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 95.03% 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.

Highlights 
Claim Ratio  95.03% 
Number of Branches  23000+ 
Customer Assistance  Always available 

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

  • 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. 
  • The company is also known for boasting the most productive force so far as insurance agents are concerned, having for being tied up with more than 80,000 advisors. 
  • SBI 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 grown tremendously – so much so that it has contributed significantly towards transpiring the insurance industry in India. 

Since inception, As a result, , thereby SBI has ensured that individuals from all over the country can avail its offerings.  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 12 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 Minimum sum assured is 10 x Annualized Premium for individuals under 45 years of age, and 7 x Annualized Premium for individuals who are 45 years or above Maximum sum assured is 20 x Annualized Premium for individuals both under 45 years and below and 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 30 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 30 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 Minimum ofRs. 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 (The child must be between 18 and 25 years of age on maturity)

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 and maximum of up to 40 years
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 lakh  5 years to 80 years minus entry age 
SBI Life Saral Shield  Rs.7.5 lakh to Rs.24 lakh  5 years to 30 years 
SBI Life eShield  Rs.35 lakh  Minimum of 5 years to 10 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.2 lakh 15 years to 25 years
SBI Life Shubh Nivesh Rs.75,000 Minimum of 10 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 Higher of 10 times Annualised Premium or 7 times Annualised Premium for ages below 45 years and above 45 years respectively x Sum Assured Multiple Factor Or 0.5 x Policy Term for age below 45 years and 0.25 x Policy Term for age above 45 years 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. 10 years 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.
Plan  Group Size  Policy Term  Sum Assured 
SBI Life – Kalyan ULIP Plus  10 members  1 year  As per the discretion of the insurer 
SBI Life - CapAssure Gold  10 members  1 year  Rs.1,000 per member at the risk premium) of Re.1 p.a. 
SBI LIFE - Swarna Jeevan  10 members  5 –35 years  Rs.1,000 per member 
SBI Life – Gaurav Jeevan  50 members  5-35 years  Rs.100 per member 
 

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.
Plan  Group Size  Policy Term   Sum Assured 
SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana  1 year  Rs.2 lakh 
SBI Life – Sampoorn Suraksha  10 members  1 year  Rs.1,000 per member 
 

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.
Plan  Group Size  Policy Term   Sum Assured 
SBI Life - Pradhan SBI Life – RiNn Raksha  20 members  2 years to 30 years  Rs.10,000 per member 
 

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 Surakhsa: A group term insurance plan This is for the rural section and for the underprivileged parts of the society who opt for life insurance protection without maturity benefit.
Plan  Group Size  Policy Term   Sum Assured 
SBI Life – Grameen Super Suraksha:  20 members  2 years to 5 years  Rs.5,000 

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 any 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. 

Online 

  • Visit the official website of SBI Life Insurance. 
  • Click on the tab ‘Services for Existing Customers’. 
  • After that click on ‘Claims and Maturity’. 
  • Enter details such as your policy number, date of birth, and type of claim. After that enter the captcha to complete the security process. Click on ‘Submit’. 
  • The insurer will then verify the details submitted by you and if they are found to be correct, your claim application will get approved and the amount will be deposited to your bank account. 

 Offline 

Visit the nearest SBI Life Insurance Company branch with all the relevant documents and the claim application form duly filled by you and submit it. If all the documents are correct, the insurer will deposit the claim amount to your bank account.  

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.

FAQ's-of-SBI-Life-Insurance

  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.

News About SBI Life Insurance

  • Carlyle Group exits SBI Life Insurance

    Private equity firm Carlyle Group is no longer associated with SBI Life Insurance Company Ltd after it sold its stake of 1.9% in the insurance company through open market transactions.

    The total deal value is currently valued to be at Rs.2,147 crore.

    According to the BSE's block deal data, Carlyle Group with the help of its entity CA Emerald Investments, sold a total of 1.9 crore scrips at an average price of Rs.1,130 per scrip.

    As per the shareholding data for June 2021 quarter of SBI Life Insurance Company, CA Emerald Investments was its public shareholder and owns 1.9% stake in the insurance company.

    The shares were also picked up by Max Life Insurance Company Ltd, Morgan Stanley Asia Singapore Pte, Societe Generale, HDFC Standard Life Insurance, Bofa Securities Europe SA, BNP Paribas Arbitrage, and Integrated Core Strategies (Asia) Pte Ltd, including a host of mutual funds including Kotak Mahindra Mutual Fund, Nippon Indian Mutual Fund, Pioneer Investment Fund, SBI Mutual Fund, Franklin Templeton Mutual Fund, and ICICI Prudential Mutual Fund.

    7 September 2021

  • SC asks SBI Life to cough up Rs.84 crore

    The Supreme Court on Monday ordered insurance company SBI Life to refund Rs.84 crore with interest it had collected from its policyholder under now defunct Super Suraksha scheme upholding the order by the Insurance Regulatory and Development Authority (IRDAI) in 2021.

