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SBI Life Claim Settlement Ratio

SBI Life Insurance, the largest public sector bank in the country, offers a comprehensive range of insurance products such as term insurance, child plans, savings plans, and pension plans and offers quick and simplified claim settlement. With a CSR of 97.33% in the financial year 2021-22, SBI Life has been known to provide the claimants of their deceased policyholders with quick claim payout. In this article, we will discuss the claim settlement ratio of SBI Life over the last 5 years and how important it is to know the CSR before buying life insurance.

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What Is The Claim Settlement Ratio of SBI Life Insurance?

The Claim Settlement Ratio is determined by the number of death claims settled by the insurer against the number received. A higher percentage denotes a higher claim settlement efficiency of the insurer. The claim settlement ratio of SBI Life Insurance for the financial year 2021-22 is 97.05%, which indicates that the insurer can settle claims without hassle.

Why Is Claim Settlement Ratio Important?

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

  1. 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.

  2. 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?

It is essential to understand how the SBI Life Claim Settlement Ratio is calculated. It is primarily 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 of claims 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

Though a great emphasis is laid on the above formula, it is sensible to look for the ratio in a different light by checking the settled amount also. It represents the insurer’s financial strength and ability to settle claims seamlessly. A higher CSR may show a lower ratio in terms of benefit amount payment. 

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What Are The Claim Settlement Ratios Of SBI Life For The Last 5 Years?

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

SBI Life Claim Settlement Ratio based on the number count
Financial Year   Claims Registered Claims Settled Ratio in %
2017-18 18885 18274 96.76
2018-19 19902 18813 95.03
2019-20 22490 21258 94.52
2020-21 34219 81855 93.09
2021-22 55786 54140 97.33

The aforementioned table represents the SBI Life Claim Settlement Ratio only for individual policies and not group policies. The CSR of SBI Life has been above 90% for 5 consecutive years, which implies that this insurer can be trusted when it comes to settling claims.

What Information do we get with SBI CSR?

The policyholder invariably consults the SBI Life Claim Settlement Ratio before deciding to buy 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 policies covered in the settled claims. 

  • The ratio is always denoted in percentage forms.

  • The repudiation percentage is arrived at by deducting the ratio from 100.

  • The ratio is for only the financial year, beginning from April of the current year to March next year, as per the IRDAI regulations.

How Do You File a SBI Life Insurance Death Claim?

SBI Life claim process comprises of 3 easy steps, which are:

    • Step 1: Claim Intimation

To inform the insurer of the claim, the policyholder can submit the claim either online through SBI Life Insurance's official website or offline channels. This involves completing the claim application form and providing the necessary documents, which can be done at the nearest SBI office branch or by mailing the form and documents to SBI's official email ID.

    • Step2: Documents Submission

The policyholder must submit the necessary documents for each type of claim through the online portal or the nearest SBI branch office. Additionally, the insurer may seek further documents to assess the claim's eligibility. In such instances, it is essential to provide the requested documents promptly.

    • Claim Decision and Settlement

All claims will be assessed based on the documents submitted by you or your family and the information provided by the insured in the proposal form. Upon reaching a decision on the claim settlement, the claim amount will be released according to the terms and conditions of the policy. The company's claim assistance team will support you throughout the SBI Life Insurance death claim process, ensuring you comprehend your requirements and facilitating a swift completion of document submissions.

Wrapping it up!

The SBI Life Claim Settlement Ratio is a measure of its credibility regarding a seamless claim settlement experience. A high ratio shows that the insurer can be trusted in terms of settling claims efficiently, and also signifies that the claim settlement probability is high. A low ratio, on the other hand, suggests that the claim settlement may be jeopardized and is not free from hassle. While CSR is not the sole criterion, it is a critical factor in purchasing a policy.

FAQs

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

    A1.The SBI Life claim process involves three steps: Claim Intimation, Documents Submission, and Claim Decision and Settlement.
  • Q. What has the CSR of SBI Life indicated for the last 5 years?

    A2. SBI Life's CSR has been consistently above 90% for the last 5 years, indicating a strong track record of settling claims efficiently.
  • Q. How is CSR calculated for SBI Life Insurance?

    A3. SBI Life's CSR is calculated by dividing the total number of claims settled by the total number of claims received in a financial year plus the previous year's outstanding, multiplied by 100.
  • Q. What is SBI Life Insurance's Claim Settlement Ratio (CSR) for 2021-22?

    A4. SBI Life Insurance's CSR for the financial year 2021-22 is 97.33%
  • Q. Why is it important to check the CSR of an insurer before purchasing a plan?

    A4. Checking CSR ensures the insurer's reliability and the likelihood of a hassle-free claim settlement. It helps policyholders make informed decisions about entrusting their family's financial security to a particular insurance company.

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