SBI Life Insurance Claim Settlement Ratio

SBI Life settled 96.81% of individual death claims for Q1 FY27 and has paid claims Rs.3,35,432 crores till date as per SBI’s official website data. SBI Life Insurance is a joint venture between State Bank of India, the country's biggest public sector bank, and BNP Paribas Cardif.

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It sells term plans, savings plans, child plans and pension plans. But before you buy any of them, there's one number worth checking: the claim settlement ratio. It tells you how many claims the insurer actually pays. In this article, we'll look at SBI Life's claim settlement ratio, how it has changed over the years, how it compares with other insurers, and what you can do to make sure your family's claim goes through smoothly.

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What is the Claim Settlement Ratio of SBI Life Insurance?

The SBI Life claim settlement ratio for FY 2024-25 is 96.81% for the Q1 financial year 2027, which indicates the insurer’s efficiency in settling claims without hassle. Put simply, for every 100 death claims SBI Life had to deal with that year, it paid about 98.

The Claim Settlement Ratio is calculated by dividing the number of total claims settled by the number of total claims received, multiplied by 100. If the CSR is higher, then it represents that the insurance corporation has settled more claims from what it had received and hence denotes the insurer's efficiency in settling claims in times of need.

What is SBI Life Claim Settlement Ratio 2026?

SBI Life Insurance Company's individual death claim settlement ratio is 98.56% for the financial year (FY26).

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Why is Claim Settlement Ratio Important?

The Claim Settlement Ratio of any insurance company is the percentage of the total number of claims they have settled in one financial year, further divided by the total number of claim requests it had received in that year. You must first understand the importance of the claim settlement ratio (CSR) before you purchase a plan, and below are a few reasons:

Insurer’s Reliability
If an insurance company has higher CSR, it is most sought after by people, implying that it is trustworthy and responsible and will have the claims settled efficiently. This builds trust among customers for the insurer as they buy life insurance plans for their loved ones. However, you must check the claim settlement ratio of any insurer for five consecutive years before you purchase a plan from them.
Assured Financial Security
It is important to check the CSR of any insurer as a policyholder because you must be certain about the company in which you are trusting your family’s future. Moreover, an insurance company with higher CSR will ensure that its customers are helped with claim settlement without hassle.

How to Calculate Claim Settlement Ratio of SBI Life?

Understanding how the claim settlement ratio of SBI Life insurance is calculated is essential. It is the percentage of claims settled against claims received in a financial year. It is derived by dividing the number of claims settled by the total number received in a financial year, plus the previous year’s outstanding. It is expressed in terms of percentage for easy comparison with other insurers. Thus, in simple terms:

SBI Life Claim Settlement Ratio = Total number of SBI Life claims settled divided by Total number of SBI Life claims received, & multiplied by 100

*Note: Total SBI Life Claims Received = SBI Life claims registered in the financial year plus claims pending at the year beginning

What are the Claim Settlement Ratios of SBI Life for the Last 5 Years?

Let us see how the SBI Life Settlement Ratio has played out during the past few years:

SBI Life Claim Settlement Ratio
Financial Year	Ratio in %
2022-23	97.05
2023-24	99.20
2024-25	99.40
2025-26	98.56
2027 (Q1)	96.81

The aforementioned table represents the SBI Life Claim Settlement Ratio only for individual policies and not group policies. The SBI Life Insurance claim ratio has been above 90% for 5 consecutive years, implying that this insurer can be trusted when settling claims.

What Information does SBI CSR Give?

The policyholder invariably consults the SBI Life Claim Settlement Ratio before buying a suitable plan in harmony with financial planning objectives and life goals. While it is an important indicator, it is essential to consider the following:

The CSR does not depict the type of life insurance policies covered in the settled claims.
The ratio is always denoted in percentage form.
As per the IRDAI regulations, the ratio applies only to the financial year beginning in April of the current year and ending in March of the next year.

How do you File an SBI Life Insurance Death Claim?

There are 3 steps to the SBI Life claim process:

Step 1: Claim Intimation
To make a claim, the policyholder has to inform the insurer at the earliest. Claim intimation can be sent online using SBI Life insurance’s official website or any offline modes. The individual filing for a claim needs to submit a claim application along with the required documents. You can mail the documents to the official email of SBI Life or even visit the nearest branch for assistance and further process.
Step 2: Documents Submission
The policyholder will be required to submit the necessary documents for verification. You can either upload the documents on the SBI customer portal or visit the branch in person. It is advised to keep the documents ready while applying for a claim for easy and quick settlement.
Step 3: Claim Decision and Settlement
The insurer will assess all the submitted documents as per the terms and conditions of the policy and the information by the life assured or the nominee. After careful verification, the claim quotations will be released. SBI Life Insurance death claim process will be assisted by insurance advisors who ensure swift completion and settlement of your claims.

Is SBI Life Insurance a Good Choice?

The Insurer’s credibility is assessed by its claim settlement ratio and SBI Life Insurance has consistently delivered a high Claim Settlement Ratio in the past 5 years. Hence, SBI Life stands highly credible in the market and can be trusted to settle claims at the time of need. A low ratio, on the other hand, suggests that the claim settlement may be complicated and is not free from hassle. While CSR is not the sole criterion, it is a critical factor in purchasing a policy.

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FAQs

How can I file a death claim with SBI Life Insurance?

Ans: SBI Life claim process is very straightforward and short. Firstly, inform SBI Life about the claim by submitting a proposal form, attach necessary documents, the insurer releases a quotation of the probable claim, then a decision is made and the claim is settled.
What is SBI Life claim settlement ratio for 5 years?

Ans: SBI Life's claim settlement ratio last 5 years is more than 90%. A CSR more than 90% represents good settlement efficiency which is a good indicator while purchasing a policy.
How is SBI insurance claim settlement ratio calculated?

Ans: SBI Life's CSR can be easily calculated by a simple formula of dividing the number of settled claims in a financial year by the total number of claims proposed, multiplied by 100.
What was SBI Life Insurance's Claim Settlement Ratio (CSR) for 2021-22?

Ans: SBI Life claim ratio in the year 2021-22 is 93.09%. The latest SBI claim settlement ratio 2026 is 98.56% and SBI Life claim settlement ratio 2024-25 is 99.40%.
Why is it important to check the CSR of an insurer before purchasing a plan?

Ans: CSR expresses the potential of the insurer to settle the claims which further means that the focus of the insurer is not only on acquiring premiums but also settling them when required. So a hassle-free claim is what a potential policyholder requires, hence it is important to check the insurer’s CSR before purchasing a policy. Also, you cannot check SBI Life claim settlement ratio by policy number.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

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We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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