Life Insurance 65897 views July 26, 2019

SBI Life Insurance

About SBI Life Insurance Company

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.

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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 SBI Life 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:-

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 country, policyholders feel at ease when it comes to enquiring about any insurance product or seeking claim settlements.

Premium Payment Flexibility

With this benefit in place, 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

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

There are a number of plans that are currently being sold by SBI Life. These plans have been classified as:-

Unit Linked Insurance Plans

These plans invest the premium for both life insurance and investment purposes. You have a list of funds to choose from when investing in these plans. Here the investment risk is to be borne by you. Moreover, you cannot do partial withdrawals before five years.

  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 Saral Maha Anand
  6. SBI Life Smart Elite
  7. SBI Life Smart Power Insurance

Protection Plans

These plans come with financial protection for your dear ones in your absence. You could choose a lump sum amount, payment in installments over a fixed period or a combination of both at policy inception.

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

Child Plans

Securing the aspirations of your children must be your top priority. Below are such plans that help your children achieve milestones of their lives.

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

Retirement Plans

The presence of retirement plans makes retirees feel comfortable about maintaining their lifestyle during their golden days. These plans ensure regular annuity payments to the policyholder from the vesting age i.e. the time for which the regular income will begin. An individual can choose the vesting age from the options given to him/her at the time of buying the policy. Let’s check out SBI retirement plans below.

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

Savings Plans

Savings plans of SBI ensure the required corpus to achieve various goals of life. These plans invest predominantly in instruments offering guaranteed returns to help achieve such goals.

  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 Saral Sanchay
  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 Saral Swadhan Plus
  12. SBI Life Flexi Smart Plus

Group Plans

SBI Life Insurance also offers group plans by which companies insure the lives of their employees. Companies can choose the policy period and premium payment term from the options given to them. Below are the SBI Group Plans that companies are buying to secure the future of their employees.

  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

SBI Life Insurance offers the following insurance plans online –

  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

How to Buy SBI Life Insurance Online Plans?

SBI Online plans can be bought on the website of the insurer as suggested by the name. Follow these steps to buy these online plans.

  • Visit the official website of SBI Life Insurance
  • Go to the segment featuring SBI Online Plans
  • Click on the ‘Buy Now’ button placed below the plan you want to purchase
  • A new page will open asking you to input your name, date of birth, gender, as well as the sum assured amount and policy term
  • You will also need to reveal whether you are a smoker or a non-smoker
  • Click on ‘Calculate Premium’ after mentioning all these details
  • The premium quotes will appear on the screen – Choose the quote that you like and pay the premium
  • You will get a premium receipt as well as the policy document on your email ID
  • SBI Life Insurance will send a hardcopy of the policy document and other manuals, if any, to your registered address too

SBI Life Insurance Claim Process

SBI Life Insurance claims are settled successfully when you follow the process correctly. So what is the process one needs to follow to get the claim from SBI Life Insurance? Well, in three steps, the nominee of the deceased policyholder can get the claim amount. Let us chart out the steps below.

Step 1 – Claim Intimation

  • Visit the official website of SBI Life Insurance and go to the ‘Services’ tab
  • Click on ‘Claims and Maturity’
  • Fill the claim form online by mentioning your policy number, date of birth and claim type

Step 2 – Documents Submission

A successful claim will require submitting the required documents to the insurer. Here’s a list of documents you need to submit.

  • Claim Form
  • Original Policy Document
  • Original/Attested Death Certificate issued by the local authority
  • Photo ID and Address Proof of the Claimant
  • Direct Credit Mandate Form
  • Valid Bank Passbook/Statement of the Claimant along with a cancelled cheque with pre-printed name and bank account number
  • A Certificate from the Medical Attendant
  • Hospital Treatment Certificate
  • A Certificate from the Employer (For Salaried Applicants)
  • FIR/Panchnama/Post Mortem Report/Inquest Report/Final Report/Chemical Analysis Report/Magistrate’s Verdict

Send these documents to –

SBI Life Insurance Co. Ltd.

8th Level Seawoods Grand Central, Tower 2,

Sector – 40, Plot No R-1, Seawoods, Nerul,

Navi Mumbai – 400706

Step 3 – Claim Processing and Disbursal

SBI Life Insurance will assess the documents and other details before approving the claim. Once approved, the insurance company will transfer the claim amount to your bank account within a few working days.

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

Toll-free Customer Service Number: 1800 425 3800

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

FAQs

Is it reliable to buy SBI Life Insurance policies?

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

Are SBI Life Insurance policies renewable?

Answer: Before buying any policy, it is important to know if the policy you have chosen is renewable. To ensure 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. Thereafter, they need to click on the “Online Premium Payment” tab and press “Proceed” in the end. Policyholders will 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 need to just submit their original copy of the insurance policy, self-attested copy of identity and address proofs 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:-

  1. Online
  2. Via SMS
  3. 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 and correctness of 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 policyholders submit the necessary documents by 3 p.m. However, if the policyholder submits the documents after 3 p.m, 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:-

  1. Electronic Clearing System (ECS)
  2. Direct Debit
  3. Standing Instruction On Your Credit Card
  4. Direct Remittance at SBI Life Branch by Post or Courier
  5. Online Payments
  6. Cash Payments At Authorised Collection Centers
  7. NACH (National Automated Clearing House)

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