- About Coverfox
SBI Life Insurance Co Ltd is a joint venture. The alliance formed by State Bank of India (SBI) and BNP Paribas Cardif S.A.(BNP Paribas Cardif). In which SBI owns 70.1% of the total capital and BNP Paribas Cardif holds 26%, the rest of 1.95% is shared by Value Line Pte. Ltd, MacRitchie Investments Pte. Ltd each.
Awarded as ‘Life Insurance Company of the Year’ in 2016
In 2016, SBI Life Insurance was awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards.SBI Life offers range of life insurance products to cater different segments as per their need. SBI life offers both Individual and Group plans.
|Percentage of Grievances Solved||100%|
|Claim Settlement Ratio||96.76% (No. of policies - claims paid during 2017-2018)|
|Group Death Claims||99.35% (No. of policies - claims paid during 2017-2018)|
|Percentage of Claims Rejected||2.63%|
|Solvency Ratio||2.06 for quarter ended 31.03.2018|
SBI Life insurance offers range of life insurance products with variants to provide financial protection against life’s uncertainties. Plans offered:
SBI Life is committed to provide the benefits as soon as possible to the nominee and within the prescribed timelines laid down by IRDAI.
Following is the Claim Process:
Send form to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706.
Intimate SBI Life on their Toll-Free number - 1800-22-9090
You can also email at firstname.lastname@example.org
Claim Assessment: On receiving all the necessary documents, SBI Life will asses claim documents and the information provided by the proposal in the form.
Claim Approval process - on the approval of Claim Claim Acceptance the nominee will receive a sum assured. For further process at any time of claim process you can also reach out to email@example.com
Claim Documents: List of Mandatory Documents:
In addition to the standard documents there are other documents required under different case:
The documents required to avail any SBI Life Insurance Plan are as follows:
There are two modes by which individuals can pay premiums towards their SBI life insurance policy - online and office. Under the online mode, payment can be made via
If one chooses the offline route, the premium payment options include:
Individuals who would like to avail a life insurance policy from SBI Life Insurance can make use of the insurer’s premium calculator. These facilities will help users determine the cost of achieving their life goals. The premium calculators available on the insurer's website are as under:
SBI Life has a number of insurance plan options that offer coverage for 10 years and more. Here is a look at some of those insurance plans:
SBI Life is one of the top life insurance providers in India. The company is a joint venture between State Bank of India and global insurance company BNP Paribas Cardif. Over the years, the company has introduced a number of insurance plans for the benefit of their customers. The insurer is constantly reinventing itself, providing the latest technology and tool to the customers.
Suicide Claim Provision
If the insured commits suicide within a year from the policy’s inception date, the nominee or beneficiary shall be entitled to 80% of the premiums paid, provided the policy is active. Similarly, if the insured commits suicide within a year from the policy’s revival date, the nominee or beneficiary shall be entitled to higher of 80% of the premiums paid till the date of demise or the surrender value, provided the policy is active.
SBI Life Insurance has been awarded as ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Awards, 2016. SBI Life stands out with SBI Bank Group has an unparalleled strength of 23,000 branches across the country. And BNP Paribas Cardif is one of the world leaders in creditor insurance. It has been received an AA rating from Standard & Poor’s. SBI Life offers quick and hassle-free claim process so that the family stays financially protected as promised.
Is SBI Life term Insurance reliable?
Established in 2001, SBI Life is presently among the top life insurance providers in India. The insurance company is backed by two major financial giants namely, public sector bank- State Bank of India and global insurance company- BNP Paribas Cardif. The company's claim settlement ratio for the year 2016-2017 stood at about 97%. In 2016, SBI Life Insurance was awarded the titles ‘Life Insurance Company of the Year’ and ‘Bancassurance Leader Life Insurance (Large Category)’ at the Indian Insurance Award. Considering all these points, it can therefore be said that SBI Life’s term insurance covers are reliable. SBI Life’s term insurance offerings include SBI Life – Smart Shield, SBI Life – Saral Shield, SBI Life – Grameen Bima and SBI Life – eShield.
Which are the popular SBI life insurance term plans?
SBI's term life insurance portfolio include SBI Life – Saral Shield, SBI Life – Grameen Bima, SBI Life – Smart Swadhan Plus and SBI Life - eIncome Shield. The features and benefits of each of these plans vary from one another. It is therefore necessary to match what these SBI life insurance term plans are offering against one’s requirements and accordingly make a decision on the policy to purchase.
What is the policy renewal process?
SBI Life Insurance provides the facility of policy renewal on the company’s website. To begin with, click on the ‘Services’ section. Then, select the ‘Online Premium Payment’ and press ‘Proceed’. Enter all the necessary details like policy number and mobile number, and then click on Submit. Finally, make the premium payment to renew the policy coverage.
What is the policy cancellation process?
To surrender your policy, you will need to submit Original Policy Bond, Self-attested Identity Proof & Address Proof and Direct Credit Mandate with proof of bank account. You will need to place your surrender request at the nearest SBI life branch or send it to Central Processing Centre.
What are the taxes applicable on insurance premium/ULIP charges?
An 18% GST will be applicable on the life insurance premiums paid. ULIP charges that are normally levied include mortality charges, policy administration charges, fund management charges and other charges depending on the policy features.
What is the grievance redressal procedure for SBI Life insurance plans?
There are 3 levels of grievance redressal: