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SBI Life Insurance

SBI Life Insurance offers comprehensive insurance products catering to diverse needs, including term plans, endowment policies, ULIPs, retirement solutions, and child insurance plans. In FY 2022-23, the company’s CSR was 95%, which shows a strong track record of settling claims quickly, enhancing its reputation and presence as a trusted insurer. Let us look at the various plans and their benefits offered by SBI Life Insurance.  

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What is SBI Life Insurance Company?

SBI Life Insurance Company, one of India's leading life insurance companies, was founded in 2001. Serving millions of Indian families nationwide, the diverse range of SBI Life insurance products caters to individuals through pension, protection, health, and savings solutions. With these plans, you can get family financial protection, wealth creation, stress-free retirement, and care for your child’s higher education.

Key Highlights of SBI Life Insurance Company?

Solvency Ratio (FY 2022-23) 2.2
No. of Branches 1040 Branches across India
Claims Paid till date Over 194,797 crores.

Benefits of SBI Life Insurance

Following are the benefits offered by SBI Life Insurance:

  1. A comprehensive range of plans

    SBI Life Insurance offers a comprehensive range of Unit-Linked Savings, Term life insurance, Retirement, Investment, child, and money-back plans. You can select the plan that fits your budget and requirements.

  2. Buy plans online

    SBI Life Insurance provides online life insurance plans that help in the quick and hassle-free buying process. Every policy offered by the SBI Life Insurance company differs from the other and comes with various options that can fit your budget and needs.

  3. High Claim Settlement Ratio

    SBI Life Insurance has a claim settlement ratio (CSR) of 95% as per the IRDAI Annual Report 2022-23. CSR is the percentage of the total claims settled by the number of received claims by the insurer. The higher the CSR, the more reliable the insurance company is.

  4. Award-Winning Insurance Service Provider

    SBI Life Insurance has been awarded ‘Life Insurance Company of the Year 2019’ by the FICCI (Federation of Indian Chambers of Commerce. It was also awarded Customer Orientation in Life Insurance at the 20th Outlook Money Awards in 2021. The company has also won the GPNTA (Golden Peacock National Training Award) by Golden Peacock Awards 2021.

  5. Cost-effective plans

    SBI Life Insurance Company offers comprehensive life coverage on the payment at a low premium rate. Some plans provide various options at a very affordable rate.

  6. Good Customer Service

    SBI Life Insurance, one of the leading insurers, provides plans at affordable premium rates. The insurer values its clients and offers good customer service. The customer care staff is available 24/7 on their official website, and you can contact them at their toll-free number to resolve their queries.

Types of SBI Life Insurance Plans

SBI Life Insurance offers a variety of insurance products to help customers get coverage that fits their needs. Below mentioned are the plans offered by SBI life insurance plans:

SBI Life Insurance Individual Plans

Types of SBI Life Insurance Types of SBI Life Insurance

SBI Life-Protection Plans

SBI Life Insurance Protection Plan are term plans that help you protect your loved ones by providing them with comprehensive coverage. It secures your family members and helps them fulfill their life-long dreams by offering financial support to your family in your absence.

Here is a list of all the SBI Term Insurance Plans offered by SBI Life Insurance

Protection Plan Entry Age Maturity Age Sum Assured (Min.)
SBI Life Arogya Shield 18 years 70 years 5 Lakhs
SBI Life-e-Shield Next 18 years 65 years 50 Lakhs
SBI Life Saral Jeevan Bima 18 years 70 years 5 Lakhs
SBI Life – Sampoorna Cancer Suraksha 18 years 75 years 10 Lakhs
SBI Life Smart Shield 18 years 80 years 25 Lakhs
SBI Life Grameen Bima 18 years - 10,000
  1. SBI Life Arogya Shield

    • Get pure term and health cover under one plan

    • The plan is available at affordable premiums

    • Get pre and post hospitalisation cover with 141 day care procedures cover

    • Avail tax benefits as per the prevailing tax laws

  2. SBI Life - eShield Next

    • Choice of three plan options: Increasing cover, level cover, and level cover with future-proofing benefit.

