SBI Life Insurance

Types of SBI Life Insurance Plans

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

SBI LifeProtection Plans

SBI Life Insurance Company offers Protection Plans, which are pure-term plans designed to secure your family's financial stability by providing financial coverage in case of an unforeseen event like illness, accident, or death.

Here is a list of all SBI Term insurance plans offered under SBI Term Insurance Protection Plans. Let's discuss these plans in detail:

SBI Life Insurance SavingsPlan

You can save money while being insured with the SBILife Insurance Savings Plan.

Various types of plans offered under SBI Life Insurance Corporation saving plans are mentioned below:

SBI Life-ULIP Plans

SBILife ULIP plans to provide dual protection as they provide life cover and investment benefits within the same plan. With these plans, you won't have to worry about inflation or your family's goals.

Here is a list of all the ULIP plans offered by SBILife to help you financially secure your family's future.

SBI Life Retirement/Pension Plans

SBI Life Insurance Company 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 SBILife:

SBI Life – Child Plans

SBILife 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.

SBI Credit Life Insurance

SBI Credit Life Insurance plan is designed to protect your family from the burden of outstanding loans after your death.

SBI Life Bonus Rates: What You Actually Earn

SBI Life declares bonuses on eligible participating policies based on its actuarial valuation. Rates differ by plan and are not guaranteed for all policyholders.

For example, as of 31 March 2026, the simple reversionary bonus for the regular-premium SBI Life Smart Income Protect (UIN 111N085V01) is 7.25% of the sum assured for the 10-year and 15-year options.

What to check for your policy

• Simple reversionary bonus: Declared on eligible participating policies, usually as a percentage of the sum assured.

• Terminal bonus: May be paid on death, maturity or surrender claims, subject to declaration and policy terms.

• Eligibility: Depends on your product, version, policy term and premium type.

• Latest rates: See SBI Life’s official bonus declaration for current figures.

A declared bonus is not a guaranteed benefit. Check your policy document to see which benefits are guaranteed and which depend on bonus declarations.

SBI Life Claim Settlement Ratio: Six-Year Trend

The table below shows the year-wise trend based on reported individual death claims data.

*Note: FY 2025–26 refers to the overall death claim settlement ratio and may not be directly comparable with the individual death claim settlement ratios of previous years.

How is SBI Life Insurance Better Than Other Insurers?

SBI Life Insurance stands out from other insurers due to its exceptional financial backing from the State Bank of India, an excellent individual death claim settlement ratio of over 98%, and extensive customizability. Furthermore, it maintains low operating costs and high persistency, proving strong market trust. Key features that make SBI Life better than other insurers are:

• Massive Financial Trust: Backed by India’s largest public sector bank, it offers deep financial security.

• High Claim Settlement: Settles the vast majority of individual death claims.

• Customizable Riders: Offers versatile add-ons like critical illness, accidental death, and premium waiver benefits.

• Wide Range of Policies: Provides everything from pure term protection to child, retirement, and savings plans.

SBI vs Other Top Competitors

Comparing the 3 metrics that matter most when choosing a life insurer: claim settlement ratio, solvency ratio, and their features.

Benefits of Buying SBI Life Insurance Plans?

• Financial Security - SBILife offers death benefits to ensure the family's financial security in case of a policyholder's sudden death. The payout also covers unpaid debts or loans.

• High Claim Settlement Ratio (CSR) - SBILife's CSR is 98.56% (IRDAI Annual Report 2024-25), ensuring quick and reliable claim processing.

• Industry Recognition – Recognized for excellence with awards like Life Insurance Company of the Year (FICCI) and Customer Orientation in Life Insurance (Outlook Money Awards).

• Affordable Plans – Get comprehensive life coverage at budget-friendly premiums without compromising benefits.

• 24/7 Customer Support – Get a well-coordinated customer care team that offers timely assistance to customers round the clock.

• SBI Life Smart Care App – Manage your policy effortlessly with a user-friendly digital platform offering self-service options.

• Tax Benefits - SBILife Insurance Plans offer tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

• Secures child's future - The payouts from SBILife Insurance plans support your child's financial needs, such as higher education and marriage.

• Enhanced Coverage with Riders- SBI Life allows customization through riders, such as Accidental Death Benefit (ADB) or Accidental Partial Permanent Disability Benefit (APPD).

SBI Life in the IRDAI numbers

• Industry size: life insurers collected ₹8.86 lakh crore of premium in FY 2024-25, up 6.73%, with private insurers growing 12.07%.

• Penetration: life insurance premium was 2.7% of GDP in FY 2024-25, against 3.0% for the world in 2024.

• Sahara India Life: IRDAI transferred Sahara India Life's business to SBI Life by order dated 2 June 2023.

• Premium collection: under IRDAI's Master Circular on Protection of Policyholders' Interests, 2024, insurers can collect premium only after they accept the proposal, and Bima-ASBA lets you block the amount by UPI so it is debited only when the policy is issued.

SBI Life Bonus Rates, Policy Loan and Benefits

Bonuses, loans and payouts depend on your plan, so check your policy document before you assume any of them.

