SBI Life Insurance recently launched a campaign known as Thanks A Dot, for survivors of breast cancer. This particular campaign has been launched officially on World Health Day. The campaign was launched in the state of Haryana and SBI Life Insurance is one of the first insurance companies to have taken this initiative to the rural areas of India.

    Research has proved time and again that more than 90% of the women population in rural areas remain unaware about the drastic consequences of brain cancer and a significant proportion of the population remains unaware about the possibility of a self-breast examination. This is the reason why the insurance provider organized this workshop.

    Studies have indicated that the average age of breast cancer in India is nearly a decade lower than the Western countries. One of every 2 breast cancer patients do not survive in India.

    15 April 2019

  • SBI Life Insurance’s ‘Main Se Hum’ campaign renewed with cricketer Cheteshwar Pujara

    The ‘Main Se Hum’ brand campaign by SBI Life Insurance has been given a fresh lease of life with cricketer Cheteshwar Pujara and wife Puja Pujara taken onboard as its brand ambassadors. The advertisement highlights the real-life relationship between the cricketer and his wife. It also highlights a more upbeat approach to life insurance. The advertisement was a testament to the cricketer putting his family’s needs ahead of his own at all times. The campaign was projected to the target audience through a variety of platforms ranging from social and digital media to television and print.

    9 April 2019

  • Interim dividend declared by the board of SBI Life Insurance Company Ltd.

    The Bombay Stock Exchange (BSE) has been informed by the Board of Directors of the State Bank of India (SBI) Life Insurance Ltd. that Rs.2 per equity share has been declared as an interim dividend for the financial year 2018-2019. The Rs.2 will be on the paid-up equity share capital of SBI Life Insurance Company Ltd. of Rs.10 each of the nominal value. The information was given to BSE at the company’s meeting which was held on 26 March 2019.

    Shareholders whose name are mentioned on the Register of Members of the Company or in the Depositories records will be paid the interim dividend for Financial Year 2018-2019. The payment date has been fixed on or after 13 April 2019. SBI Life Insurance Company Ltd. shares were trading at Rs.614 when compared to the Rs.615.7 at the previous close. 5088 shares were traded in over 400 trades. The net turnover during 26 March 2019 was Rs.31,15,020.

    28 March 2019

  • SBI Life Insurance Launches a Digital OOH Campaign

    SBI Life Insurance Company has launched a new digital out-of-home (OOH) programme in order to reach new customers. The programme was launched at major establishments in Delhi-NCR and Maharastra and explored the topic of New Year.

    SBI developed the platform in partnership with Google’s marketing platform and Lemma Technologies. The partnership with the 2 organisations has helped SBI create a digital inventory across various OOH touch points that are planning to reach out to audiences via mobile beacons installed at certain locations.

    The move is a way of bridging the gap between the company’s online and offline audience and widening their target customer group.

    9 January 2019

  • SBI Life Insurance and Syndicate Bank Announce Bancassurance Pact

    Syndicate Bank and SBI Life Insurance have announced the signing of a bancassurance pact in order to provide their customers with comprehensive financial planning solutions. The banks hope that the agreement would help them reach a wider customer base and achieve higher market penetration.

    SBI offers customers a wide range of insurance products and Syndicate Bank has a network of over 3,000 branches. The combination of these two forces is likely to be beneficial to both banks.

    Additionally, there is also the plan of increasing the market penetration of life insurance products. With that plan in mind, Syndicate Bank plans to launch a pilot project in 3 districts with the help of SBI Life Insurance.

    7 January 2019

  • SBI Life Insurance sponsors education of tribal girls

    SBI Life Insurance announced that it would take care of the overall welfare, and specifically the educational expenses, of tribal girls residing at the Saraswati Nilayam Tribal Girls Hostel situated in Guna, Madhya Pradesh. The donation was made to Sewa Bharti, which is a not-for-profit organization that works for the upliftment of the tribal population in Madhya Pradesh’s remote regions.

    10 December 2018

  • SBI Life Insurance reports an 11% increase in premium

    SBI Life Insurance has reported an increase of 11% at Rs.250.53 crore for the second quarter of FY19. The new business premium increased by 9% to Rs.2,221.92 crore. The company’s net worth saw a year-on-year increase of 14.7% at Rs.7,090 crore on 30 September 2018.

    The 13-month persistency for H1FY19 was 83.2% when compared to 81.3% for H1FY18. The annualised premium equivalent (APE) saw a year-on-year increase of 9.6% in H1FY19. APE refers to 100% of the regular premiums and 10% of the single premiums. The return on equity (RoE) of SBI Life was 17.8% in H1FY19 and the solvency ratio at the end of the second quarter stood at 2.21. The asset under management increased by 20% at Rs.1.26 lakh crore in 30 September 2018. SBI Life confirmed that 90% of the debt investments are in the AAA and sovereign instruments.