    • Terminal illness benefit

    • Pay premium one time, for a limited time or complete policy term

    • Availability of riders

  3. SBI Life Saral Jeevan Bima

    • Provides security to the family at low premium rates

    • Flexibility of paying premium one time or for a limited time (5 or 10 years)

    • Hassle-free purchase with standard T&Cs

  4. SBI Life – Sampoorna Cancer Suraksha

    • Easy issuance with no medical examination

    • Premiums are fixed for five years of policy

    • Premium waiver benefit in-built

    • Opt for medical 2nd opinion

  5. SBI Life Smart Shield

    • Low premium rates for maintaining a good lifestyle

    • 2 plan options to provide you full freedom from loans, liabilities

    • Rebates on the large sum assured

    • Customize your cover by choosing from a comprehensive range of extra benefits like Accidental total and permanent disability benefit rider.

  6. SBI Life Grameen Bima

    • Protection at affordable premium rates

    • Instant processing with no medical examination

    • Option of paying a single premium

    • Protection at low premium rates

SBI Life Insurance- Traditional Plan

SBI Life Insurance Savings Plan helps fulfill the need of both protection and saving under one umbrella. It helps you secure your short-term and long-term goals financially. This policy allows customers to plan for any unforeseen event in the future and have a source of regular income.

Various types of Insurance saving plans in SBI Life insurance are

Savings Plan Entry Age Maturity Age Sum Assured (Min.)
SBI Life-Smart Platina Plus 30 days 99 years Rs 5,50,000
SBI Life- Smart Platina Assure 3 years 75 years Rs. 2,40,000
SBI Life – New Smart Samriddhi 3 years 65 years Rs. 63,500
SBI Life – Smart Future Choices 18 years 70 years Rs. 6,55,000
SBI Life – Shubh Nivesh 18 years 65 years Rs. 75000
SBI Life – Smart Bachat 6 years 65 years Rs. 1,00,000
SBI Life- Smart Hamsafar 18 years 46 years Rs. 1,00,000
SBI Life – Smart Swadhan Plus 18 years 75 years Rs. 5,00,000
SBI Life – Saral Swadhan Plus + 18 years 70 years Rs. 30,000
  1. SBI Life-Smart Platina Plus

    • Choice of 2 income plan options to suit your financial requirements – Life income & Guaranteed Income

    • Flexibility to choose the payout time to match your life objectives

    • Option to alter the frequency of income payout before payout period

    • Limited premium payment option of 7, 8 & 10 years

    • Get tax benefits as per the prevailing laws of Income Tax Act, 1961.

  2. SBI Life- Smart Platina Assure

    • Get life coverage along with guaranteed returns

    • Pay for 6/7 years and enjoy the benefit throughout the policy tenure of 12/15 years respectively.

    • Option to select yearly or monthly premium payment frequency

    • Get tax benefits as per ITA, 1961

  3. SBI Life – New Smart Samriddhi

    • Easy processing of plan

    • No medical examination required

    • Guaranteed additions at the end of each plan year

    • Pay for 6 or 7 years and enjoy the benefit throughout the policy term of 12 or 15 years respectively.

  4. SBI Life – Smart Future Choices

    • Select the policy term, premium amount, and premium payment term as per your convenience

    • Choose benefit as per your requirement: Flexi Choice or Classic Choice

    • Option to opt for cash bonus

    • Enjoy survival benefits or a lump sum benefit on the basis of the option chosen

    • Get maturity benefit as lump sum

  5. SBI Life – Shubh Nivesh

    • Option to avail whole life insurance as an additional benefit

    • Choose single or regular premium payment

    • Rider benefit at low-cost

    • Option to receive sum assured amount at regular intervals over a time of 5,10,15, 20 years

  6. SBI Life – Smart Bachat

    • Choose from 2 options as per insurance needs: Option A: Endowment Option, and Option B: Endowment Option along with AD&TPD benefit.

