BI Life Insurance, with a claim settlement ratio of 94.52% from 2021 to 2022, is one of the most reputed life insurance companies in India and is known to offer different types of products which are easily customisable depending on your various financial needs.
On SBI Life Insurance Official Website
Updated: 29-05-2024 10:32:36 AM
| Number of Branches | 996 |
| Customer Assistance | Always available |
| Claims Paid | More than Rs.1,77,765 crore |
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.
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:
The various plans offered under the SBI Life insurance savings plan are mentioned below –
Fixed life cover is provided throughout the term of the policy and maturity benefits are guranteed.
o Entry Age: 18 years
o Annual Premium: Rs.1,500 – Rs.5,000
Protection is provided if a nominal fee is paid. Individuals have the option to get the premium back.
o Entry Age: 18 years
o Annual Premium: Rs.2,300 onwards
Insurance cover as well as savings benefits are provided under this plan.
o Entry Age: 18 years
o Annual Premium: Rs.6,000 onwards
Your family’s future can be safeguarded under this plan.
o Entry Age: 6 years
o Annual Premium: Rs.5,100 onwards
Regular income can be generated under this plan. Income, savings, and insurance cover is provided under this plan.
o Entry Age: 18 years
o Annual Premium: Rs.6,000 onwards
Income, savings, insurance cover, and an endowment assurance plan with profits are provided under this plan.
o Entry Age: 18 years
o Annual Premium: Rs.1,00,000 onwards
Cover is provided for your family in the case of any unfortunate events.
o Entry Age: 30 days
o Annual Premium: Rs.12,000 – Rs.75,000
Guranteed returns are offered on the premiums that are paid.
o Entry Age: 30 days
o Annual Premium: Rs.50,000 onwards
Guaranteed income is provided on a regular basis under the plan.
o Entry Age: 30 days
o Annual Premium: Rs.50,000 onwards
Guaranteed protection and returns are offered under the plan.
o Entry Age: 30 days
o Annual Premium: Rs.30,000 onwards
A few plans that are offered under the SBI Life Insurance Protection Plan are mentioned below –
Financial security is provided for your family under the plan.
o Entry Age: 18 years
o Single Premium Range: Rs.300 – Rs.2,000
A term plan that offers financial protection for your family.
o Entry Age: 18 years
o Single Premium Range: Rs.3,000 onwards
Financial protection is provided for cancer treatments.
o Entry Age: 6 years
o Single Premium Range: Rs.600 onwards
Term plan is provided at an affordable price.
o Entry Age: 18 years
o Single Premium Range: Rs.1,415 – Rs.1,01,025
A plan that suits your current requirements.
o Entry Age: 18 years
o Single Premium Range: Rs.3,600 onwards
Comprehensive health cover is provided in the case of medical emergencies.
o Entry Age: 18 years
o Single Premium Range: Rs.1,415 – Rs.1,01,025
Education needs are covered once the individual reaches the age of 18 years.
o Entry age of the proposer is 21 years.
o The annual premium starts from Rs.6,000.
Market linked returns are offered under the plan.
o Entry age of the proposer is 18 years.
o The annual premium starts from Rs.24,000.
Life cover as well as income is provided on a periodic basis under the plan.
o Entry age is 14 years.
o The annual premium starts from Rs.9,500.
Security and regular income are offered under the plan.
o Entry age is 14 years.
o The annual premium depends on the sum assured.
Cash inflow is provided on a regular basis for 15 years and life cover is provided under the plan.
o Entry age is 14 years.
o The annual premium depends on the sum assured.
A plan that suits your current requirements.
o Entry Age: 18 years
o Single Premium Range: Rs.3,600 onwards
Guaranteed corpus is provided under the plan.
o Entry age is 20 years.
o The annual premium starts from Rs.24,000.
Education needs are covered once the individual reaches the age of 18 years.
o Entry age of the proposer is 21 years.
o The annual premium starts from Rs.6,000.
Market linked returns are offered under the plan.
o Entry age of the proposer is 18 years.
o The annual premium starts from Rs.24,000.
Guaranteed income is provided on a regular basis under the plan.
o Entry Age: 30 days
o Annual Premium: Rs.50,000 onwards
Under the plan, corpus can be built.
o Entry age is 20 years.
o The annual premium starts from Rs.30,000.
Guranteed returns are offered on the premiums that are paid.
o Entry Age: 30 days
o Annual Premium: Rs.50,000 onwards
Financial protection is provided for cancer treatments.
o Entry Age: 6 years
o Single Premium Range: Rs.600 onwards
Term plan is provided at an affordable price.
o Entry Age: 18 years
o Single Premium Range: Rs.1,415 – Rs.1,01,025
Cover is provided for your family in the case of any unfortunate events.
o Entry Age: 30 days
o Annual Premium: Rs.12,000 – Rs.75,000
Guaranteed protection and returns are offered under the plan.
o Entry Age: 30 days
o Annual Premium: Rs.30,000 onwards
Below is the process on how to submit a claim on SBI Life Insurance –
Follow the steps mentioned below to fill your claim settlement online –
The documents that are required to purchase SBI Life Insurance are mentioned below :
It is not too difficult to check the status of your insurance with SBI Life Insurance. Simply go to SBI life Login/Registration1.aspx, enter your policy number, Customer ID, and date of birth as they appear on your policy document, and click “Register.” Information about the insurance and the policyholder will appear on the screen as soon as you have provided the necessary details.
You must verify or edit your phone number and email address here. Before clicking “Submit,” you must also input your login information. Then, you will receive an email with a link that enables you to change your password. You must first enter the password you used to register before selecting a new one.
If you want to pick the option of paying your life insurance policy’s premiums online, go to an online payment website, input the necessary information, such as the policy number, your date of birth, your mobile number, and your email address, and then continue to make the payment.
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.
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.
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.
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 and non-monthly payment frequency mode, advance payments can be made up to 30 days in advance.
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.
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.
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.
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.
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.
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.
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.
