Insurance Companies 23709 views July 26, 2019

SBI Life Insurance

SBI Life Insurance Company – Overview

NameSBI Life Insurance Company Limited
Company TaglineWith Us, You are Sure
Managing Director & CEOMr. Sanjeev Nautiyal
FoundedMarch 2001
HeadquartersMumbai
OwnerState Bank of India (SBI) and BNP Paribas Cardif S.A. (BNP Paribas Cardif)
Serving CountryIndia
ProductsLife and Health Insurance
Total No of Employees12000+

One of the largest insurance companies in India, the SBI Life Insurance Company was formed as a result of an alliance between the State Bank of India (SBI) and BNP Paribas Cardif S.A. (BNP Paribas Cardif) in 2016. While SBI holds 70.1 percent of the total capital, BNP Paribas Cardif holds 26 percent while the rest is shared by Value Line Pte Ltd and MacRitchie Investments Pte Ltd each.

Term Insurance

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SBI Life Insurance Company offers a wide variety of plans to cater to the varying and growing needs of its customers. These plans include individual life insurance policies and group insurance plans.

Benefits of buying a life insurance policy from SBI Life Insurance Company

The benefits of SBI Lif plans are immense and unlike most other insurance products being sold in the market currently. While the benefits availed by the SBI Life Insurance policyholders are numerous, some of the most prominent include:-

All round protection

The intent and effect of this insurance company are evident in its tagline “With Us, You’re Sure”. Policyholders buying insurance from this company feel completely secure as the myriad insurance policies offered by this company promise and ensure overall financial protection to their loved ones.

Claim Settlement Ratio

The claim settlement ratio of SBI Life is 96.69 percent, which highlights the company’s efficiency in settling the claims within the given time frame. With more than 20,000 branches across the entire length and breadth of the country, policyholders feel at ease when it comes to inquiring about any insurance product or seeking claim settlements.

Premium payment flexibility

With this benefit in place, the policyholders can pay premiums monthly, quarterly or yearly. As opposed to many other plans where the insured need to play by the insurer’s rules regarding premium payments, SBI Life policyholders can pay premiums as per their convenience.

Cheaper online plans

This insurance company realizes how its customers are gradually making their presence felt online. Since online buying is much easier and involves lesser hassle than the offline mode, SBI Life charges lesser premiums for plans bought in the online mode.

Tax benefits

The tax benefits are like icing on the cake. Beyond the benefits ensured by insurance plans, one can claim tax benefits on the premiums paid on insurance policies under Section 80C of the Income Tax Act. In addition, the amount of cover availed under term insurance is exempt from tax under Section 10(10D) of the Income Tax Act 1961.

Types of Insurance Plans Offered By SBI Life Insurance Company

There are a number of plans that are currently being sold by SBI Life. These plans created and modified since the incept of the company have been classified as:-

Unit Linked Insurance Plans

  1. SBI Life – Smart privilege
  2. SBI Life – eWealth Insurance
  3. SBI Life – Smart Wealth Builder
  4. SBI Life – Smart Wealth Assure
  5. SBI Life – SaralMahaAnand
  6. SBI Life – Smart Scholar
  7. SBI Life – Smart Elite
  8. SBI Life – Smart Power Insurance

Protection Plans

  1. SBI Life – eIncome Shield
  2. SBI Life – Smart Shield
  3. SBI eShield
  4. SBI Life – Saral Shield
  5. SBI Life Grameen

Child Plans

  1. SBI Life – Smart Scholar
  2. SBI Life – Smart Champ Insurance

Retirement Plans

  1. SBI Life – Saral Pension
  2. SBI Life – Retire Smart
  3. SBI Life – Annuity Plus

Savings Plans

  1. SBI Life – Smart Bachat
  2. Smart Women Advantage
  3. SBI Life – Smart Swadhan Plus
  4. SBI Life – Smart Humsafar
  5. SBI Life – Smart Money Planner
  6. SBI Life – CSC SaralSanchay
  7. SBI Life – Smart Income Protect
  8. SBI Life – Smart Guaranteed Savings Plan
  9. SBI Life – Smart Money Back Gold Plan
  10. SBI Life – SubhNivesh
  11. SBI Life – SaralSwadhan+
  12. SBI Life – Flexi Smart Plus

Group Plans

  1. SBI Life – Kalyan ULIP Plus
  2. SBI Life – CapAssure Gold
  3. SBI Life – Gaurav Jeevan
  4. SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana
  5. SBI Life – Sampoorn Suraksha
  6. SBI Life – Swarna Jeevan
  7. SBI Life – Shakti
  8. SBI Life – Grameen Super Suraksha