    • Choose premium payment term and policy term as per your financial goals

    • Premium waiver benefit in case of Total and Permanent disability because of accident

  7. SBI Life- Smart Hamsafar

    • Joint life insurance and savings plan in which you can take life cover for yourself and your partner under a single plan.

    • Guaranteed bonus for 1st three years of 2.5% of the sum assured

    • Premium waiver benefit

    • Rider benefit at low-cost

  8. SBI Life – Smart Swadhan Plus

    • Dual benefits of protection and 100% Return of premiums

    • Pay premium amounts through a one-time payment or for a limited time i.e., 5/10/15 years or throughout the policy tenure.

    • Select policy term from 10 to 30 years

    • Rebates on high sum assured

  9. SBI Life – Saral Swadhan +

    • Protection at low premium rates

    • You will receive guaranteed benefits at maturity of 100/115% of the full premium paid based on the policy term

    • Easy buying process

SBI Life-ULIP Plans

SBI Life ULIP plans provide dual protection as they provide life cover and investment benefits within the same plan. With these plans in place, you won't have to worry about inflation or your family’s goals. Here is a list of all the ULIP plans offered by SBI Life to help you financially secure your family’s future.

ULIP Plan Entry Age Maturity Age Sum Assured (Min.)
SBI Life- e-Wealth Insurance 5 years 60 years Annual Premium X 10
Smart InsureWealth Plus 30 days 65 years Annual Premium X 10
Saral InsureWealth Plus 30 days 55 years Annual Premium X 10
Smart Wealth Builder 2 years 70 years Annual Premium X 10
Smart Wealth Assure 8 years 70 years Single Premium X 1.25
Smart Power Insurance 18 years 65 years Annual Premium X 10
Smart Elite Plan 18 years 65 years 7 X Annual Premium
Smart Privilege Plan 8 years 70 years 7 X Annual Premium
  1. SBI Life - e-Wealth Insurance

    • Dual benefits of life cover and market-linked returns

    • Choice of 2 plan options: Growth and Balanced

    • Premiums starts at Rs. 2000/-

    • Liquidity by partial withdrawals from sixth policy year onwards

    • No premium allocation values, thus enhancing your fund amount

  2. SBI Life – Smart InsureWealth Plus

    • Easy insurance on a monthly basis that helps achieve your dreams

    • Option of 3 investment strategies to suit your requirements

    • Choice of 9 fund options

    • Partial withdrawal from 6th year of policy

    • Systematic withdrawal on a monthly basis to help in regular payouts, provided the plan in force.

  3. Saral InsureWealth Plus

    • Choice of 8 fund options

    • Partial withdrawal option from 6th year of policy

    • Choice of 8 fund options

    • Easy insurance on a monthly basis to help achieve goals

  4. Smart Wealth Builder

    • No plan administrative charges for 1st five years for limited and regular premium payment term plans.

    • 11 different fund options to enhance investment opportunity

    • Life insurance coverage throughout the policy tenure

    • No premium allocation charges from 11th year

  5. Smart Wealth Assure

    • Option to select from a number of funds offering market-linked returns

    • Pay only one time and receive the benefits all over the policy tenure

    • Liquidity by partial withdrawal after 5th year of policy

    • Customize the plan with accidental death benefit option

  6. Smart Power Insurance

    • Choose from 2 plan options: Level cover and increasing cover

    • Enhance the policy benefits through accelerated total and permanent disability benefit

    • Flexibility through two switches

    • Liquidity option through partial withdrawals

  7. Smart Elite Plan

    • Pay premiums for 7/10/12 years or single premium payment, as per your preference and enjoy the plan benefits throughout the selected policy tenure

    • Premium allocation charges are not available from 6th year of the policy, thus increasing the fund value

    • 2 options of protection are available: Gold and Platinum

    • Facility of switching and redirection to suit your investment needs

    • Get tax benefits

  8. Smart Privilege Plan

    • Flexibility of paying premiums throughout the policy tenure or for a limited time or through a single premium payment

