SBI Life

SBI Life Life Insurance

SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. SBI has a 62.1% stake in the company and BNP Paribas Cardif owns a 22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors. The authorised capital of SBI Life stands at Rs.20 billion, while its paid-up capital is recorded at Rs.10 billion. Headquartered in Mumbai, the company was formed in 2001 and although it initially focussed mainly on bancassurance, it has, over time, developed into one of the biggest life insurance companies around.

SBI Life Insurance is one of the most trusted life insurance companies in India, serving millions of families across India, SBI Life’s diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions. Driven by ‘Customer-First’ approach, SBI Life places great emphasis on maintaining world class operating efficiency and providing hassle-free claim settlement experience to its customers by following high ethical standards of service.
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SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 947 offices, 17,166 employees, a large and productive individual agent network and more than 28,000 partner branches.

SBI Life Insurance had a claims settlement ratio of 97.82% in 2018-19, they also covered 59.04 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 70.91% (amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.

SBI Life insurance review

SBI Life Insurance plans
Distribution - Number of branches pan India (March 2019)
Entry Age Minimum/Maximum (Years) - Term Plans
Sum Assured Minimum / Maximum - Term Plans
35 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
Solvency Ratio (FY 2018-19) *
Number of Policies Sold (Ind+Group) *
Number of Lives Covered (Ind+Group) **
Claims Settlement Ratio (Ind+Group) ***
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Why Should One Choose SBI Life?

Some of the key reasons why SBI Life is a strong insurance partner are:
  • Claim Settlement Ratio of 99.47% in 2018-19
  • Unique plans to protect Child's Education, Care-free Retirement, Provide Financial Security, Ensure Family’s Protection and also for Wealth Creation
  • Claims for over ₹ 85,000 crore settled till date
  • Over 2.75 crore Policy Holders under their Individual and Group policies
  • Avail financial security for your family based on your chosen benefit structures - choose between two benefit structures as per your protection needs
  • Two rider options to provide comprehensive coverage
  • Enjoy a range of benefits at an affordable premium
  • Premium discounts for non-smokers
  • Avail second medical opinion from a panel of medical experts
  • One of the India’s most Trusted Brand across all Financial Services

SBI Life Insurance Overview

  • Awards & Recognition
  • Benefits
  • Other Features
  • Claims Process
  • Exclusions

Awards & Recognition

Some of the awards received over the past years include:
  • Gold Award under the category, ‘Life Insurance Provider of the Year’ (in the Private Sector) at the Outlook Money Awards 2019
  • Financial Services Company of the Year as part of the VC Circle Award for 2020
  • Company Performance Award under the category 'India's Leading Life Insurance Company - Private' at the BFSI Summit & Awards by Dun & Bradstreet
  • Gold Shield from Institute of Chartered Accountants of India (ICAI) for excellence in Financial Reporting for FY 2018-19. SBI Life won the Gold Shield from ICAI for the 2nd consecutive year
  • 'SMART Award-Life Insurance in Large Category' at the ET Insurance Summit held in Mumbai on Friday, Nov 29, 2019.
  • ‘Best Life Insurance Company’ Award at ICC Emerging Asia Insurance Conclave & Awards 2019.
  • ‘Gold’ in ‘Best Content Marketing Launch (National)’ Foxglove Awards 2019 for the inspiring story of Pabiben taking her ‘Main se Hum ka Kadam’
  • ‘Silver’ Award in the ‘Best Brand Film: BFSI’ Category at the Indian Television BrandVid Awards 2019.
  • Declared as the Winner of ‘Golden Peacock Award for Risk Management’ for the year 2018
  • RIMS India Enterprise RISK Management (ERM) Award of Distinction 2018, organized by the Risk & Insurance Management Society (RIMS), USA
  • TISS Leapvault CLO Awards 2018 award for ‘Best Blended Learning Program’ in the Insurance category.