Online Plans

  1. SBI Life – eShield
  2. SBI Life – eWealth Insurance
  3. SBI Life – Poorna Suraksha Plan
  4. SBI Life – Sampoorn Cancer Suraksha
  5. SBI Life – Annuity Plus
  6. SBI Life – eIncome Shield
  7. SBI Life – Smart InsureWealth Plus
  8. SBI Life – Smart Samriddhi

SBI Life Insurance Company Reviews

  1. SBI Life Insurance has actually changed my perception of insurance purchase. As opposed to the complicated procedures that most insurers include as a part of the insurance buying process, buying SBI Life Insurance plans has been easy and smooth.
  2. I always believed that the cheapest insurance plan is always the best option. However, the sales team at State Bank of India Life Insurance made me realize the need to focus on the cover amount and compare insurance policies accordingly. Thanks to them, I have bought two different life insurance plans, each catering to my specific need and future requirements of my loved ones.
  3. I chose State Bank of India Life Insurance policies over others simply because of the company’s high claim settlement ratio (CSR). Moreover, before buying I had gone through the reviews of the company that highlighted its easy claim settlement process.

How to get in touch with SBI Life Insurance Company?

Toll-free Customer Service Number: 1800 425 3800

Office Number: 1800 11 2211 or +91-80-26599990 (chargeable)

Awards Won by SBI Life Insurance Company

It feels good to be recognized for one’s efforts.

  1. Brand of the Year 2016-17 Award in the Insurance Category by WCRC
  2. Fintelekt Insurance Awards 2017
  3. Bancassurance Leader, Life Insurance (Large Companies Category)
  4. TISS Leapvault CLO Awards 2017
  5. Digital Innovation Award 2017
  6. DSCI Excellence Awards 2017
  7. CLO Chief Learning Officer Summit India – 2016
  8. LIMRA and LOMA Social Media Silver Bowl Awards 2016

SBI Life Insurance Company Contact Details

SBI Life Insurance Company Limited CIN: L99999MH2000PLC129113

Registered Office

SBI Life Insurance Company Limited

M.V. Road & Western Express Highway Junction,

Andheri (East), Mumbai – 400 069

Tel No: 022-61910000

Email: info@sbilife.co.in

FAQs About SBI Life Insurance Company in India

Is it reliable to buy SBI Life Insurance policies?

Answer: More than a decade since its establishment, State Bank of India Life Insurance continues to be one of the most sought after companies when it comes to choosing insurance plans and buying them. Firstly, the company is backed by two giant companies. Secondly, the company’s high CSR value implies that the company takes very less time to settle all claims and ensures that the insured do not face any process during the claim settlement process.

Are SBI Life Insurance policies renewable?

Answer: Before buying any policy, it is important to find if the policy you have chosen is renewable. To ensure that a seamless policy renewal process, the State Bank of India Life Insurance provides the policy renewability process on the company’s website. Policyholders need to click on the “Services” section of the company’s site. Then, the policyholders need to click on the “Online Premium Payment” tab and press “Proceed” in the end. The policyholders then need to enter necessary details including the policy number and contact details before hitting the “Submit” button.

Explain the policy cancellation process of SBI Life Insurance?

Answer: The policy cancellation process of this company is simple as opposed to many other insurance companies that involve the submission of multiple documents. Policyholders looking to cancel their existing State Bank of India Life Insurance policies have to just submit their original copy of the insurance policy, self-attested copy of identity and address proof in addition to proof of bank account in which you would like the premium amounts reimbursed. Also, policyholders will need to submit a copy of their surrender request at the nearest SBI Life Insurance branch or send the same to the Central Processing Centre.

Policyholders may opt for policy renewal through the following processes:-

Online

– Via SMS

– Going to the nearest SBI branch

Alternatively, policyholders may choose to renew their policies by using the kiosk in the SBI ATM and click on the option for policy renewal.

After checking the validity of the details submitted and correctness of the documents submitted, the insurance company will refund the premium payment based on the NAV prevailing in the market on that day subject to the condition that the policyholders submit the necessary documents by 3 pm. However, if the policyholder submits the documents after 3 pm, the NAV of the subsequent day would be applicable.

How can you pay premiums for SBI Life Insurance policies?

Answer: One of the biggest benefits of buying SBI Life Insurance is that policyholders can choose to pay premiums using multiple payment modes. Some of them include:-

– Electronic Clearing System (ECS)

– Direct Debit

– Standing Instruction On Your Credit Card

– Direct Remittance at SBI Life Branch by Post or Courier

– Online Payments

– Cash Payments At Authorised Collection Centers

– NACH (National Automated Clearing House)

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