SBI life insurance offers various kinds of life insurance products designed to fit the diverse needs of individuals from all walks of life. The company offers several plans to fit different needs like pure risk protection, pension, child, health, and investment plans. These policies provide financial protection to individuals and their families in case of unfortunate events like death, disability, or critical illness. Once the policy term ends, the policyholder needs to renew their SBI Life Insurance plan to continue receiving coverage.Read more
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SBI Life Insurance Renewal is a process of extending the tenure of an SBI Life Insurance policy after its expiry date. Once the policy term ends, the policyholder is required to renew the policy to continue availing of the benefits and coverage provided by the policy.
Renewing an SBI Life Insurance is a simple process that can be done online or offline. The policyholder is required to provide the plan details, choose the payment mod, and pay the renewal premium to complete the process. After the payment is processed, the plan will be renewed, and the policyholder will continue to receive coverage and benefits as per the policy’s T&Cs.
It is important to renew an SBI Life Insurance plan on time to avoid policy lapsation, which can lead to a loss of coverage and benefits. Additionally, it is advisable to renew the plan coverage and benefits during the renewal process to make sure that they meet the policyholder’s current needs.
Here is a list of reasons why you should renew your SBI life insurance policy:
Renewing an SBI Life Insurance plans to make sure that the policyholder continues to receive the coverage and benefits provided by the plan, even after the policy term has expired.
If the policyholder does not renew the plan on time, it may lapse, resulting in a loss of coverage and plan benefits. Renewing the plan on time ensures that there is no loss of benefits.
Renewing an SBI Life Insurance policy does not require a medical examination, as long as the renewal is done within the policy’s grace period.
Get tax savings benefits for life insurance premiums paid u/s 80C of the Income Tax Act, 1961. And, when you fail to renew the term plan, you will not be eligible to claim benefits for the year you have not paid the due premium.
There are several benefits of SBI life insurance policy renewal and they are:
Financial Protection: On renewing your SBI life insurance policy online you can continue to stay covered under the same plan at low premiums and ensure that your family is financially protected at all times in the event of your unfortunate absence.
Lower Premiums: Renewing your current life insurance will provide coverage against the eventualities of life at highly affordable premium rates.
Note: You can also use the life insurance premium calculator to see the premiums you would need to pay for the desired life insurance plan.
Customer Support: The SBI life insurance company provides its customers with 24x7 customer support that can help you with your concerns over call, SMS, or email at your convenience.
Free of Cost: The SBI life insurance renewal payment is a free-of-cost feature available for all SBI life insurance customers. You can make use of this feature as there are no hidden charges or penalty amounts applicable.
Easy to Use: You can easily renew your life insurance plan by paying the SBI life insurance renewal payment online from the comfort of your home at any time you want.
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You can make the SBI life insurance policy renewal through any of the following ways:
Through SBI Life Smart Care Portal
Step 1: Go to the smartcare[dot]sbilife[dot]co[dot]in page
Step 2: Select the ‘Pay Premium’ option
Step 3: Enter your policy number and date of birth
Step 4: Make the SBI life insurance renewal premium payment online using any of the preferred methods
The SBI account holders can pay their premiums in the following way
Step 1: Log into your net banking account and go to ‘Bill Payments’
Step 2: Click on the SBI life premiums
Step 3: Enter the required information like policy no. and date of birth
Step 4: Add SBI life as your biller
For other bank account holders
Step 1: Log in to your net banking account and add SBI Life as your biller
Step 2: Pay using InstaPay
Step 1: Go to the SBI Life Insurance official website
Step 2: Select ‘Premium Payment Procedure’ in the Services section
Step 3: Click on ‘Direct Debit’ for auto debit of all the future payments
Step 1: Visit the official website of SBI life insurance
Step 2: Click on the Easy Renewal Payment options in the Services section
Step 3: Select Setup Standing instructions for Premium payments
Step 4: Choose the Auto Pay option on the Credit card
Mobile Wallets - SBI Buddy
Step 1: Download the SBI Buddy app on your mobile phone
Step 2: Go to the ‘Recharge & Bill Pay’ option and select ‘Bill Pay’
Step 3: Click on ‘Insurance’ under the biller category and choose ‘SBI Life Insurance as the biller
Step 4: Fill in your policy number and date of birth to pay the SBI life insurance renewal premium
SBI Life Easy Access Mobile App
Step 1: Download the SBI Life Easy Access app on your mobile phone
Step 2: Click on the ‘Pay your Premium’ tab in the application
Step 3: Enter your policy number, date of birth, and registered email ID
Step 4: Pay the premiums using your preferred method like net banking or credit/debit cards
Interactive Voice Response
Step 1: Call on the company’s tollfree number 1800-267-9090 (Between 9 AM to 9 PM)
Step 2: Enter your policy number and date of birth
Step 3: The IVR will provide the premium due date, amount, and the option to pay the premiums using a credit card
Step 4: Fill in the Credit card details and the OTP
Step 5: On successful SBI life insurance renewal premium payment the IVR will confirm the payment and generate the transaction ID
Auto Debit Facility
Step 1: Submit duly filled Mandate form and a canceled cheque at the SBI Life Insurance Branch near you
Step 2: All the remaining premiums will be automatically deducted from your bank account on the set due date
POS (Point of Sales)
You can pay the SBI life insurance renewal premium with your credit/debit card using any of the POS (Point of Sales) terminals at selected SBI branches
Step 1: Register yourself with any core bank tied with the NPCI for NACH
Step 2: Duly fill the Mandate form and submit it at the nearest SBI branch along with your canceled cheque and the future premiums will be debited from your bank account
SBI ATMs and Kiosks
Step 1: Visit the SBI ATM or Kiosk and insert your card
Step 2: Now go to the ‘Bill pay’ under the ‘Services’ option and select SBI Life insurance
Step 3: Fill in the policy number and date of birth
Step 4: Proceed to pay as per the instructions on the screen
You can visit the SBI life insurance branches and pay through cheque or demand draft in favor of “SBI Life Insurance Co. Ltd. Policy No XXXXXXX”
Here is the list of information you need to have for SBI life insurance policy renewal:
Date of Birth
Registered Contact Information like mobile number and email address
Premium Cheque with policy number (for branch renewal only)
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