Benefits of SBI Life’s Term Plan

  • Benefit Structure : The plan offers two benefit structures - Level Cover Benefit and Increasing Cover Benefit. Accelerated Terminal Illness benefit$ is available as an inbuilt benefit for both the structures.
  • Level Cover Benefit: Under this structure, the sum assured remains same throughout the policy term.
    • During the policy term, on unfortunate death or diagnosis of terminal illness, whichever is earlier, “Sum assured on Death” is paid provided the policy is in force and the policy terminates.
  • Effective Sum : Assured for Level Cover Benefit as on date of death will be the initial sum assured opted.
  • Increasing Cover Benefit :
    • Under this structure, the sum assured automatically increases by simple rate of 10% at the end of every 5th policy year
    • During the policy term, on unfortunate death or diagnosis of Terminal Illness#, whichever is earlier, the ‘Sum Assured on Death’ for that policy year is paid provided the policy is in force and the policy terminates.
    • Effective Sum Assured on the date of death will be initial sum assured opted increased at simple rate of 10% at the end of every 5th policy year prior to the date of death.
  • Death Benefit: Death benefit will be paid provided the policyholder has paid all the regular premiums to date and the policy is in force as on the date of death of life assured.
  • Accelerated Terminal Illness Benefit : This in built benefit is available with both the benefit structures :
    • On the Life Assured being diagnosed with terminal illness, the benefit equal to death benefit would be paid and the policy will terminate
    • Accelerated Terminal Illness Benefit will be payable, provided you have paid all your regular premiums to date and your policy is in-force as on the date of diagnosis. The policy will terminate as a result of terminal illness claim.
    • Terminal illness is defined as the conclusive diagnosis of an illness that is expected to result in the death of the life assured within 180 days.
  • Medical Second Opinion: Medical second opinion is a service which enables life assured, to receive second opinion of their diagnosis and treatment plans by another doctor. Available under both the benefit structures viz. Level Cover Benefit and Increasing Cover Benefit, provided the policy is in-force
  • Rider Benefit:
    • SBI Life - Accidental Death Benefit Rider : The rider sum assured is payable, in case the life assured dies within 120 days of accident as a result of an accident during the rider term, provided the rider policy is in-force.
    • SBI Life - Accidental Total & Permanent Disability Benefit Rider : The rider sum assured is payable on the occurrence of accidental total and permanent disability of the life assured during the rider term, provided the rider policy is in-force.
  • Tax benefits on the premiums paid and benefit received as per prevailing tax laws under Section 80D

Other Features

Maturity Benefit There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.
Surrender Benefit SBI Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.
Free Look Period Distance Marketing Channel – 30 days
All Other Channels – 15 days
Grace Period 15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency

Claims Process

To register a claim, please follow one of the following:
Call us at : Toll Free 1800 267 9090 (Everyday, 9am - 9pm IST)
Email us at : (for Death Claims) (for Maturity/Survival Claims) Visit us Online at :
Write to Us at : Claims Department,
SBI Life Insurance Co Ltd
8th level Seawoods Grand Central, Tower 2,
Sector 40, plot No.R-1, Seawoods, Nerul,
Navi Mumbai- 400706.
Visit us : Anywhere in India, closest or in your city of residence

Mandatory Documents for all type of Death claims
  • Claimant statement form
  • Original Policy Document
  • Original or Attested* Death Certificate issued by local authority
  • Claimant’s current address proof
  • Claimant’s photo ID proof
  • Direct Credit Mandate form (download sign) Claimant’s Valid## bank passbook/statement or Cancelled Cheque with pre-printed Name and pre-printed Bank account number
Additional documents
  • Medical attendant’s certificate
  • Hospital treatment certificate
  • Employer’s certificate (for salaried individuals)
  • Copy of FIR/Punchnama Report/Post Mortem#
  • Copy of Inquest Report/Police Final Report/Chemical Analysis Report/Magistrate’s verdict#

In case TDS is applicable and customer is residing in a country where DTAA is applicable, the following documents can be submitted by the customer to avail DTAA benefit for exemption from tax.
  • Tax Residency Certificate
  • Form 10F
  • Residency Proof issued by the government of the country in which customer is staying

Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Exclusions under SBI Life Plans

Benefit under this Plan shall not be payable if Accidental Death is directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:
  • Suicide or self-inflicted injury, whether the life assured is medically sane or insane
  • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War means any war whether declared or not
  • Taking part in any naval, military or air force operation during peace time
  • Committing an assault, a criminal offence, an illegal activity or any breach of law with criminal intent
  • Taking or absorbing, accidentally or otherwise, any intoxicating liquor, drug, narcotics, medicine, sedative, poison or psychotropic substances, unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
  • Inhaling any gas or fumes, accidentally or otherwise, except accidentally in the course of duty. The intent under this exclusion is to exclude accidental gas/fumes leak incidents which could lead to exposing the population to such toxic gas/fumes and lead to deaths (like Bhopal Gas Tragedy). However, if the incidence happens as part of the life assured’s job then the claim is payable.
  • Participation in aviation other than as a fare-paying passenger in an aircraft that is authorized by the relevant regulations to carry such passengers between established aerodromes
  • Taking part in professional sport(s) or any adventurous pursuits or hobbies. “Adventurous Pursuits or Hobbies” includes any kind of racing (other than on foot or swimming), potholing, rock climbing (except on man-made walls), hunting, mountaineering or climbing requiring the use of ropes or guides, any underwater activities involving the use of underwater breathing apparatus including deep sea diving, sky diving, cliff diving, bungee jumping, paragliding, hand gliding and parachuting
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Nuclear Contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.

SBI Life Insurance FAQ's

Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.