    23 October 2018

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SBI Life Insurance Reviews

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  • SBI Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am holding the life insurance policy with SBI LIFE where i have purchased the MONEY BACK policy but i got no money back so far with this policy. The policy gives the coverage for self also the premium paying for self. There is no issues with the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 16, 2019
  • SBI Life
    SBI Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with SBI life from past one year, i have taken this policy on last august, the policy name is smart fall insurance, the premium amount i use to pay up to 25,000 on yearly basis, i use to pay premium via cheque , Their customer care service is good.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 12, 2019
  • SBI Life Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through SBI Life directly .I have got all the details through the agent .I have not faced any difficulties so far on using this service .I am paying the premium through Online and it was Rs.24000.I have got my policy documents on time as well.I am very much comfortable on using this service.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 11, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in SBI LIFE before 2 years ago. The policy is for 16 years. Now I am paying premium in the annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 09, 2019
  • SBI Life Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance with SBI LIFE before long time. The customer service is good. I have taken for future savings and its a long term plan with the tenure of 18 years. I am satisfied with the benefits. Am paying near about monthly 3K and the return is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 07, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in SBI LIFE before 3 years ago. The policy is for 10 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. For payments use to detect amount from my salary account. Coverage up to my family.
    Was this review helpful? 0
    , chennai
    Reviewed on May 29, 2019
  • SBI Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Taken my life insurance policy from SBI LIFE. Pro-actively, i bought this policy because of the benefits. The agent came to my place and collected all my documents. I have been paying the premium amount of Rs. 6000 for every half year. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 28, 2019
  • SBI Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Taken my life insurance policy from SBI LIFE. Pro-actively, i bought this policy because of the benefits. The agent came to my place and collected all my documents. I have been paying the premium amount of Rs. 6000 for every half year. I make the premium through online.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 24, 2019
  • SBI Life Life Insurance
    "Need scope of improvement"
    0.5 3.0/5 "Satisfactory"
    I have Ulip plan come under life insurance with SBI, I paid Rs. 50,000 premium it has the locking period of five years. The customer experience is unhappy, when I try to reach they don't have proper information about my plan. The payment method is very difficult though I option to change my tenure since its a ulip plan. They need overall improvement on the process and response.
    Was this review helpful? 0
    , pune
    Reviewed on May 21, 2019
  • SBI Life Life Insurance
    "Need to improve the benefits"
    0.5 4.0/5 "Great!"
    I have a term insurance with SBI Life and it was purchased 3 years ago. I am doing payment half yearly around 8K through online. The payment mode is so much easy. I got the insurance paper. I need to pay the premium for 22 years. The benefits are average.
    Was this review helpful? 0
    , pune
    Reviewed on May 19, 2019
  • SBI Life Life Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    The premium has been debited by my account, SBI is contacting me for the payment which was already made. Also have received the documents very late and they need to improve the benefits. I have a life plan and it was taken before 4 years. They need lot of improvements.
    Was this review helpful? 0
    , silvassa
    Reviewed on May 19, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in SBI LIFE. Now I am paying premium in the monthly package. While getting an insurance policy my agent has given an information about the policy details. It is for about 4 years. The service is good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 16, 2019
  • SBI Life Life Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken SBI Life insurance through the agent ,this is a Money back policy ,it is for 18years policy ,the premium is nominal ,it is quarterly basis ,policy documents also received on time ,I am paying the premium through debit card ,no issues faced so far ,still policy is on process taken before 3 months .I am satisfied with the service .
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 14, 2019
  • SBI Life Life Insurance
    "Best"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with SBI LIFE and the benefits are good. The customer service is up to the mark. I have taken 15 years and am making monthly premium of Rs.1500 through cheque or sometimes online. The online app is good and user friendly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 08, 2019
  • SBI Life Life Insurance
    "Very good"
    0.5 4.0/5 "Great!"
    I opened one SBI life policy last six month back , my plane is 15 years , and every month 20k I paid , and plan amount is 24L, but their website was not reachable then I called customer service , no any response , only one time happen it, and rest of service is good , I am satisfied with this policy ,
    Was this review helpful? 0
    , bangalore
    Reviewed on May 03, 2019
  • SBI Life Life Insurance
    "Good "
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through SBI Life .This policy tenure is for 12years.I am paying the premium through online .I have got all the required information from the agent .The policy coverage ,plan benefit and payment update was clearly informed by the agent .The service is good to me so far and satisfied as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 03, 2019
  • SBI Life Life Insurance
    "Good plan with tax saving"
    0.5 4.0/5 "Great!"
    I make premium of Rs. 1 lakh which it has the duration of 12 years. I get the sum assured after matured period. Once in 3 years I get Bonus interest, they do accidental life cover of Rs.10 lakhs for certain demise. The support is good and the plan has tax saving under 80 c section.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 02, 2019
  • SBI Life Life Insurance
    "Good"
    0.5 3.0/5 "Satisfactory"
    SBI life is average and am holding one policy. I have purchased 7 years policy and the benefits are not that great. I am paying yearly premium of 16,000 rupees through online. The online portal is good and convenient. The sum assured is very less.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 02, 2019
  • SBI Life Life Insurance
    "Experience is good"
    0.5 5.0/5 "Blown Away!"
    My life insurance is with SBI Life. The customer services are good. They are responsive as well. The tenure is for 15 years. The sum assured and the plan benefits are good. I pay my premium on a yearly basis. It is convenient to pay it online and hassle free too.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 02, 2019
  • SBI Life Life Insurance
    "Satisfied with the service"
    0.5 4.0/5 "Great!"
    I also have a life insurance with SBI Life. The customer services are good. The process was good and they have a tenure is for ten years. The premium is paid on a annual basis. There are good features and benefits. The policy coverage is also fine.
    Was this review helpful? 0
    , delhi
    Reviewed on Apr 29, 2019
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