SBI Life Insurance Company Ltd - SBI Life
- Claim Settlement Ratio - 91.06%*
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As part of the strategy to increase its product portfolio and increase customer base, India’s largest banking enterprise, State Bank of India, forayed into the life insurance sector in 2001 by entering into a 76%-24% joint venture (JV) with BNP Paribas Assurance.
BNP Paribas Assurance is the insurance arm of Paris-based BNP Paribas. It is the second oldest foreign bank operating in India. BNP-Paribas was ranked as the third largest bank in the world in 2012. Bulk of bank’s business comprises of three business units: Retail banking, Corporate and Investment banking and Investment solutions.
SBI Life Insurance has created a name for itself as a trustworthy insurance company that believes in excellence, innovation and customer satisfaction. According to the IRDA, SBI Life Insurance has a claim Settlement Ratio of 94.41%. It has won numerous awards such as IMC Ramkrishna Bajaj National Quality Award 2012. In a survey conducted by ET-Nielsen, the company was adjudged as the ‘Most Trusted Private Life Insurance Brand’, 2013, for the third consecutive year.
These are low cost SBI life insurance plans which are designed to provide full protection & financial stability to your family in case of any unforeseen events
These are unit linked SBI Life insurance plans which provide you with a wide array of funds, riders and other options, and give you the complete freedom to fulfill all your investment and insurance needs.
- SBI Life - Smart Wealth Builder
- SBI Life - Smart Wealth Assure
- SBI Life - Saral Maha Anand
- SBI Life - Smart Scholar
- SBI Life - Smart Elite
- SBI Life - Smart Power Insurance
- SBI Life - Smart Performer
Pension plans help you to save for your old age so, that you maintain the same life style even after you retire and live life tension free.
SBI Life plans helps you accumulate and save for your child’s bright future.
- SBI Life - Smart Champ Insurance
- SBI Life - Smart Scholar
These are low risk SBI Saving and investment plans which provides guaranteed amount on maturity and help you plan systematically for your future.
- SBI Life - Smart Income Protect
- SBI Life - Smart Guaranteed Savings Plan
- SBI Life - Smart Money Back Gold
- SBI Life - Shubh Nivesh
- SBI Life - Saral Swadhan+
- SBI Life - Flexi Smart Plus
Compare all SBI Life insurance plans from other life insurance companies in India to get the best insurance plan that suits your investment, savings or health insurance needs.
SBI Life Distribution Network:
SBI Life has a unique multi-distribution model with Bancassurance, Retail Agency, Institutional Alliance and Corporate Solutions distribution channels. SBI Life leverages the State Bank Group relationship as a platform for cross-selling insurance products which has bank accounts of over 100 million customers. It also has over 85,000 Insurance Advisors who offer door to door insurance solutions to customers.
SBI Life Insurance FAQS
SBI’s life insurance plans offer financial security to you and your family against all unforeseen risks besides providing you an opportunity to grow your investment. It ensures that your family remains financially secured even in your absence.
The two basic components of SBI’s life insurance policies are:-
- Risk coverage i.e., term insurance
- Savings for future i.e.; pure endowment
The cost of SBI’s life insurance depends on various factors such as:-
- Age, profession and health status
- Type of policy selected
- Sum assured
- Premium payment term
- Premium payment frequency
- Riders, if any
Typically, life insurance is a contract that you are entering into with an insurer. It is a fixed amount that you are willing to pay to stay insured. Thus, such a price is fixed and SBI doesn’t increase your premium amount. However as the Finance Ministry levied a service tax on insurance companies, your premium may include service taxes also.
It is strongly advised to buy SBI’s life insurance policy because of the following reasons:-
- The amount of insurance coverage offered by an employer may not be adequate
- If your employer decides to do cost-cutting, you may no longer be insured
- In case you decide to resign, you may no longer be covered
Ideally, you should insure yourself as long as you are the breadwinner of your family. With the increasing nuclear families, it is important that the sole earner of the family should cover itself for the entire life to ensure that the family remains secured even in its absence.
You can lower the premium of your SBI life insurance if you
- Purchase insurance at a young age
- Buy coverage for a long tenure
- Insure yourself for a high sum assured
- •Choose a low term insurance
- Do not buy additional riders that do not add value to your policy
Smoking increases your chances of contracting ailments such as heart and lung ailments. To cover this risk, insurers levy high premiums on the policy issued to a smoker than a non-smoker.
SBI doesn’t pay to the nominee if the policyholder dies within the first year of policy issuance. Also, the insurer doesn’t cover accidental deaths happened when the insured was under the influence of drugs or when the insured was participating in adventurous activities such as mountain climbing, scuba diving and boxing.
Your SBI’s life coverage will start only after the acceptance of your proposal form by the insurer. You will get a written confirmation regarding the status of your policy.
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