At different stages of life, you have different financial needs. In order to meet these needs, you need to protect yourself against financial risks. In addition to protection, you must find avenues to invest your savings and give them an opportunity to grow. Life insurance can help you fulfil both these financial objectives.

Life insurance can help you in a number of important ways:

  • Protect your family that is financially dependent on you:
  • Help your family deal with loans or liabilities:
  • Aids in saving-cum-investment:
  • Safeguard your business interests

The short answer to this question is – as early as you can.

  • If you have just started working but are not married yet, you should consider buying a policy now, as it costs less now than when you are older. The policy will also protect your parents/siblings who may be financially dependent on you.
  • If you are married and have children or plan to have children, it is very important for you to insure yourself (assuming that you are the breadwinner) to protect and save for your family's future.
  • It is never too late to buy an insurance policy. Even if you are 45, and are not insured, you could choose insurance products that provide benefits to your family and provide income during your retirement period.

Your life insurance premium, which is the cost of buying life insurance, will depend upon:

  • Your age, health and the nature of your work
  • Type of policy selected
  • Sum assured
  • Policy term
  • Premium paying term
  • Premium payment frequency
  • Riders (if any) attached to the policy

The cost of the policy (premium amount) can be lower if you:

  • Buy insurance at an early age, while the risk is lower.
  • Insure yourself for a long period.
  • Offer to pay premium annually, thereby receiving discounts, if any.
  • Buy riders at nominal price for a comprehensive coverage

Term insurance covers “risk to life”, which means death, for a specific term. Upon your death (during the term of the policy), spre-pecified benefits are paid to your beneficiary./nominee(to check). No maturity benefit under Term policies except for Term with Return of Premium policies (Term ROP), where a specified percentage of premiums paid are payable on survival till the end of the policy term. Term plans are lower in cost (premium) compared to all other types of life insurance policies since they offer pure protection without any component of savings or investment.

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy

In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

For Non-Linked products, you can surrender your policy only if it has acquired a paid-up value. For your policy to acquire a surrender value, typically your policy should have run for a specified period and you should have paid a minimum number of premiums. Further, for Linked products, there is a lock in period during which the surrender value is not available for withdrawal. The surrender value payable is defined in your policy document.

If premiums are not paid within the grace period, which is 15 days for monthly frequency policies and 30 days for other premium payment frequencies, your policy lapses. When your policy lapses, the benefits under the policy either get reduced or cease fully. A lapsed policy can be revived within a specified period of time called the “Revival period”. Refer your policy document for the revival period allowed for your policy.

In case of life insurance policies, the “Basic premiums” payable are normally "Level Premiums" and they remain constant (or level) throughout the term of the policy. The instalment premium, which is the basic premiums plus the applicable taxes as levied by the government from time to time, will however change due to change in the premium payment frequency or change in the applicable taxes. Further, when your premium or the cost of insurance may change when a revival of your lapsed policy is accepted with revised terms.

Current health status and personal medical history are key factors in insurance evaluation process. While low Sum Assured is granted basis the health disclosures in the proposal form, in high Sum Assured cases medical examination of the client is conducted through the empanelled Diagnostic Centers. Similarly, if client is having any medical history then also medical examination is needed to evaluate current health status of the client. Based on medical examination findings an insurance proposal can be accepted at standard rates or the risk is postponed or declined or accepted with extra premium on health grounds.

Premiums under your policy are payable on or before the due date. However, we understand that sometimes you may not be able to meet the premium payment deadline. To help you with this, we offer an extended period of 15-30 days from the due date as grace for you to make the payment of premium. This period is referred to as days of grace or grace period. The exact grace period depends upon the type of policy.

  • Nomination is an act by which you authorize another person to receive the policy money in the event of your death. The person so authorized is called a Nominee.
  • Assignment is a method by which you (policy holder) can transfer your right, title and interest in the policy to another person either wholly or in part. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be Absolute or conditional contingent upon the happening of a specified event.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders:
  • Accidental death and dismemberment
  • Critical Illness
  • Waiver of premium
  • Partial and permanent disability

We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.

The claim benefit can be received by:
  • The nominee or the guardian (in case of minor nominee), if you are the Life Assured
  • The proposer, in case you are not the Life Assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.

If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.

Following KYC documents are required:
  • PAN/Form 60 (mandatory)
  • One recent photograph
  • List of Officially Valid Documents:
    • Passport
    • Driving License
    • Voter's Identity Card issued by Election Commission of India
    • Job Card issued by NREGA duly signed by an officer of the State Government
    • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
    • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients

Your insurer can reject a life insurance claim on grounds of:
  • Misrepresentation of actual information
  • Non-disclosure of complete information
  • Fraud
  • Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
  • Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
  • Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
  • Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
  • Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
  • Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too. For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate SBI ’s plans on eindiainsurance .
CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022