    • No plan administrative charges throughout the policy tenure

    • Flexibility of choosing 11 funds

    • Facility of unlimited free switches

    • Get tax benefits

SBI Life Retirement/Pension Plans

SBI Life Insurance offers Pension plans to secure financial independence even after retirement. With these plans, you can fulfill your retirement goals even after losing monthly income. Below is the list of all pension plans offered by SBI Life:

Retirement Plan Entry Age Maturity Age Sum Assured (Min.)
SBI Life – Retire Smart Plus 20 years 70 years -
SBI Life – Retire Smart 30 years 80 years -
SBI Life – Saral Retirement Saver 18 years 70 years 1 Lakh
SBI Life – Saral Pension 40 years 80 years -
SBI Life – Smart Annuity Plus 30 days - -
  1. SBI Life – Retire Smart Plus

    • Option of 7 different funds according to your risk appetite

    • Retirement corpus through maturity benefit

    • Flexibility in paying premiums such as single, regular, or limited.

    • Unlimited free switches are available during the plan term

    • Free redirection of premium is available from 2nd year of policy

  2. SBI Life – Retire Smart Plan

    • Get terminal additions (1.5% of fund value) at vesting or maturity date.

    • Option to pay a single, regular premium or for a limited time

    • Option to postpone your maturity age through deferment.

  3. SBI Life – Saral Retirement Saver

    • Guaranteed bonus for 1st five years of policy

    • Additional life cover option through Preferred term rider

    • Get tax benefits

  4. SBI Life – Saral Pension

    • Get security for your retirement years using a standard immediate annuity plan

    • Choose from the available return of premium options: Joint life or single life annuity

    • Loan facility is available in case of financial needs

    • Surrender facility is available in case of diagnosis of mentioned critical illnesses

  5. SBI Life – Smart Annuity Plus

    • Flexibility to select from the comprehensive range of annuity options

    • Option to get immediate or deferred annuity

    • Option to select the frequency of annuity payouts

    • Higher annuity rates for larger premium rates

SBI Life – Child Plans

SBI Life Child Plans can help you secure your child’s dreams and aspirations. The funds received from these plans can be used to pay for their higher education or milestone events like marriage. Here is a list of all the child plans available under SBI Life Insurance company.

Child Plan Entry Age Maturity Age Sum Assured (Min.)
SBI Life- Smart Champ Insurance 21 years 70 years Rs. 1 Lakhs
SBI Life-Smart Scholar 18 years 65 years Annual Premium X 10
  1. SBI Life- Smart Champ Insurance

    • Guaranteed smart benefits paid in 4 equal installments

    • Option to pay single or limited premium

    • Option to get discounted rates of the future due installments

  2. SBI Life-Smart Scholar

    • Double protection for the future of your child: lump sum payment and in-built premium waiver benefit

    • Flexible options to meet your altering needs

    • Liquidity option through partial withdrawal

What Are the Policy Details of SBI Life Insurance?

The SBI Life Insurance Policy Details you need to know before purchasing a life insurance plan from SBI are mentioned below. 

  • Free Look Period: SBI Life Insurance offers a free look period of 15 days for offline policies and 30 days for online policies. During this time, policyholders can review the terms and conditions and return or cancel the policy if dissatisfied.

  • Add-On Riders: Various riders can be added to the base plan for increased coverage, including critical illness benefit, accidental death benefit, permanent or partial disability benefit, income replacement benefit, and waiver of premiums.

  • Premium Payment Tenure: Customers can choose between single premium payment, regular premiums payable throughout the policy term, or limited premiums payable for a set period.

  • Premium Payment Frequency: Flexibility is provided in premium payment frequency, allowing policyholders to pay monthly, quarterly, bi-annually, or annually.

  • Grace Period: SBI Life Insurance grants a grace period to the policyholder in case they miss the premium due date. The grace period is generally 15 days for monthly premiums and 30 days for other frequencies.

How to Process SBI Life Insurance Claims?

SBI Term Life Insurance has a quick and hassle-free claim settlement process. Below mentioned are the 3 simple steps of the SBI Life claim settlement process:

Step 1: Claim Intimation

To inform the insurer about the claim, the policyholder can file the claim online on the official website of SBI Life Insurance. Also, the policyholder can submit the filled claim application along with the required documents at the nearest branch office of SBI Life Insurance.

