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SBI Life Insurance FAQs

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Benefits

  • What are the toll-free customer care numbers of SBI Life Insurance?

    SBI Life Insurance toll-free helpline number is 1800 267 9090 and it can be accessed 24x7.

  • What is the Claim settlement Ratio of SBI Life Insurance?

    SBI Life Insurance has acquired a claim settlement ratio of 94.52% for the year 2019-20.

  • How do I pay the premium for my SBI Life Insurance policy?

    Renewal premium amount can be paid conveniently through the SBI Life Insurance website. You can make the payment through debit/credit cards, net banking or any of the partner banks listed on the website.

  • What are the taxes applicable on Insurance premiums?

    The taxes levied on insurance premiums charges are provided by the Government of India at a rate set by them as per the provisions provided by the tax laws Goods and Services Tax (GST).

  • Why should I choose SBI Life Insurance?

    SBI Life offers a variety of comprehensive plans that you can choose from according to your requirements and budget. SBI Life insurance has a high Claim Settlement Ratio of 94.52% FY 2019-20. The plans offered by SBI Life Insurance are affordable.

  • What are the different insurance plans that SBI Life offers?

    SBI provides Protection plans (Term plans), Online Plans, Savings Plans, Wealth Creation Plans, Retirement Plans, Money Back Plans and Child Plans.

  • What are the benefits of renewal of my life insurance plan with SBI Life Insurance?

    SBI Life Insurance has multiple options available for renewal premium payment. The process of renewal is hassle-free and quick.

  • Is it safe to buy a life insurance policy online?

    Life insurance policy purchase is a simple, fast and hassle-free process. When it comes to payment, it is made through a safe gateway. Buying policies online is much better as it is convenient at every level.

Claim Settlement

  • Who receives the claim benefit?

    The claim benefit can be received by the nominee you appoint while you purchase the insurance policy, the policy holder or the assignee the person in whose favour the policy has been assigned.

  • What happens when the nominee dies or hasn't been mentioned in the policy?

    If the nominee dies or hasn't been mentioned in the policy, your family members will have to produce proof establishing their right to claim the policy benefit.

  • How do I file a SBI Life claim online?

    To file the claim online visit SBI Life Insurance website and fill information like Policy number, Date of Birth and select the claim type then submit to file the claim online.

  • How much time does it take to settle the claim?

    Your claim will be decided upon and settled within 30 working days of receiving the required and valid documents.

  • Where do I email my documents for a claim?

    For death claims you can email the documents at claims@sbilife.co.in and for maturity/survival/annuity claims documents can be mailed at maturity@sbilife.co.in.

  • Where to download claim forms for SBI Life insurance plans?

    As you open the website of SBI Life Insurance click on the ‘Services for Existing Customers’, then open the download centre and click on ‘Claim Forms’ category from there you can download the required form.

  • What are the toll-free customer care numbers of SBI Life Insurance?

    SBI Life Insurance 24x7 toll-free helpline number is 1800 267 9090.

  • What is the maximum number of claims I can make in a policy tenure?

    You can make any number of claims in a policy tenure however it should not exceed the amount of sum assured. If the sum assured is exhausted, the policy holder cannot make more claims in the policy tenure.

Overview

  • Why should I choose SBI Life Insurance?

    SBI Life offers a variety of comprehensive plans that you can choose from according to your requirements and budget. SBI Life insurance has a high Claim Settlement Ratio of 94.52% FY 2019-20. The plans offered by SBI Life Insurance are affordable.

  • What all life insurance plans does SBI Life offer?

    SBI provides Protection plans (Term plans), Online Plans, Savings Plans, Wealth Creation Plans, Retirement Plans and Child Plans.

  • What is the grace period of SBI Life Insurance plans?

    SBI offers a 30 days grace period for the premium due date for yearly, half-yearly and quarterly mode of premium and 15 days for monthly mode of premium. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.

  • What factors will determine the premium of SBI Life Insurance plans?

    Policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy and tenure of the policy and Riders (if any) are some of the factors that determine the premium of SBI Life Insurance Plans.

  • What is the Claim settlement Ratio of SBI Life Insurance?

    SBI Life Insurance has a claim settlement ratio of 94.52% for the year 2019-20.

  • How do I pay my SBI Life Insurance premium?

    You can pay a renewal premium amount conveniently on the SBI Life Insurance website. You can make the payment through debit/credit cards, net banking or any of the partner banks listed on the website. You can also make payment through ‘SBI Buddy’ and at the SBI ATM machine as well.

  • What are the toll-free customer care numbers of SBI Life Insurance?

    SBI Life Insurance 24x7 toll-free helpline number is 1800 267 9090.

  • What are the toll-free customer care numbers of SBI Life Insurance?

    You can return the policy after stating the reasons of disagreement with terms and conditions of the policy within the free look period provided by the insurance company as per regulations of IRDA. For Life Insurance policies, the free-look period starts 15 days from the date of receiving policy documents.

