SBI Life Insurance with a claim settlement ratio of 95.03% is one of the most reputed insurance companies in India and is known to offer different types of products which are easily customisable depending on various financial needs of yours.
|Number of Branches||23000+|
|Customer Assistance||Always available|
SBI Life is a private firm founded as a joint venture between BNP Paribas Cardiff, a French financial services provider and international bank based in Paris, and State Bank of India, India's largest financial services provider and state-owned bank. SBI Life Insurance Company is owned by BNP Paribas Cardiff, which owns 26% of the whole capital while SBI owns 74%. SBI Life's allowed capital is Rs.20 billion, while its paid-up capital is Rs.10 billion. The company, which is headquartered in Mumbai, was founded in 2001 and, despite initially focusing on bancassurance, has grown to become one of the largest life insurance companies in the world.
|SBI life insurance plans||SBI Life Insurance Claim||SBI life insurance policy status||SBI Life Insurance Online Payment|
Benefits of SBI Life Insurance
- SBI Life has access to more than 100 million accounts throughout India and offers its products and services to every economic strata and geographic region in the country.
- The company is also knownfor boasting the most productive force so far as insurance agents are concerned, havingfor being tied up with more than 80,000 advisors.
- SBI is now among the key players in the market and the products and services offered by the company are versatile so that the insurance needs of a diverse customer base can be satisfied.
- SBI Lifehas grown tremendously – so much so that ithas contributed significantly towards transpiring the insurance industry in India.
Since inception,Asa result,,therebySBI hasensuredthat individuals from all over the country can avail its offerings. If you are looking for alife insurance policy, rest assured in the knowledge that SBI Life and its experienced and dedicated workforce will help you find one that best suits your specific requirements.
Different Types of Life Insurance Policies Offered by SBI Life:
SBI Life has a comprehensive portfolio of insurance products to meet the individual needs of a rather large customer base. Following are the plans offered by the insurance company:
SBI Life Insurance For Individuals :
SBI Life offers several different kinds of to individual customers. The portfolio includes unit-linked plans, child plans, endowment plans, protection plans and savings plans.
SBI Life Unit-linked Insurance Plans:
SBI Unit-linked insurance policies are long-term protection cum investment plans that provide customers a chance to avail market linked returns and offers life insurance protection at the same time. Based on the risk appetite of a customer, there are a number of funds to choose from. The unit-linked insurance plans offered by SBI Life are as follow:
- Smart wealth builder is a non-participating unit-linked life insurance plan that has been created to allow you to invest as much as you can afford while still watching your money grow. The scheme's design gives policyholders the freedom to choose their premiums, policy tenure, and even premium payment method.
- Smart wealth builder is also a non-participating ULIP that provides investors with the benefits of a life insurance policy as well as the option to engage in the markets through various funds to help develop their wealth. It's a single premium payment plan that allows for partial withdrawals to cover financial commitments that may emerge in the future
- The Saral Maha Anand scheme is a non-participating unit-linked life insurance plan that allows you to invest according to your risk appetite. It also allows you to choose how much insurance you wish to buy for yourself, subject to specified minimum and maximum limits.
- smart is a unit-linked policy that provides 7 to 10 times the annual premium paid in life insurance coverage. It also permits premiums to be paid through a single payment plan. The flexibility to increase or decrease the insurance coverage, as well as coverage for accidental death or accidental total permanent disability, are all features of this policy.
- SBI Life – Smart Power Insurance: This ULIP offers investors life insurance cover and investment opportunities at affordable premiums. It also offers liquidity options by letting investors make partial withdrawals and a choice between a level cover or an increasing cover scheme.
- SBI Life – Smart Privilege: SBI Life's Smart Privilege is a non-participating unit-linked life insurance policy that not only provides coverage but also allows customers to reroute their premiums between eight different funds while receiving loyalty incentives to help the fund's value grow.