Step 2: Submission of Documents

The policyholder needs to submit the relevant documents to the nearest SBI office branch or on the online portal. Moreover, they can also request additional documents for checking the permissibility of the claim. In such scenarios, you will have to submit all the requested documents on time.

Mandatory Documents Additional Documents
  • Duly filled Claim Form
  • Original Policy Document
  • Original or Attested Death Certificate issued by local authority
  • Photo ID proof of the claimant
  • Direct Credit Mandate form (download sign) Claimant’s Valid bank passbook/statement or Cancelled Cheque with pre-printed Name and pre-printed Bank account number
  • Medical attendant’s certificate
  • Hospital treatment certificate
  • Employer’s certificate (for salaried individuals)
  • FIR (First Information Report), Police Complaint or Panchanama
  • Post-mortem report copy, viscera, and Autopsy report

Step 3: Claim Decision and Settlement

Claims are then assessed based on the documents that the policyholder or his/her family members have submitted.

Once a claim decision and settlement are made, the amount will be paid as per the T&Cs of the policy. In case of any query, the company claim assistance team will guide you thoroughly through the SBI Life Insurance claim settlement procedure.

Online Claim Settlement Procedure of SBI Term Life Insurance

  • Visit the SBI Insurance Company’s official website

  • Click on ‘Services - Existing Customers’

  • Then, hit on ‘Maturity and Claims’

  • Submit some basic details like DOB, policy number, and claim type. And then enter the details on the captcha image to finish the entire procedure.

  • Click on Submit

  • Then, the details will be verified and if those details were found right, your claim form will be accepted and the sum of money will be submitted to your registered bank.

Offline Claim Settlement Procedure of SBI Term Life Insurance

Visit the nearby branch of SBI Insurance Company Ltd. with appropriate documentation and the duly filled claim form. Submit the documents. If the provided documents and information are all correct, the insurance company will deposit the claim amount to your registered bank.

SBI Life Insurance Claim Settlement Ratio of Last 5 years

Here is the Claim Settlement Ratio (CSR) of SBI Life Insurance for the last 5 years:

Claim Settlement Ratio (2018-19) Claim Settlement Ratio (2019-20) Claim Settlement Ratio (2020-21) Claim Settlement Ratio (2021-22) Claim Settlement Ratio (2022-23)
95.03% 94.52% 93.09% 97.05% 95%

What Documents Are Required To Buy SBI Life Insurance Plans?

Following documents are required to be submitted to the insurance company while purchasing SBI Life Insurance

  1. ID Proof

    • PAN Card

    • Passport

    • Driving License

    • Voter ID

    • Job card allotted by NREGA and completely signed by the State Government

    • The letter allotted by (UIAI) the Unique Identification Authority of India and the National Population Register contains information like the address, name, and Aadhar number of the person.

  2. Residential Proof

    • Property tax or Municipal receipt

    • Utility Bills (less than 2 months) such as water, piped gas, post-paid mobile phone bill, electricity bill

    • Bank account or Post office savings statement

    • Allotment letter of accommodation from employer issued by a state or Central Government Statutory or Regulatory bodies.

    • Orders of Pension payment or family pensions allotted to retired persons by the Government Departments or Public Sector Undertakings, providing they contain the individual’s current address.

How To Check SBI Life Insurance Policy Status?

Here are the steps to check SBI Life Insurance Policy Status:

Step 1: Visit the SBI Life Insurance Registration/Login portal

Step 2: Enter the policy number, date of birth, and customer ID

Step 3: After entering the login ID and password, the policyholder will have to enter the policy details like customer ID, policy number and date of birth.

Step 4: Once the insured enters all the required details, he/she will be redirected to the other page where they will have to choose the option to view enroll policies.

Step 5: Once the insured clicks on the option to view enrolled policies, the page will display all the policy details like enrollment date, vested bonus, and premium amount.

Step 6: The insured can check the SBI Life Insurance Plan status by clicking on the policy number.

*Note: You can use the term insurance calculator to calculate the premium amount of your selected term plan easily.

FAQs

  • How to pay a premium? What are the modes of payment available?

    Ans: You can pay your SBI premiums online via their official website, internet net banking, SBI Life Easy Access app, mobile wallet, or through VISA credit cards. There are 10 modes to pay your SBI Life Insurance premium namely:
    • Direct Remittance At the SBI Life Branch By Post Or Courier
    • Electronic Clearing Service (ECS) – Mandate
    • Direct Debit
    • Standing Instruction On Your Credit Card
    • Online Payments by SBI Payment Website
    • Through State Bank Group ATMs
    • Payment Through Visa Bill Pay.Com
    • Online Payment Of Premium Through SBI Life Website
    • Si-Eft For State Bank And Associate Banks’ Account Holders
    • Payment Through Point Of Sales (Pos) Terminals At Select Sbi Life Branches
    • Payment Through Easy Access Mobile Application
    • Nach (National Automated Clearing House)
    NACH is a newly launched service that works on the same principle as that of ECS, which requires filling in a form and getting registered before availing this facility.
  • How to check SBI life policy status?

    Ans: For checking your SBI life insurance policy status online, log in to the SBI Life e-portal. You need to enter your customer ID, date of Birth, and policy number. The details of the policy along with the status are displayed on the next screen.
  • What is the policy renewal process?

    Ans: Renewal of policy can be done by the following modes:
    • Online
    • Through SMS
    • Through SBI Branch
    • By Cash
    For the renewal process, after login into your account, click on the ‘Renew Policy’ tab to proceed with premium payment. Alternatively, you can renew the process by using the kiosk in the SBI ATM and selecting the option for the renewal process.
  • What is the company’s process to settle a claim?

    Ans: The procedure for settling a claim through SBI life Insurance requires intimating the nearest branch by submitting the list of documents as specified on the website. After the documents are verified, the claim is settled as soon as possible.
  • What is the policy cancellation process?

    Ans: The policy cancellation process requires you to submit a duly filled surrender form along with relevant documents to the nearest SBI branch in your city. Upon receiving and verifying the documents, the policy is deemed canceled as per the bank accounts record. The premium refund is calculated on the NAV value prevailing at the current market rate, if you submit the policy before 3:00 PM, else the next day’s NAV value is applicable.
  • Where can one get the details of all the money/premiums paid?

    Ans: To check the details of the premium paid, the insured can click on the payment summary and see all the details related to the premiums paid to date. Moreover, the insured can also download the financial year-wise premium paid certificate to know the details of all the premiums paid to date.
  • What is the premium due date?

    Ans: Due date is stated as the first non-payment of the premium of the plan by the policyholder. When the policyholder pays the due premium, he/she receives a new receipt that includes the details of the next premium due date.
  • What should one do if the payment is not reflected after making a payment?

    Ans: The policyholder can view the details of the latest premium payment on the payment summary page after two days from the premium payment date and the renewal payment can be viewed after 3 days. In case, the payment is not reflected in the payment summary after 2 days of premium payment then the policyholder can contact the company’s customer care staff.
  • What is the grace period?

    Ans: A grace period is the time period given by the insurance company to the policyholder to clear the due premiums if the policyholder failed to pay the premium of the policy within the premium payment tenure. Generally, insurance companies offer a grace period of 30 days for quarterly, half-yearly, and yearly modes and 15 days for the monthly mode.
  • Is there any interest charged during the grace period?

    Ans: No, there is no interest charged during the grace period. However, if the policyholder fails to pay the premium in the grace period and pays it after the completion of the grace period, interest is charged from the due date.
  • Where can one find the next premium due date

    Ans: The policyholder can find the due date of the next premium in policy documents or the latest premium receipt.
  • What does it mean the due date of the premium is not showing?

    Ans: The policyholder will have to check whether the premium-paying tenure of the policy is completed.
  • What is the use of a Premium paid certificate?

    Ans: Premium paid certificate can be used to claim tax exemption..
  • What is the difference between the premium paid certificate and renewal premium receipt?