Plan

  • What is an Unit-Linked Insurance Plan (ULIP)?

    United-linked Insurance Plans are investment plus protection plans. They offer an opportunity to make investment through market linked returns and provide life insurance cover as well.

  • Are medical tests necessary while purchasing a Health Insurance Policy?

    If your age is above the minimum age limit set by the insurance company, then you will have to go through a medical test. Some policies don't require a medical test depending upon the age and medical history of the applicant.

  • Which type of insurance policy is best according to my needs?

    The policy that best suits your needs depends on your insurance objectives, your income, your existing policies (if any), your assets, liabilities, your expenses.

  • Can I get my policy cancelled after I purchase it?

    Policy can be cancelled after purchasing (if the customer disagrees with any of the terms and conditions) in the free-look period as per the regulation of IRDA. For Life Insurance policies, the free-look period starts 15 days from the date of receiving policy documents.

  • What is the grace period of SBI Life Insurance plans?

    SBI offers a 30 days grace period for the premium due date for yearly, half-yearly and quarterly mode of premium and 15 days for monthly
    mode of premium. The policy will not lapse during the grace period and will lapse thereafter if no premium is paid.

  • How do I pay my SBI Life Insurance premium?

    You can pay a renewal premium amount conveniently on the SBI Life Insurance website. You can make the payment through debit/credit cards, net banking or any of the partner banks listed on the website. You can also make payment on the ‘SBI Buddy’ mobile app or at any SBI ATM machine.

  • Who receives the claim benefit?

    The claim benefit can be received by the nominee you appoint while you purchase the insurance policy, the policy holder or the assignee the person in whose favour the policy has been assigned.

  • How to get a duplicate copy of my policy?

    You can apply for duplicate policy documents by paying charges for preparing the duplicate documents and you are also required to sign an indemnity.

Premium Calculator

  • Do SBI Life Term Insurance plans offer Tax Benefits?

    Yes, SBI Life Term Insurance offers tax benefits under section 80C, section 80D, and section 10(10D) of the taxation law subject to terms and conditions.

  • What are the different add-ons or riders offered with SBI Life Term Insurance Plans?

    SBI Life offers Critical Illness cover, Accidental Death Benefit Cover, and Permanent Disability Cover with the term insurance plans.

  • Does age affect the calculation of premium?

    Yes, age does affect the calculation of premium as it is an important factor. As the age increases so does the insurance premium. It is recommended to get term insurance at an early age to avail high life coverage at an affordable price.

  • Will the premium amount increase after I have purchased the policy?

    The ‘Basic Premium Amount’ stays constant throughout the term of policy but the renewal premiums change due to taxes levied by the government and change in premium payment frequency.

  • What are the different premium modes available for SBI Life Insurance plans?

    Different premium modes available for SBI Life Insurance plans are Yearly, Half-Yearly, Quarterly & Monthly. Single premiums are available for SBI Life ULIPs.

  • Can I add a rider after I purchase the policy?

    No, you can add riders at the time you are purchasing the policy.

  • What are ‘Riders’?

    Riders are additional benefits available to the policyholder, they can be added in the policy.

  • What are the factors which will affect Life Insurance Plan premium?

    Factors that affect premium calculation for Life Insurance Plan are Age, Gender, Medical History, Geographic location, BMI Index and lifestyle of a person who is purchasing the insurance plan.

Life Insurance News

User Reviews

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What users are saying
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  • Amazing Insurance Company

    My purchase of the SBI Life insurance was excellent. I recommend everyone consider InsuranceDekho for buying a life insurance plan online. The services and guidance provided by the customer care team was great. Thanks to the customer care team who helped me throughout the process. Also, I want to express my gratitude to the company's insurance experts for suggesting the SBI life insurance plan.

    S
    SBI
    By Sushmita Devi
    On: Feb 20, 2024
  • A Must-Buy Life Insurance Plan

    The SBI life insurance plan available on InsuranceDekho is a must-buy plan considered by many other customers. Most of the insurance buyers who have used the SBI life insurance plan have reviewed it positively and thus I was convinced to buy it.

    Y
    SBI
    By Yamini Singla
    On: Dec 20, 2023
  • Excellent Education Resources

    While looking for a good life insurance policy, InsuranceDekho offers a wealth of educational resources to help you understand life insurance. Through their guidance, I bought the SBI Life Insurance Policy.

    R
    SBI
    By Raghav Verma
    On: Nov 15, 2023
  • Great Resource for Information

    While looking for a good life insurance policy, I found that InsuranceDekho provides valuable resources and information about life insurance. It's a one-stop shop for all the knowledge you need to make an informed decision. I could easily purchase the SBI Life Insurance Policy.

    j
    SBI
    By jagdish Roat
    On: Nov 08, 2023
  • Excellent Policy Management

    The InsuranceDekho’s website allows for easy policy management, making it simple to make changes or updates for my SBI Life Insurance Policy as my circumstances evolve.

    V
    SBI
    By Vinay Kumar
    On: Nov 03, 2023

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