- SBI Life's eWealth Insurance is a non-participating online unit-linked insurance policy with two options: Balanced and Growth. This plan's Automatic Asset Allocation feature gradually and progressively increases exposure to low-risk money market or debt instruments.
|SBI Life Smart Wealth Builder||Higher of 10 x Annualised Premium or (0.50 x Policy Term x Annualised Premium) for Regular and Limited Premium plans, and 1.25 x Single Premium for Single Premium plans in case the individual is under 45 years of age; and Higher of (7 x Annualised Premium) or (0.25 x Policy Term x Annualised Premium) for Regular and Limited Premium plans, and 1.1 x Single Premium for Single Premium plans in case the individual is 45 years or above||12 years and 15 to 30 years in case of Regular and Limited Premium plans, and 5 to 30 years in case of Single Premium plans|
|SBI Life Smart Wealth Assure||1.25 x Single Premium for individuals under 45 years of age, and 1.10 x Single Premium for individuals who are 45 years or above||10 to 30 years|
|SBI Life Saral Maha Anand||Minimum sum assured is 10 x Annualized Premium for individuals under 45 years of age, and 7 x Annualized Premium for individuals who are 45 years or above Maximum sum assured is 20 x Annualized Premium for individuals both under 45 years and below and above||10 years / 15 years / 20 years|
|SBI Life Smart Scholar||1.25 x Single Premium for Single Premium plans, and Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium) for other premium payment terms||Minimum: 8 years Maximum: 25 years less child’s age at entry (The child must be between 18 and 25 years of age on maturity)|
|SBI Life Smart Elite||10 x Annualised premium for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years or above in case of Limited Premium plans, and 1.25 x Single Premium for individuals under 45 years of age, and 1.10 x Single Premium for individuals who are 45 years or above in case of Single Premium policies||5 to 30 years|
|SBI Life Smart Power Insurance||Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium)||10 years,15 to 30 years|
|SBI Life Smart Privilege||For Regular / Limited premium: Higher of 10 x Annualised Premium or (Policy term x 0.5 x Annualised Premium) For Single Premium: 1.25 x Single Premium for individuals below 45 years of age, and 1.10 x Single Premium for individuals over 45 years of age||10 to 30 years for Limited / Regular premium policies and 5 to 30 years for Single premium plans|
|SBI Life eWealth Insurance||10 x Annualised Premium||10 to 30 years|
SBI Life Insurance Child Plans:
Planning for the future of your child at an early stage in their lives can leave you with plenty of benefits as they start to come of age. SBI Life has made available two comprehensive child insurance policies that are cut out to provide extensive benefits over time. Following are the options you can choose from:
- SBI Life – Smart Champ Insurance: This is a life insurance policy that may be purchased to ensure that your child's future is protected in the event of unforeseen circumstances. This plan provides investors with perks such as a lump sum payment in four instalments after your child reaches the age of 18, premium waivers, and the option to pay the premium all at once.
- SBI Life – Smart Scholar: This insurance plan offers a double death benefit of the payment of the sum assured and a waiver of the remaining premiums. It also offers accidental death and total permanent disability benefits along with partial withdrawal benefits.
|SBI Life Smart Champ Insurance||Minimum ofRs. 1 lac||21 years less child’s age at entry Minimum: 8 years Maximum: 21 years|
|SBI Life Smart Scholar||1.25 x Single Premium for Single Premium policies, and Higher of (10 x Annualised Premium) or (0.50 x Policy Term x Annualised Premium) for individuals under 45 years of age, and 7 x Annualised Premium for individuals who are 45 years or above||Minimum: 8 years Maximum: 25 years less child’s age at entry (The child must be between 18 and 25 years of age on maturity)|
SBI Life Insurance Retirement Plans:
SBI Life Insurance retirement plans to its customers so that everyone is prepared for life after their working age. Retirement plans provide monthly payments to individuals in the form of pension so that they can carry on with things without depending on anyone for financial support. Following are the retirement plans you can purchase from SBI Life:
- SBI Life – Saral Pension: : It's never too late to start saving for retirement, which is why this plan provides investors with guaranteed simple reversionary bonuses, a maturity bonus equal to the sum assured plus the simple reversionary bonus, as well as any terminal bonuses. This plan can also be supplemented with a number of riders that serve to increase the amount of life insurance coverage given.