    Ans: The premium paid certificate shows the summary of the total premium paid in a financial year whereas the premium receipt shows the detail of the single premium paid.
  • How can I get my previous year's premium paid certificate?

    Ans: To get the certificate of premium paid for the previous year, follow these simple steps.
    • Log in to your policy account.
    • Go to the policy statement
    • Choose the premium paid certificate and the financial year.
  • Is it possible to generate a renewal receipt for a paid premium?

    Ans: If the policyholder pays the premium in advance the deposit will be adjusted towards the premium on the due date and the receipt will be generated after that. In case the policyholder does not receive any premium receipt beyond and above the mentioned time, he/she can write to mysupport@sbilife[dot]co[dot]in.
  • What should I do if the online payment transaction fails?

    Ans: If the policyholder pays the premium online and receives the message as ‘failure’ or if the acknowledgment is not generated then the policyholder should cross-check whether the amount is debited from the bank account or the credit card account before retrying another payment. If the amount is debited, then the payment will be reversed to your account after 3-4 working days. In case of any discrepancy in the premium payment, it is advised not to attempt to pay again and check for confirmation on the receipt of the premium amount.
  • Which type of credit card is acceptable for premium payment

    Ans: American Express, VISA, diner, and Master cards are accepted for premium payment.
  • Can one pay the premium in advance online?

    Ans: Premium payments can be initiated online 25 days in advance.
  • Is an international debit card acceptable for online payment?

    Ans: No, payment can be made only through a debit or credit card issued in India based on your credit limit.
  • Are there any charges for paying the premium through a credit card?

    Ans: SBI Life Insurance Company does not charge any extra amount for paying the premium through a credit card.
  • Can I pay the premium for my lapse policy online?

    Ans: No, late payment of premiums is accepted only for in-force policies within 30 days for non-monthly policies and 15 days for monthly policies from the due date of premium payment. In the case of a lapsed policy, the policyholder will need to contact the nearest branch office of SBI Life Insurance.
  • What should I do if a payment is done twice?

    Ans: In case the policyholder mistakenly pays the premium twice, they must email their transaction details to customer service at info@sbilife[dot]co[dot]in along with the reference number and date of the transaction.
  • Can I make an online payment for a policy that is already registered for autopay?

    Ans: It is advised to avoid paying the premium manually since it may result in double payment.
  • Can I split the premium payment in two, one through cash/cheque and the other through credit card

    Ans: No, you cannot split the premium payment in two as premium payment from two different modes is not applicable.
  • Can I not revive a policy by paying online?

    Ans: Online option of premium payment for the lapsed policy is not allowed. The policyholder will have to visit the nearest branch office of SBI Life Insurance and pay the premium of the lapsed policy through a cheque along with the Declaration of Good health (DGH). The policyholder can generate a revival quotation from the transaction menu.
  • Where can I get an acknowledgment of the premium paid?

    Ans: To receive the acknowledgment of the premium paid, the policyholder will need to login into his/her policy account and click on the option of the policy statement and download the premium payment acknowledgment. In case, the policyholder needs any assistance with the details of the transaction state the reference number and date of the transaction.
  • How can I change the sum assured?

    Ans: The facility to make changes in the sum assured amount is subject to the terms and conditions of the policy (referred to in the policy documents) and the underwriting decision taken by the insurer.
  • How can I correct a wrong beneficiary name and relationship under a policy?

    Ans: If the policyholder has entered the wrong information about the nominee of the policy, before sending the mail the policyholder can refer to the proposal form copy attached with the policy documents to verify the beneficiary. In case of an error, while filling out the proposal form, the policyholder will need to submit the following documents to the nearest branch office of SBI Life Insurance.
    • Request to make changes to policy details (duly filled in)
    • Proof of Nominee:
    • School Certificate
    • Birth certificate
    • PAN Card
    • Passport
    • Driving license
  • When can I add a rider under a policy?

    Ans: You can add a rider to the policy while purchasing the policy or at the time of policy initiation. Riders are added to the policy to enhance the coverage of policy.
  • When can I delete a rider under a policy?

