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Learn about SBI Life Insurance (Plans, Claims & More)
SBI Life Insurance is a joint venture between the State Bank of India (SBI), the largest government-owned banking and financial services company in India, and BNP Paribas, a multinational financial services company headquartered in Paris, France.
The company was formed in March 2001, ever since it has had a far-reaching presence across the nation operating through 950+ offices, more than 17,000 employees, 16,000+ associated agents, and more than 28,000 partner branches.
SBI Life currently serves millions of families across India with its wide range of insurance products and services. it offers a broad variety of insurance plans catering to all types of customers and insurance buyers. The company provides numerous plans like pension, savings, term, unit-linked plans, etc for individuals, families, and groups at an affordable premium.
In this article, we will discuss the following
- Company specifications
- Plans offered by SBI Life Insurance
- Awards received
- Why choose SBI Life Insurance?
- How to buy SBI Life Insurance plans?
- SBI Life Insurance claim process
Company Specifications
Claim settlement ratio | 94.52% |
Solvency ratio | 234% |
Branches | 950+ |
Headquarters | Mumbai |
Website | www.sbilife.co.in |
Customer care | Toll free number : 1800 267 9090 |
Email ID | info@sbilife.co.in |
Plans Offered by SBI Life Insurance
SBI Life Savings Plans
| Plan name | About the plan |
|---|---|
| SBI Life Smart Platina Assure Plan | This is an endowment assurance savings plan that offers lumpsum payouts on maturity period and also provides the benefit of a life cover. |
| SBI Life New Smart Samriddhi Plan | This plan offers a death benefit that provides a lumpsum payout in case of demise of the policyholder or provides a lumpsum payout along with any accrued bonus upon surviving the maturity period. |
| SBI Life Smart Future Choices Plan | This is a multi-layered plan offering several benefits like cash bonus, survival, or maturity benefit along with a life cover. It is available in two different variants Classic and Flexi Choice. |
| SBI Life Shubh Nivesh Plan | This non-linked, participating life insurance product offers a life cover, income, and savings components clubbed together in the same plan. |
| SBI Life Smart Bachat Plan | This endowment plan financially protects you and your family from the uncertainties of life. The plan offers maturity benefits in which the basic sum assured plus accrued bonus if any will be paid upon maturity period or the same shall be paid as a death benefit in case of death of the policyholder. This plan is available in two options A and B plan. |
| SBI Life Smart Hamsafar Plan | This is a savings cum life insurance plan that covers legally wedded couples. In this plan, a lump sum payout will be paid to the surviving policyholder in case of the death of any insured partner. |
SBI Life Protection Plans
| Plan name | About the plan |
|---|---|
| SBI Life eShield Plan | This is a term insurance plan that offers life cover to the policyholder. In this plan, the company will offer a sum assured to the nominees of the policy in case of the unfortunate death of the policyholder. |
| SBI Life Saral Jeevan Bima Policy | This is an affordable life insurance plan that guarantees a payout of the base sum assured to the beneficiaries of the policy in case of the death of the insured individual. |
| SBI Life- Poorna Suraksha Plan | This term plan provides coverage against death and critical illnesses. It also waives any future premiums in case the policyholder is diagnosed with any of the listed illnesses defined in the policy. |
| SBI Life Sampoorn Cancer Suraksha Plan | As the name suggests, this plan by SBI protects against all stages of cancer. In this plan, the policyholder will receive lumpsum payments during minor, major and advanced stages of cancer. This plan is available in three variants: Standard, Classic, and Enhanced Plan. |
| SBI Life Corona Rakshak Policy | This is a cash benefit plan that provides a lumpsum payout of 100% sum assured after the first diagnosis of COVID-19. |
| SBI Smart Swadhan+ Plan | This is a life insurance plan that offers a 100% return on premiums paid upon the maturity period. |
| SBI Life Grameen Bima Plan | This is a micro-insurance policy for the economically weaker sections of the society, under this plan guaranteed sum assured will be paid to the nominees in case of death of the policyholder. |
| SBI Life Smart Shield Plan | This is a regular term insurance plan that offers only life cover to the policyholder. There are no maturity benefits available under this plan. |
| SBI Life Saral Swadhan+ Plan | SBI Swadhan + plan offers a death benefit and also returns 100% of premiums paid upon completion of 10 years of the policy period or 115% of the premium paid upon completion of 15 years of the policy period. |
SBI Life Retirement Plans
| Plan name | About the plan |
|---|---|
| SBI Life Retire Smart Plan | This is a unit-linked plan which provides a life cover and also pays back 100% of your premiums paid upon the maturity period. |
| SBI Life Annuity Plus Plan | This is an annuity plan that also offers bonus payouts. The premium for this policy has to be paid in a single lumpsum amount and the annuity begins instantly from the next month, six months, or a year as selected by the policyholder. |
| SBI Life Saral Pension Plan | This traditional pension plan takes care of your financial needs post-retirement. It offers a life cover and bonus payouts during the policy period. |
SBI Life Unit- Linked Plans
| Plan name | About the plan |
|---|---|
| SBI Life eWealth Plan | This plan is designed to offer dual benefits of a life cover and market-linked returns on investments growing your corpus. It is available in 2 types of variants. |
| SBI Life Smart InsureWealth Plus | This unit-linked plan offers life insurance cover and also increases higher fund value through market-linked returns. The plan provides 3 types of different investment strategies to invest in accordingly: Smart choice strategy, Auto asset allocation strategy, and Trigger strategy. |
| SBI Life Saral InsureWealth Plus | This is a unit-linked and non-participating life insurance plan that provides the advantage of life coverage along with monthly payout options |
| SBI Life Smart Wealth Builder Plan | Smart Wealth Builder Plan offers life insurance cover and 11 types of investment funds to invest in to build a solid corpus for the policyholder and their loved ones. |
| SBI Life Smart Power Insurance Plan | This ULIP plan offers life insurance coverage in which the company will pay the death benefit to the nominee or a lumpsum amount of the fund value will be paid to the policyholder on surviving the policy tenure. The plan provides various fund options – Increasing and Level Cover Options to choose from. |
| SBI Life Smart Elite Plan | Like most Unit-linked plans this plan also offers investment returns and life insurance cover, not only that this plan also offers accidental life coverage providing 360-degree protection. |
| SBI Life Smart Privelege Plan | This plan offers the policyholder 11 kinds of investment funds to invest in for creating a solid corpus along with the advantage of a life cover. |
| SBI Life Wealth Assure Plan | This unit-linked product offers a life insurance cover and market-linked returns with a one-time premium payment option. |
SBI Child Insurance Plans
| Plan name | About the plan |
|---|---|
| SBI Life Smart Champ Insurance | This child insurance plan is intended to financially provide for the child’s future in the absence of the parents. It offers death and accidental disability coverage along with maturity benefits during the policy period. |
| SBI Life Smart Scholar | This ULIP plan offers a lump sum payout of the base sum assured or 105% of the total premiums paid, whichever is higher will be paid in case of the death of the insured parent. All future premiums will also be waived off and the accumulated fund value will be paid instantly in the absence of the insured parent. |
Awards Received
Below given are a few awards and accreditation of SBI Life Insurance
- ‘Best Life Insurance Company’ at ICC Emerging Asia Insurance Conclave awards 2019.
