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Insurance Companies 16619 views July 26, 2019
Table of Contents
|Name||SBI Life Insurance Company Limited|
|Company Tagline||With Us, You are Sure|
|Managing Director & CEO||Mr. Sanjeev Nautiyal|
|Owner||State Bank of India (SBI) and BNP Paribas Cardif S.A. (BNP Paribas Cardif)|
|Products||Life and Health Insurance|
|Total No of Employees||12000+|
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.
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.
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:-
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.
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.
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.
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.
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.
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:-
Toll-free Customer Service Number: 1800 425 3800
Office Number: 1800 11 2211 or +91-80-26599990 (chargeable)
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SBI Life Insurance Company Limited CIN: L99999MH2000PLC129113
SBI Life Insurance Company Limited
M.V. Road & Western Express Highway Junction,
Andheri (East), Mumbai – 400 069
Tel No: 022-61910000
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.
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.
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:-
– 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.
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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