SBI Life Insurance Claim Process

Let’s discuss the SBI Life Insurance claim process and the list of documents required:

What Is The SBI Life Claim Settlement Process?

SBI Life Insurance plans come with a quick and simple claim settlement process. Insurer allows you to settle a claim offline and online. SBI Life Insurance ensures that the claim amount is received by the eligible person/family comfortably and easily. The company has achieved a claim settlement ratio of 95% in the financial year 2022-23, indicating a fast settlement of death claims. SBI Life claim process follows 3 quick steps for a hassle-free experience for a customer.

1. Intimation of Claim

   When the policyholder passes away, the nominee can initiate the term insurance claim process by filling out the Death Claim Form. This form can be submitted to the head office, bank branches, or nearest offices or emailed to the insurer. The nominee should also include proof of identification and address. The Death Claim Form is available online on the company's website and offline at branch offices.

2. Document Submission 

   The nominee or claimant needs to submit the necessary documents along with the form to confirm the details provided to the insurance company regarding the policyholder's death. These documents should be provided within the given timeframe. You can refer to the table below for the list of required documents.

   Death Types	Documents Required
   Mandatory Documents	Original documents of the policy Death Claim Form Cancelled Cheque with NEFT details Nominee/Claimant’s ID and Address Proof
   Additional Documents Required:
   In case of Medical//Natural deaths	Consulted Doctor’s Statement  Employer Certificate or Educational Institute Certificate of Policyholder Certificate of the hospital treating the deceased policyholder Additional treatment/hospital/ records
   In case of accidental/unnatural deaths	Police Reports (Panchnama, FIR, Police Investigation Report, Charge sheet) Autopsy/Post Mortem report (PMR) and Viscera Report

3. Settlement of Claim

   After receiving all required documents and forms, the company initiates the claim process. They carefully review and verify the documents, assess the claim (subject to terms and conditions), and then notify the nominee or claimant of the decision.

What Are The Important Points to Remember While Completing SBI Life Insurance Death Claim Process?

Here are the important points to keep in mind while completing the SBI Life Insurance Death Claim Process:

• The chances of investigation are less if the life insurance policy is more than 3 years old 
• A death claim should be intimated as early as possible after the occurrence of unfortunate even to the life assured 
• Make sure to submit the documents required to file a claim on time for a speedy decision

What are the Reasons for Rejecting the SBI Life Insurance Claim?

The rejection of a claim from SBI Life Insurance may occur under the following conditions:

• If the policyholder fails to furnish accurate details in the claim application or neglects to submit the necessary documents.
• Term life insurance claims may also be rejected for not updating the nominee's information and the policy lapses due to non-payment of premiums.
• Moreover, hiding crucial information, such as removing medical history or not disclosing lifestyle habits like alcohol or tobacco habits, can also lead to the rejection of a life and term insurance claim.

Wrapping it Up!

Initiating the SBI Life insurance claim is a crucial step that requires careful attention following the policyholder's untimely demise. It ensures financial protection towards the policyholder's beneficiaries after his/her demise. Correctly submitted SBI Life insurance claim forms and documents accelerate the processing time, ensuring timely financial support for the family in the event of the policyholder's unfortunate death or upon plan maturity.

FAQs