- SBI Life – Retire Smart: This is a non-participating unit-linked pension plan that invests your money in a variety of funds and ensures a minimum return of 101 percent on all premiums paid. It also provides increased fund value by up to 210% of the annual premium paid, subject to specific conditions.
- SBI Life – Annuity Plus: The Annuity Plus is a non-participating instant annuity plan that provides a monthly income to the insured beginning at the age of 40 and allows the insured to determine the frequency of annuity distributions. The accidental death rider can be added to this plan to make it even better. A refund of premium or a return of balance premium option is also available.
|Saral Pension||Rs.1 lac||5 years for Single Premium plans and 10 years for Regular Premium policies and maximum of up to 40 years|
|Retire Smart||n/a||10, 15 to 35 years|
SBI Life Term Insurance Plans:
SBI Term insurance plans are low-cost insurance policies that are designed with a view to offer full financial stability and protection to the family of an individual in case of his / her unfortunate demise. Following are the protection plans you can avail from SBI Life:
- SBI Life – Smart Shield: This is a term plan that offers a large sum assured for a nominal premium. It can also be coupled with various rides that enhance the cover this plan provides. It also includes rewards for leading a healthy life. The plan can also be taken as level or increasing term assurance or decreasing term assurance to secure a loan you may have taken.
- SBI Life – Saral Shield: This is a traditional term insurance plan that can be taken to ensure that in the unfortunate event of your death, your family is well taken care of. This plan features single premium payment and regular payment options and can be enhanced by the addition of certain riders.
- SBI Life – eShield: This is a non-linked and non-participating term plan that has, as its main feature, the option to purchase the life insurance plan online.It too offers rewards for leading a healthy life and accidental death benefits. It is a plan that will offer your family financial security for premiums that are very affordable. This plan is offering 1 crore life cover.
- SBI Life – Grameen Bima: This is an individual, micro insurance term plan that is meant to provide the financially weaker segments of society with an opportunity to secure themselves against tough times. This insurance plan does not require health checkups and offers an insurance cover that can be as high as 60 times the total premium paid.
- SBI Life – eIncome Shield: The eIncome Shield from SBI Life is a non-participating, traditional online pure term life insurance policy that ensures that your monthly income is protected so that your family / dependents can use that amount in case of your untimely death.
|SBI Life Smart Shield||Rs.25 lakh||5 years to80 years minus entry age|
|SBI Life Saral Shield||Rs.7.5 lakhto Rs.24 lakh||5 years to 30 years|
|SBI LifeeShield||Rs.35lakh||Minimum of5 years to10 years|
|SBI Life Grameen Bima||Rs.10,000||5 years|
|SBI LifeeIncomeShield||n/a||10 years to 35 years|
SBI Life Insurance Savings Plans:
In case you have future plans for yourself or for your family, planning in advance can help you in the long run, and SBI Life has made available several savings plan to help individuals save money for the future, whether it is for the education or marriage of their children, purchasing your dream home, or just taking off on a long vacation. Following are the savings plans that you can avail from SBI Life:
- SBI Life – Smart Humsafar: A joint life insurance plan with savings options where a person and his/her spouse can be covered under a single policy. With death benefits, this plan also offers maturity benefits in case either or both partners survive till the policy period.
- SBI Life – Smart Money Planner: A limited premium paying individual non linked plan that offers profit endowment and guaranteed cash inflows at regular intervals which also doubles up as a life cover in case of the unfortunate event of the demise of the life insured with tax benefits as per the Income Tax Act of 1961.
- SBI Life – CSC Saral Sanchay: Offered through the Common Service Centre Network under the National eGovernance Plan of India, this is a non-linked, non -participating, variable insurance plan that offers an option of savings too, along with a death benefit that would be paid in case of the unfortunate demise of the life insured.
- SBI Life – Smart Income Protect: This is an insurance plan that offers two benefits to the insured. The first is that they are provided with a life insurance cover and the second is that they get the benefit of a regular income. The policy also offers reversionary and terminal bonuses along with a guaranteed payouts of 11% of the sum assured for 15 years after the policy matures.