- ‘SMART Award- Life Insurance in Large Category’ at ET Insurance Summit in Mumbai, 2019.
- CCircle Award for 2020 under the category ‘Financial Services Company of the Year’
- Winner of the ‘Golden Peacock Award’ for Risk Management in the year 2018.
Benefits and Features of SBI Life Insurance
Claim Settlement Ratio
SBI Life Insurance has a stellar track record when it comes to settling genuine insurance claims of its customers. As per IRDA, the company has an ideal track record of 94.52% for FY 2019-2020, indicating that the company is reliable and dedicated when it comes to settling claims of its customers and not depriving them of their rights.
Highest Solvency Ratio
According to IRDA, all life insurance companies must maintain an ideal solvency ratio of 1.5% in India. The solvency ratio is a parameter that estimates the financial reliability and trustworthiness of a company. SBI Life Insurance has the highest solvency ratio among all life insurance companies in India, indicating that the company has strong financial statements and is extremely reliable when it comes to meeting its long-term debts or obligations.
PAN India Presence
The insurer operates with 950+ branches and offices all across the country providing access to all kinds of customers and insurance buyers to avail of their services.
Budget-Friendly Plans
The company offers highly comprehensive plans financially shielding the policyholder and their loved ones from uncertainties of life at an affordable premium.
Wide Range of Plans and Products
The insurer provides a wide range of plans that cater to the needs and requirements of all kinds of customers and insurance buyers.
Trusted Name
SBI Life is among the oldest insurance companies in the country and has grown tremendously, that today it contributes significantly towards the insurance industry and is one of the most trusted life insurance companies in India.
How to buy SBI Life Insurance plans?
You can buy directly through their online portal or through a registered insurance agent. Learn how you can find a registered insurance agent using IRDA Agent Locator.
SBI Life Insurance claim process
In case of the unfortunate death of the policyholder, the nominee or the claimant needs to follow these simple steps to claim the policy benefits.
Online process
- Step 1– Inform the company about the event by visiting their official website and filling the claim form with the requested details. You can also inform the insurer by writing to them on the email address at claims@sbilife.co.in or you can connect with them on their toll-free number 1800 267 9090.
- Step 2– After you have informed the company about the same, you are requested to submit the following supporting documents to initiate the claim further.
- Step 3– After you have submitted all the documents to the insurer, the insurer will thoroughly verify the claim along with the policy terms and conditions. After thorough verification, the company will approve the claim accordingly.
- Step 4– Once the decision is taken, the claim amount will be released as per the terms and conditions of the policy.
Note: For any further queries regarding the claim you can write to info@sbilife.co.in.
Offline process
Follow these simple steps for the offline claim process with SBI Life Insurance
- Step 1– Inform the insurer about the event on their toll-free number i.e 1800 267 9090 or by visiting the nearest SBI Life Insurance office or branch.
- Step 2– Submit the following supporting documents to the company.
- Step 3– The company will thoroughly verify the claim along with the policy terms and conditions and will approve the claim accordingly.
Documents Required
- Mandatory documents
- Claim form
- discharge/death summary
- Nominees or claimants ID proof
Additional Documents
- Medical records, admission notes, test reports, etc.
- Original death certificate
- Cancelled cheque by the claimant
- Copy of FIR
- Tax residency certificate
- Medical attendant’s certificate
- Hospital treatment certificate
Frequently asked questions about SBI Life Insurance
When was SBI Life Insurance incorporated?
SBI Life Insurance Company was incorporated in March 2001.
What is SBI Life Insurance Company's IRDA registration number?
IRDA registration no: 111
Is SBI Life Insurance regulated by IRDA?
Yes, SBI Life Insurance is regulated by the IRDA.
Is SBI Life Insurance Company a listed company?
Yes, SBI Life is a listed on the BSE and the NSE.
Does SBI Life Insurance provide any online tools and calculators?
Yes, the company provides a host of online tools to its customers including retirement planner, health tax saver planner, Section 80C Tax Calculator, etc.
What is SBI Life Insurance's asset under management?
₹ 2.5 trillion (As of 2022)
What is the total premium collected by SBI Life?
₹ 300 billion (As of 2022)