SBI Life Bonus Rates: What you Actually Earn

SBI Life declares bonuses on eligible participating policies based on its actuarial valuation, and rates differ by plan and are not guaranteed. For example, as of 31 March 2026 the simple reversionary bonus for the regular-premium SBI Life Smart Income Protect (UIN 111N085V01) is 7.25% of the sum assured for the 10-year and 15-year options.

• Simple reversionary bonus: declared on eligible participating policies, usually as a percentage of the sum assured.

• Terminal bonus: may be paid on death, maturity or surrender claims, subject to declaration and policy terms.

• Eligibility: depends on your product, version, policy term and premium type.

• Latest rates: see SBI Life's official bonus declaration for current figures.

A declared bonus is not a guaranteed benefit, so check which benefits in your policy are guaranteed and which depend on bonus declarations.

SBI Life policy loan

Some SBI Life policies let you borrow against them once they acquire the required surrender value, so you can meet urgent needs without surrendering the policy. Not every plan offers this, and the loan amount and interest rate depend on your policy terms.

• Eligibility: confirm that your policy offers a loan and has the required surrender value.

• Loan amount: the maximum depends on your surrender value and the product's rules.

• Interest rate: set by the insurer and may vary by policy.

• Repayment: check when and how to repay, and what happens if you don't.

• Effect on benefits: any unpaid loan and interest may be deducted from the payout.

SBI Life Insurance Policy Benefits at Different Stages

Benefits depend on your plan and policy terms. This table shows what you can expect at each stage.

Can NRIs Buy SBI Life Insurance Plans?

Yes, NRIs can purchase SBI Life Insurance plans to secure their financial future in India while living abroad. The procedure for purchasing and claiming SBI term insurance for NRIs is framed in accordance with Indian regulations but made more accessible to NRIs by setting eligibility criteria, providing online facilities, and specifying documentation requirements.

How To Buy SBI Life Term Insurance Plans Online?

You can buy an SBI Life term plan online in a few steps, either on Policybazaar or on SBI Life's own website.

From Policybazaar:

Here is how you can buy SBI online term policy from the comfort of your home in just a few clicks:

• Step 1: Go to the term insurance page

• Step 2: Write in your name, date of birth, gender, and mobile number in the form

• Step 3: Fill in the smoking habits, educational qualifications, occupation types, and annual income

• Step 4: Select the most suitable plan and proceed to pay

From SBI’s Official Website

• Step 1: Go to the official website of SBI Life Insurance

• Step 2: Choose the type of plan you want to buy from the top menu and enter your name, date of birth, gender, and mobile number

• Step 3: Fill in your smoking habits, educational qualifications, occupation type, and annual income

• Step 4: Select the sum assured, policy term, and preferred plan option

• Step 5: Review the premium and proceed to fill in detailed personal, medical, and nominee details

• Step 6: Upload the required documents and complete medical tests if required

• Step 7: Make the online payment and receive your policy document after approval

What Documents Are Required To Buy SBI Life Insurance Plans?

The following documents are required to be submitted while purchasing an SBI Life Insurance policy:

• Government-approved identity proofs: Aadhar card, PAN card, passport, voter ID, driving license, etc.

• Address proof: PAN card, Adhaar card, driving license, voter ID, passport, etc

• Proof of income: Salary income, ITR/Form 16, bank statement, audited company accounts of last 3 years, CA certificate, rent receipts, mandi receipts, indian/foreign bank statements

• KYC documents: Insurance policy contracts with companies, insurance contracts with partnership firms, insurance contracts with trusts and foundations, insurance contracts with HUFs

SBI Life Online Services

You can handle most SBI Life policy tasks online, including checking policy details, paying premiums and downloading statements, through the website or the SBI Life Smart Care app.

SBI Life Policy Details: How to Check them Online?

You can check your SBI Life policy details free of charge through the Smart Care portal or app. After you log in, you can see your SBI Life insurance policy details: policy status, sum assured, premium due date and amount, nominee details, fund value for ULIPs, policy statements and premium paid certificates.

Step 1: wVisit the official SBI Life website.

Step 2: Click "Login" and choose "Customer". You are redirected to the Smart Care portal.

Step 3: New users: enter your customer ID, policy number, email ID and date of birth in the New User section and click Submit. Your login credentials are sent to your registered email ID.

Step 4: Log in and open the policy section to view your SBI Life policy details and download statements.

What Can You Do Through SBI Life's Digital Services?

SBI Life Insurance provides online services that let policyholders manage many policy-related tasks from home. These services are available through the official website and the SBI Life Smart Care portal. Depending on the policy and the service, customers can use the digital platform to do the following.

How to Pay SBI Life Insurance Policy Premiums Online?

With SBI Life, you can easily make SBI Life online premium payments through its official website, SBI YONO App, SBI Smart Care App, UPI apps like PhonePe/Paytm/GooglePay, net banking, and Policybazaar.

How to Download the SBI Life App?