- SBI Life – Smart Guaranteed Savings Plan: This is a non-participating savings plan that offers guaranteed additions that are calculated at a rate of 5.5% to 6% and are applied to the cumulative basic premiums that have been paid. They also offer the option to pay premiums only for 7 years.
- SBI Life – Smart Money Back Gold: This traditional money back plan offers the advantages of a life insurance policy with an income coming in at regular intervals. The insurance cover under this scheme can be enhanced using a wide range of riders available for this plan.
- SBI Life – Shubh Nivesh: This scheme is a non-linked profit endowment assurance plan that offers the flexibility to turn this policy into a whole life insurance policy. It also offers benefits like a choice between single premium payment or regular premium payment options and options to receive the basic sum assured over a period of time.
- SBI Life – Saral Swadhan+: A non-linked, non-participating term assurance plan meant for individuals that provides life cover for a period of 10 years or 15 years and gives a higher return on investment upon survival of the life insured till the maturity period. The premiums and benefits under this plan are eligible for tax benefits.
- SBI Life – Flexi Smart Plus: An individual, participating variable insurance product that can be custom-tailored to change as per the customer’s needs. It offers a host of bonuses on the maturity value as well as a death benefit as per the Gold or Platinum option.
- SBI Life – Smart Women Advantage: The Smart Women Advantage plan from SBI Life is a participating traditional endowment policy that comes with extra protection features so that financial planning is easy for you in addition to offering valuable security.
- SBI Life – Smart Swadhan Plus: The Smart Swadhan Plus plan from SBI Life is a non-linked, non-participating Term Assurance with Return of Premium policy that helps in meeting your insurance requirements while offering the extra benefit of getting back your total premium payments in maturity.
|SBI Life Smart Humsafar||Rs.1 lac||10 years to 30 years|
|SBI Life Smart Money Planner||Rs.1 lac||15 years to 25 years|
|SBI Life CSC Saral Sanchay||10 x Annualised Premium if the individual is under 45 years of age, and 7 x Annualised Premium if the individual is 45 years or above in case of Regular Premium policies; and 125% of top-up premium for individuals under 45 years of age, and 110% of top-up premium for individuals who are 45 years or above in case of Top-up Premium policies||10 years to 15 years|
|SBI Life Smart Income Protect||Rs.1 lac||7 years / 12 years / 15 years|
|SBI Life Smart Guaranteed Savings Plan||Dependent on premium selected by customer||15 years|
|SBI Life Smart Money Back Gold||Rs.2 lakh||15 years to 25 years|
|SBI Life Shubh Nivesh||Rs.75,000||Minimum of 10 years for Regular Premium plans and 5 years for Single Premium policies, and maximum of 30 years for both|
|SBI Life Saral Swadhan+||Rs.30,000||10 years / 15 years|
|SBI Life Flexi Smart Plus||Higher of 10 times Annualised Premium or 7 times Annualised Premium for ages below 45 years and above 45 years respectively x Sum Assured Multiple Factor Or 0.5 x Policy Term for age below 45 years and 0.25 x Policy Term for age above 45 years||5 years to 30 years|
|SBI Life Smart Women Advantage||Rs.2 lacs||10 years and 15 years|
|SBI Life Smart Swadhan Plus||Rs.5 lacs|| |
SBI Life Insurance For Groups :
SBI Life provides a number of group insurance plans which aid organisations and companies in rewarding, retaining and encouraging their best employees while also offering a variety of corporate solutions to meet the voluntary and statutory requirements of employers, thereby strengthening the relationship between employees and employers. Following are the group plans you can avail from SBI Life under each category:
SBI Life Group Retirement Plans:
The group retirement plans offered by SBI Life are designed in a manner such that they offer financial stability as well as security to the family of an employee, thereby ensuring that the workforce of an organisation remains motivated and loyal. These policies safeguard funds that can be used at a later date to meet the obligations of your organisation on gratuity, annuity / pension, leave encashment and superannuation. Following are the retirement solutions offered by SBI Life:
- SBI Life – Kalyan ULIP Plus: A fund based group insurance plan. The benefits offered by this plan can be obtained by the master policy holder as well as by each member of the group.