    Ans: The policyholder can delete the rider on the policy anniversary subject to the terms and conditions of the policy.
  • How can I delete the riders under a policy?

    Ans: The policyholder can submit a request for deleting the rider by submitting the form of a request for a change in policy detail at any branch office of SBI life Insurance.
  • How can I correct the name and date of birth?

    Ans: The policyholder can submit the request for changes in the policy details to the nearest branch office of SBI life insurance.
  • When can I change the frequency?

    Ans: The policyholder can change the frequency from the next plan anniversary at any time during the policy tenure except the first policy year or the first 3 policy years depending on the terms and conditions of the policy.
  • What is a premium holiday?

    Ans: Under the SBI life Flexi Smart Insurance plan offered by SBI, the policyholder is given the facility to take a break from premium payment for a period of 1 year- 3 years keeping the policy in force. This facility can be availed only after paying the premium of the policy for 5 years.
  • Can an increase or decrease in premium/sum assured be done in a lapsed policy?

    Ans: To make any changes in the premium and sum assured amount of the policy, the policy should be in force.
  • Can the plan option be changed i.e from regular to single or endowment to whole life post-issuance?

    Ans: Changes in the plan are not applicable post-issuance.
  • What should be done if the original policy document is lost/misplaced?

    Ans: In case the policyholder misplaces or lost the original policy documents then he/she can apply for a duplicate copy of the policy bond.
  • What should I do if the policy has lapsed?

    Ans: The policyholder can revive the lapsed policy by paying the due premium along with the applicable interest and submitting a health certificate to the nearest SBI life insurance branch office.
  • Can I submit the fund switch request form at any branch of the State Bank of India?

    Ans: No, the fund switch request form can be submitted only at the SBI Life Insurance branch office.
  • What is life insurance?

    Ans: Life insurance is a financial contract between an insurer and a policyholder in which a payout is paid to the beneficiaries/nominees upon the policyholder's death for their financial security.
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SBI Life Insurance Reviews & Ratings

4.3 / 5 (Based on 128 Reviews)
(Showing Newest 10 reviews)
Parvati
Delhi, October 14, 2021
Manageable plan
I bought pnb met life e term plan is nice which have low premiums and the paybacks are high. The policy coverage is good 90 percent and the claims are approx. 5 percent more times the amount invested. The services is good and on time till date provided by the policybazaar team. Good future investment which save taxes too. Happy to be their customer.
Rishi
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Sudhir
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Pramod
Pandavapura, March 20, 2019
Best insurance provider
Best buy and reliable. I recently got a life insurance for myself from SBI, which apparently is the most trusted life insurance available. I trust them when it comes to helping my family in case of any unfortunate incident. Also, my purchasing experience was made easy and swift, apart from the best deal given by Policybazaar.
Awedesh
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Vinay
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Jyoti
Kolkata, October 10, 2016
Retirement policy
Services of sbi life insurance company is fantastic and on time too. I took pension policy plan from them for me and my family. Investment requirement is less and the returns are much more. Premium are low and the policy coverage is high. Claiming process is simple which can be done by anybody. Online facilities reduces the paperwork and load of wasting time in queue.
Dipendra
Lauriya, September 23, 2016
Best Services
Sbi life insurance company provides best services. I purchased ulip insurance policy from them and the premium is normal but the staff of the company and customer support team available for 24X7. Policy coverage and claims are good.
Kishore
Dalpur, September 23, 2016
Traditional Policy
The sbi life provided me the best traditional insurance policy in very low premiums. The investment is low but the paybacks are high. Coverage is good and claims can be cleared easily by taking executives and staff members services.
Minakshi
Gunupur, September 23, 2016
Insurance Policy
Good to got the very fine child insurance policy from sbi life insurance. Policy coverage is maximum and premium is very less. Claims are easy to get and the procedure is simple, it has less paperwork. Online renewals is possible through online portal of the company websites.
Current Version
May 14, 2024
Written By
Rhishabh Garg
Reviewed By
Santosh Agrawal
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