You can easily manage and pay your SBI Life Insurance premiums using SBI's mobile apps. Both SBI YONO and SBI Life Smart Care let you handle your policy directly from your smartphone. SBI Life Smart Care is built specifically for insurance. It gives you a more detailed view of your policy, including premium history, upcoming due dates, fund value (for ULIPs), and policy status. To download the SBI Life Smart Care:

• Step 1: Open Google Play Store (Android) or Apple App Store (iPhone)

• Step 2: Search for “SBI Life Smart Care”

• Step 3: Select the app published by SBI Life Insurance Co. Ltd.

• Step 4: Tap on Install / Download

• Step 5: Once installed, open the app and log in using your policy details

How to login To Your SBI Smart Care Account?

Policyholders can access the SBI Life Smart Care portal to check policy details, download statements, track premium due dates, and manage services online. To proceed with the SBI Life login, follow the steps below:

Step 1: Visit the SBI Life Official website

Step 2: Go to the SBILife Insurance ‘Login’ tab and choose ‘Customer’ from the drop-down menu.

Step 3: You will then be redirected to the Smart Care Portal. In the New User section, enter your customer ID, policy number, email ID, and date of birth. Click Submit.

Step 4: The SBI Life policy login credentials will be sent to your registered email ID.

How to File a Claim with SBI Life Insurance Plan?

SBI Life Insurance offers an easy and quick claim process to settle an SBI claim in just three steps:

Step 1: Claim Intimation

The policyholder needs to fill out an online application form on the official SBILife Insurance website to file a claim. People who have policies can also bring the intimation letter to the nearest SBI branch.

Step 2: Send in your documents

Send in the completed claim form and any other required documents. Below are the documents that are required to file a claim:

• Duly filled Claim Form

• Original Policy Document

• Original or Attested** ‘Death Certificate’ issued by local authority

• Address proof of Claimant (valid passport, Aadhar card, Voter ID, Driving license)

• 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

The insurer might ask for additional documents, such as:

• Medical attendant's certificate

• Hospital treatment certificate

• Employer's certificate (for salaried individuals)

• FIR (First Information Report) copy, Police Complaint or Panchanama

• Post-mortem report copy, viscera, and Autopsy report

*These documents are required only in case of unnatural death (Suicide/Murder/Accident)

**A death certificate can be attested by a Bank manager, SBILife officer, Magistrate, Gazetted Officer, and Headmaster of a high school.

Step 3: Claim Decision & Settlement

SBI Life Insurance Co Ltd will review the claim and the documents submitted. Once approved, the claim amount will be sent to the registered bank account.

Rules that protect SBI Life Policyholders

• Three-year contestability (Section 45, Insurance Act, 1938): after three years from issue, commencement of risk, revival or rider addition, whichever is latest, the policy cannot be questioned on any ground. Within three years, the insurer must give its grounds in writing.IRDAI's Annual Report 2024-25 counts a claim as repudiated when it cannot be considered under this section.

• GST exemption: individual life insurance premiums have been exempt from GST since 22 September 2025, following the 56th GST Council meeting, so you pay only the base premium and any rider cost.

• Solvency requirement: IRDAI requires life insurers to keep a solvency ratio of at least 1.5x (150% of the required solvency margin), and all life insurers met this at 31 March 2025 (Source:IRDAI Annual Report 2024-25)

• Claim timelines: IRDAI's Master Circular on Protection of Policyholders' Interests, 2024 (dated 5 September 2024) requires death claims without investigation to be settled within 15 days and claims needing investigation within 45 days, and surrender claims within 7 days. Late payments carry interest at the bank rate plus 2%.

• Premium collection: insurers can collect premium only after they accept your proposal, and Bima-ASBA lets you block the amount by UPI so it is debited only when the policy is issued.

• Grievances: if SBI Life does not resolve a complaint, you can escalate it to IRDAI through its Bima Bharosa grievance portal or to the Insurance Ombudsman for your area. IRDAI's 2024 Master Circular on Operations and Allied Matters of Insurers requires insurers to link their grievance systems to Bima Bharosa for real-time tracking.

SBI Life Insurance Near Me and Customer Care

You can find the nearest SBI Life office with the branch locator and reach customer care by phone, email, SMS or social media.

How to find SBI Life Insurance Near Me?

To find an SBI Life Insurance office, use the official SBI Life Branch Locator and select the state and city to select the SBI Life Insurance office near me. Below are the nearest SBI Branch Locator Steps

• Visit the SBI Life Insurance Locator.

• Select Maharashtra as your state.

• Choose Mumbai as your city.

• Browse the list of branches.

How To Contact SBI Life Insurance Customer Care?

Below is the SBI Life Insurance Customer Care Number:

Is SBI Life Insurance Good? Policybazaar’s Honest Take

Yes, SBI Life is a good choice for most insurance buyers. It combines the trust associated with the State Bank of India, a diverse portfolio of life insurance products, and a long-standing industry track record. Whether you're looking for pure life cover, long-term savings, retirement planning, or child-focused solutions, SBI Life offers plans for a wide range of financial goals. The insurer has consistently demonstrated financial strength and a customer-centric approach, making it a dependable option for individuals seeking long-term protection. Its extensive distribution network and digital services also make buying, managing, and servicing policies relatively convenient.

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