- SBI Life – CapAssure Gold: Offered only to employer/ employee groups i.e. to the employers/ state government/ central government who want SBI Life to manage their employees gratuity, leave encashment and superannuation benefit schemes.
- SBI Life – Swarna Jeevan: The SBI Life Swarna Jeevan provides higher annuity rates.
- SBI Life – Gaurav Jeevan: The SBI Life Gaurav Jeevan is provided for central government/ state government and government agencies who wish to purchase their existing or emerging in respect to annuity payments for compensation to landowners whose lands are being taken.
|Plan||Group Size||Policy Term||Sum Assured|
|SBI Life – Kalyan ULIP Plus||10 members||1 year||As per the discretion of the insurer|
|SBI Life -CapAssureGold||10 members||1 year||Rs.1,000 per member at the risk premium) of Re.1 p.a.|
|SBI LIFE - Swarna Jeevan||10 members||5 –35 years||Rs.1,000 per member|
|SBI Life – Gaurav Jeevan||50 members||5-35 years||Rs.100 per member|
SBI Life Group Protection Plans:
The group protection plans offered by SBI Life provide pure protection cover for the employees of a company to ensure the financial security of their families in case of unfortunate and unforeseen circumstances. Following are the group protection plans that you can avail from SBI Life:
- SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana: This non-linked, non-participating plan is an annually renewed group term insurance that gives a death benefit of Rs. 2,00,000 at a yearly premium of Rs. 330 only, according to the Pradhan Mantri Jeevan Jyoti Yojana. Enrollment in the plan does not involve any medical examinations.
- SBI Life – Sampoorn Suraksha: A group term insurance plan that can be renewed. It offers excellent protection at affordable rates.
- SBI Life – Suraksha Plus: A group insurance scheme like company employers or government institution.
|Plan||Group Size||Policy Term||Sum Assured|
|SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana||1 year||Rs.2 lakh|
|SBI Life – Sampoorn Suraksha||10 members||1 year||Rs.1,000 per member|
SBI Life Group Loan Protection Plans:
The group loan protection plans made available by SBI Life are affordable policies that provide significant help in sharing the burden of your liabilities. There is only one group protection plan offered by the company, which is as follows:
- SBI Life – RiNn Raksha: plan assures that you get to enjoy the simple joys of life like taking a vacation overseas with the family, buying a dream car, building a house without having to worry about liabilities.
|Plan||Group Size||Policy Term||Sum Assured|
|SBI Life - PradhanSBI Life –RiNnRaksha||20 members||2 years to 30 years||Rs.10,000 per member|
SBI Life Group Micro Insurance Plans:
The group micro insurance plans designed by SBI Life are ideal for customers with low household income and small savings. Following are the two options available to you:
- SBI Life – Grameen Shakti: A plan to provide life insurance to the underprivileged sections of the society.
- SBI Life – Grameen Super Surakhsa: A group term insurance plan This is for the rural section and for the underprivileged parts of the society who opt for life insurance protection without maturity benefit.
|Plan||Group Size||Policy Term||Sum Assured|
|SBI Life – Grameen Super Suraksha:||20 members||2 years to 5 years||Rs.5,000|
How to Claim Insurance with SBI Life Insurance:
Company Limited is committed to ensuring that the interests of their policyholders are well protected, and also ensures that the timelines set by IRDA (Insurance Regulatory and Development Authority) are met when it comes to processing claims. Following is the claim settlement process associated with SBI Life:
- Step 1: Intimation of ClaimAn intimation of the claim must be made at any branch of SBI Life along with all the supporting documents as requested in the policy document.
- Step 2:Addressing RequirementsIn case SBI Life Insurance has anyrequirements or asks you to check the admissibility of the claim, the claimant must ensure that these requirements are met.
- Step 3:Claiming the AmountOnce you have intimated SBI Life about the claim and met all the requirements, the claims process will be completed much sooner. If at any time during theclaimssettlement process should you require any assistance, you can contact the company’s officials.
Going through the detailed description of claims in the policy document will help you experience a seamless claim settlement process.
