SBI Term Insurance Claim Settlement Ratio

SBI Life Insurance is a renowned insurance company in the country. The insurer has a high claim settlement ratio (CSR) of 99.20% for FY 2023-24. This indicates the insurance company's strong performance in processing and settling claims efficiently.

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Let’s look at the SBI Term Insurance claim settlement ratio here.

What is SBI Term Insurance Claim Settlement Ratio 2025?

SBI Term Insurance Claim Settlement Ratio denotes the percentage of claims the insurance company gained in a financial year. In the financial year 2023-24, SBI Life Insurance had a claim settlement ratio (CSR) of 99.20%, which denotes a very good record of settling claims in the previous financial year. IRDAI releases the claim settlement ratio for life insurance every year for all insurance providers. The following formula is used to calculate the claim settlement ratio:

Claim Settlement Ratio = (Number of settled claims / Number of received claims) x 100

If a term insurance provider secured a 95% claim settlement ratio for 5 consecutive years, it suggests the company is trustworthy and will settle claims. You must buy a term plan from an insurer that has over 95% CSR for 5 consecutive years for quick claim settlement in the future.

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What is the Importance of SBI Term Insurance Claim Settlement Ratio?

Here are some key points to understand the importance of SBI Term Insurance Claim Settlement Ratio (CSR):

Policyholder Trust: A high claim settlement ratio builds trust, reassuring policyholders that their claims will be settled smoothly.
Financial Security: A strong ratio means policyholders can rely on SBI Life Insurance for financial protection during crises.
Customer Satisfaction: Quick and efficient claim settlements lead to greater customer satisfaction, higher retention rates, and positive referrals.
Industry Reputation: A high claim settlement ratio boosts the insurer's reputation, helping them stand out and gain customer trust.
IRDAI Compliance: Insurance companies must disclose their claim settlement ratios, promoting transparency and aiding policyholders in making informed choices.

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5 Years SBI Term Insurance Claim Settlement Ratio

Here is the Claim Settlement Ratio (CSR) of SBI Term Insurance for 5 consecutive years:

S.No.	Year Wise Data	Claim Settlement Ratio (CSR)
1.	2023-24	99.20%
2.	2022-23	97.05%
3.	2021-22	97.05%
4.	2020-21	93.09%
5.	2019-20	94.50%

SBI Term Insurance Claim Settlement Ratio Performance for 2022-2023

Here is SBI Term Insurance Claim Settlement Ratio Performance for FY 2022-23:

Parameters	Details
Total Claims Raised	~ 36,896
Claim Settled Amount	~ Rs. 1,676 Crore
Claims Paid Till Date	~ Rs. 2,30,235 crores
Total Policyholders Till Date	~ 7,56,31,707
Solvency Ratio	2.2

What are the Factors Affect SBI Term Insurance Claim Settlement Ratio?

Several factors influence SBI Term Insurance Claim Settlement Ratio. Here are some of them:

Claims Management Processes: SBI's claims management system plays a key role in ensuring the efficient handling and settlement of claims.
Claims Handling Efficiency: The speed and accuracy of claim processing directly affect the settlement ratio.
Customer Service Quality: The support and service provided to policyholders influence the ease and satisfaction of the claims process.
Accuracy in Underwriting: Proper assessment of policies ensures claims are managed fairly.
Financial Stability: SBI's financial health impacts its ability to meet claim obligations reliably.
Regulatory Compliance: Following industry regulations affects SBI's claims handling.
Operational Practices: Variations in company policies and practices can lead to differences in settlement ratios.

What are the Steps Involved in SBI Term Insurance Claim Settlement Process?

SBI Term Insurance claim settlement is an important service the insurer offers its customers. They offer an entirely customer-focused approach to claiming life insurance payouts. The process mainly includes the following steps:

Claim Intimation
Document Submission
Claim Settlement

*Note: Contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.

How Policybazaar Helps You in Claim Assistance?

Policybazaar offers its Dedicated Claim Assistance Program (DCAP) where each customer is assigned a dedicated relationship manager who will guide their nominees through every step of the claim process.

This personalized support means that your relationship manager will take care of all the necessary paperwork to settle the claim in your absence, ensuring seamless communication with the insurer and providing your nominees with peace of mind during a stressful time.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

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FAQs

1. What is the SBI Term Insurance Claim Settlement Ratio for 2024?

Ans: The SBI Term Insurance Claim Settlement Ratio for the financial year 2023-24 is 99.20%, indicating strong performance in settling claims.
2. Why is the Claim Settlement Ratio important?

Ans: A high CSR builds trust among policyholders, ensures financial security, enhances customer satisfaction, boosts the insurer's reputation, and promotes transparency through IRDAI compliance.
3. What has been the Claim Settlement Ratio for SBI Term Insurance over the last five years?
Ans: Here are the CSR figures for the last five years:
- 2023-24: 99.20%
- 2022-23: 97.05%
- 2021-22: 97.05%
- 2020-21: 93.09%
- 2019-20: 94.50%
4. How many claims were raised and settled in the financial year 2022-23?

Ans: In FY 2022-23, approximately 36,896 claims were raised, and the total claims paid amounted to around Rs. 1,676 crore.
5. What factors affect the Claim Settlement Ratio?
Ans: Several factors influence the CSR, including:
- Claims management processes
- Claims handling efficiency
- Customer service quality
- Accuracy in underwriting
- Financial stability of the insurer
- Regulatory compliance
- Operational practices
6. What steps are involved in the SBI Term Insurance claim process?
Ans: The steps for claiming SBI Term Insurance are:
- Claim Intimation
- Document Submission
- Claim Settlement
7. How can I get help with my term insurance claims?

Ans: You can contact a Policybazaar Insurance Advisor for assistance or guidance regarding your insurance-related queries.

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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