    IRDAI had ordered the insurer to refund the money as it felt that policyholders should not have borne cost arising from 20% administrative charges paid by the insurance company to the master policy holders or the lenders that sold its home loan product. The regulator asked the insurer to incur the administrative expenses.

    6 August 2021

  • Net profit of SBI Life jumps to Rs.300 crore in Q2

    On 26 October 2020, SBI Life reported that its net profit for the second quarter of 2020-2021 had jumped to Rs.300 crore. In the first quarter, the net profit of SBI Life was at Rs.130 crore. According to a regulatory filing, the total income of the insurer increased by 45% in the first quarter of 2020-2021 when compared to the previous quarter. The company was established in 2001 and is a joint venture between BNP Paribas Cardif S.A. and State Bank of India. The insurance company is one of the leading life insurance companies in the country.

    5 November 2020

  • SBI Life delivers on growth, while ICICI PruLife wins in profitability

    The largest life insurance company in India, SBI Life Insurance reported a growth in business premium of 27% for the quarter ending September.

    ICICI Prudential Life Insurance Co. Ltd which released its results for September quarter on Tuesday saw their new business premium grow slightly more than 1%. The investors had anticipated a lacklustre growth from the life insurance company. However, in terms of profitability, the insurance company did marginally better as compared with peer SBI Life. ICICI Prudential Life’s new business margin rose to 27.4% from 24.4% for the first quarter.

    30 October 2020

  • SBI Life Insurance's net profit more than doubles to Rs 299 crore

    The net profit of SBI Life Insurance doubled to nearly Rs.299 crore during the first quarter of this financial year, as compared to Rs.129.84 crore in the year-ago period.

    For the first half of the financial year (FY21), net profit of the insurance company rose 38% to Rs.690 crore over the same period a year ago. Net premium income of the insurer grew more than 27.2% to Rs.12,858 crore in the quarter.

    29 October 2020

  • SBI to divest 8.25 percent in UTI AMC

    With the much-awaited initial public offering (IPO) of UTI Asset Management Company hitting the markets next week. State Bank of India (SBI) along with a few others will trim their stakes in UTI AMC. The lender will divest 8.25 percent stake. It must be noted here that SBI holds 18.24 percent stake in UTI AMC.

    UTI AMC is the second largest asset management company in the country with regard to total asset under management. In terms of mutual fund QAAUM as of June, it is ranked eighth largest asset management company in the country.

    As part of the offer, the price band has been fixed at Rs.552 - 554 per equity share and aims to raise Rs.2,152 – 2,160 crores through the offer.

    9 October 2020

  • Individuals can gift an accident insurance policy with the help of SBI General Insurance

    SBI General Insurance has launched a new initiative known as Shagun policy where individuals can gift a personal accident cover. According to SBI General Insurance, since the new policy can be gifted, the individuals who buy the policy need not be related to the person who is insured. According to a statement given by the company, Shagun provides personal accident insurance and complete financial protection to the individual who is insured against partial or total disabilities, accidental death, and temporary disabilities that are caused due to an accident.

    22 September 2020

  • Voluntary Retirement Scheme planned by SBI for more than 30,000 eligible employees

    In a move to optimise the costs, a VRS is being planned by SBI to around 30,190 eligible employees. The employee strength of the bank is at 2.49 lakh as of March 2020. Last year, the employee strength was at 2.57 lakh. The draft for the VRS has been completed and the approval is being awaited. The main aim of the scheme is to optimise costs and human resources. According to SBI, the scheme will begin from 1 December and will go on until the end of February.

    11 September 2020

  • Net profit of SBI Life increases to Rs.390 crore in Q1FY21

    SBI Life Insurance posted year-on-year growth in net profit by 5.11% on 28 July 2020 at Rs.390.89 crore at the end of Q1FY21 ending in June. The company had reported a net profit of Rs.371.90 crore in the previous quarter. The net premium income of the company increased 14% year-on-year from Rs.6,655.02 crore in Q1FY20 to Rs.7,588.09 crore in Q1FY21.

    The income of investments recorded a massive jump of 188% year-on-year to Rs.8,582 crore during the quarter. The shares of the company were trading at 2.23% higher at Rs.873.50 after the announcement of the financial results were made as BSE Sensex traded higher by 1.36% at 37,926.

    Based on an evaluation of assessing the impact of COVID-19 on the business and financials, the company has kept additional reserves of Rs.59.34 crore, according to a release by the company. The Asset under Management of SBI Life increased by 19% Y-o-Y to Rs.1,75,350 crore.

    4 August 2020

  • State Bank of India Life Insurance Company announces a change in upper management

    The SBI Life Insurance Company has announced a change in their upper management by appointing Seema Trikannad as the Executive Vice President and Chief of Human Resources and Management Services of the company. The Board of SBI Life Insurance company announced this change at a meeting held on 19 May.

    Seema Trikannad will be taking place of Manjula Kalyanasundaram who has been posted back to the State Bank of India with the post of Managing Director, State Bank Foundation.

    28 May 2020

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