- Step 1:Visit the official website of SBI Life Insurance.
- Step 2:Click on the tab ‘Services for Existing Customers’.
- Step 3:After that click on ‘Claims and Maturity’.
- Step 4:Enter details such as your policy number, date of birth, and type of claim. After that enter the captcha to complete the security process. Click on ‘Submit’.
- Step 5:Theinsurerwill then verify the details submitted by you and if they are found to be correct, your claim application will get approved and the amount will be deposited to your bank account.
Visit the nearest SBI Life Insurance Company branch with all the relevant documents and the claim application form duly filled by you and submit it. If all the documents are correct, theinsurer will deposit the claim amount to your bank account.
SBI Life Insurance Claim Settlement Ratio:
|Total Premium in Crores (2017-18)||Total Premium in Crores (2016-17)||Total Premium in Crores (2015-16)||Total Premium in Crores (2014-15)||Total Premium in Crores (2013-14)||Claim Settlement Ratio (2017-18)||Claim Settlement Ratio (2016-17)||Claim Settlement Ratio (2015-16)||Claim Settlement Ratio (2014-15)||Claim Settlement Ratio (2013-14)|
Documents Required for Purchasing SBI Life Insurance:
To avail a life insurance policy from SBI Life Insurance Company Limited, few of the following documents will have to be submitted to the insurer:
i. ID Proof
- PAN Card
- Voter’s ID
- Driving License
- Letter issued by the National Population Register or Unique Identification Authority of India containing information such as the name, Aadhaar number and address of the individual
- Job card issued by NREGA and duly signed by a State Government official.
ii. Proof of Residence
- Utility bill provided it is less than two months old (post-paid mobile phone bill, water bill, telephone bill, piped gas bill, electricity bill, etc.)
- Municipal or property tax receipt
- Post office savings or bank account statement
- family pension or pension payment orders issued to retired individuals by Public Sector undertakings or Government Department, provided they contain the residential address of the individual
- Letters issued by Mission in India or Foreign Embassy and documents issued by Government departments of foreign jurisdiction
- Letter of allotment of accommodation from employer issued by Central or State Government departments, Regulatory or Statutory bodies, scheduled commercial banks, public sector undertakings, listed companies and financial institutions.
How to Check SBI Life Policy Status?
Checking your policy status with SBI Life Insurance is relatively simple. All you have to do is visit SBI life Login/Registration1.aspx and key in your date of birth, Customer ID and policy number as mentioned in your policy document. Once you have entered the correct details, information regarding the policy as well as the policyholder will appear on the screen. Here, you will have to confirm / edit your phone number and email address. You will also be required to enter the login details before hitting Submit, after which you will receive an email with a link that allows you to reset your password. You will have to enter the same password you used during registration and then choose a new password. After your password has been changed successfully, the registration process will be complete and you can check your policy status.
SBI Life Insurance Online Payment:
If you would like to choose the option of making premium payments towards your life insurance policy online, visit online payment website and enter the required details, such as policy number, your date of birth, your mobile number and email address and proceed to making the payment.
SBI Life Insurance Premium Calculator:
In order to calculate the premium payment for your specific policy, go to the website choose your product from the drop-down menu. When you click on your life insurance plan, you'll be taken to a page where you'll be asked to enter information such as your name, date of birth, policy term, premium amount, plan type (Regular / Single / Limited Premium), premium payment frequency, and so on. Once you've done that, you'll be able to see how your premium is calculated.
SBI Life Insurance Customer Care:
When it comes to providing insurance, client service is a critical component. In the view of policyholders, an effective customer service team can help enhance an insurer's status. SBI Life, a leading insurance provider in India, follows this principle and has established a dedicated customer support team that is available at all times. SBI Life has a customer service helpline that may be reached via phone, email, or SMS. Customers can also contact customer service by requesting a callback or chatting online. To enhance the customer's experience, the insurer has also established a dedicated team to receive and manage complaints and feedback in a hassle-free manner.
The details of SBI Life Insurance customer care are given below:
Know More About: SBI Life Insurance Customer Care Number
- Will I receive any benefits in case I survive the policy term?
- How do I claim the maturity amount once my life insurance policy has expired?
- Will the insurance company pay me anything in case I decide to discontinue my life insurance policy even if I haven’t been making premium payments recently?
- Is it possible to revive my life insurance policy even if I have defaulted on my premium payments?
- What are the taxes/cess applicable on insurance premium/ULIP charges?
Individuals who have purchased a life insurance policy from SBI Life Insurance Company Limited may not receive any additional benefits upon maturity, but in most cases, customers can expect to receive the premium payments they have made over the course of the policy term or the sum assured of the policy upon maturity. In case of policies that provide profits or bonuses to customers who survive the policy term, the sum assured will be paid to the individual in addition to the accumulated bonus for the policy term. For instance, in case your policy term is 25 years, the payout upon maturity would be the sum assured as well as the bonuses accumulated over the policy term.
Insurance companies usually send details regarding the maturity of a life insurance plan well in advance, in addition to the forms you will be required to fill in as well as the documents you will have to send to the insurer. Once you have adhered to the requirements of the insurance company, you will receive your payment by post or the company could credit the amount directly to your bank account based on your preference.
SBI Life Insurance Company Limited, like most other insurance providers, grants a grace period to customers, usually spanning 30 days from the due date, and customers are expected to clear their outstanding premium payments within this period. In case you purchased your life insurance policy less than three years ago and have failed to make premium payments, the insurance company will not offer you anything. In case you have made premium payments for over three years in succession and then defaulted on the same, a proportion of the premium payments you have made over the years will be paid to you, and this amount you receive will depend on the sum assured and bonuses, if any are accrued within that period, along with the policy term and the number of premium payments you have made.
In case of regular premium payment policies, you will have to clear your defaults within the grace period. If you have not made premium payments within the grace period, your policy will lapse. Once your policy lapses, you can revive it by making all arrears of premium payments along with the interest rate for that particular period of time.
Charges such as service tax / GST (for J&K residents) /cess will be charged at the rates notified by the Central or State government on the following:
For traditional plans:
- Base premium.
- Rider premium.
- Other charges depending on the features of the product in question.
- Mortality charges.
- Policy administration charges.
- Fund management charges.
- Discontinuance / Surrender charges.
- Partial withdrawal charges.
- Other charges depending on the features of the product in question.
There are different cases to consider, depending on when the unfortunate event of your death occurs.
In case death occurs during the policy term, the nominee/s will be paid Sum Assured, plus bonuses, if any. If the policy incorporates bonuses or participative profits, bonuses will be payable for the number of years premiums were paid.
In case death occurs due to accident, the nominee/s will be paid double the Sum Assured, if the accidental benefit rider was purchased.
If death occurs after the maturity date of the policy, the nominee/s will not be entitled to any kind of death benefit.
Yes. Log in to the Mypolicy portal, and pick the “Pay Premium Online” option under the Transaction menu. Pick the policy you’re enrolled under and make the payment.
Premium payments can be made online through Visa, Master, and Diners & American Express cards. Net banking customers can also pay online, if the bank is listed on the site.
This depends on the frequency of premium payments.
Under the monthly payment frequency mode, advance payments can be made up to 10 days in advance.
Under any non-monthly payment frequency mode, advance payments can be made up to 30 days in advance.
To initiate the process of changing the address, a written request needs to be sent to the Central Processing Centre, or any SBI Life branch. The request can also be faxed to the insurer.
To initiate the process of changing the percentage of allocation or to switch between funds, one must furnish and submit the policy servicing form to any SBI Life branch.
Nominees can be changed at any time by submitting the Change of Nomination form to SBI Life Central Processing Centre, or the closest SBI Life branch office.
There are 3 levels of grievance redressal:
- Level 1: You can call SBI Life and inform them of your issue. If you don’t receive a satisfactory solution.
- Level 2: In case your grievance is not satisfactorily resolved in level 1, you can contact the Head Grievance Redressal Officer – Client Relationship.
- Level 3: In case the Head Grievance Redressal Officer is unable to satisfactorily resolve your grievance, you may directly approach the Insurance Ombudsman.
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