SBI Life Insurance: Policy Details, Premium, Plan Benefits And Check Policy Status

SBI Life Insurance: In today’s world, a life insurance policy has become an important part of our life in order to secure our family or business from unexpected situations. However, there are still many people who ignore the significance of life insurance and choose not to opt for it. Without life insurance, there’s no proper protection for your surviving family members or critical circumstances that may occur after your death. No one would want their family members to suffer after their demise, leaving behind a large bill of expenses. The worst thing can happen such as losing the home if the surviving family members are not able to cover the mortgage.

Therefore, a life insurance policy is very important, which is an official contract between an individual and an insurance provider. The one who buys the insurance is called the policyholder. The policyholder has to pay regular payments over a time period and in return, the insurance company promises to pay a pre-determined amount of money to their family or to the beneficiary. The payments are termed as premiums and are paid frequently on an annual basis.

About SBI Life Insurance

The State Bank of India (SBI) is a multinational public sector bank in India that was founded 66 years ago i.e., on 1st July 1955. It is the 43rd largest bank in the world and is one of the trusted financial institutions. Therefore, many people are connected to this bank as they trust their services. Talking about SBI Life Insurance Ltd, it is one of the popular subsidiaries of the State Bank of India.

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SBI Life is a renowned life insurance company in India that began its functioning as a joint venture between the State Bank of India (SBI) and BNP Paribas Cardif (A French international financial institution group).

Among many policy providers, SBI Life Insurance stands out the most due to its comprehensive presence in India for the past many years and having more than 3,15,95,500 policyholders to date. It has 952 branches all across India. Today, we are going to talk about SBI Life Insurance in this article, so read the following content carefully.

SBI Life Insurance

What is the SBI Life Insurance Claim Settlement Ratio in recent years?

According to SBI Life Insurance’s official website, more than 147,675 crores claims have been settled so far. Talking about the SBI Life Insurance Claim settlement ratio, in 2018-19 it was 95.03%, in 2019-20 it was 94.52%, and last year in 2020-21, it was 93.09 percent.

What are the Important Documents Required to Buy SBI Life Insurance Plans?

At the time of buying SBI Life Insurance plans, the applicant has to provide some necessary documents which are as follows:

  • The applicant has to submit his/ her ID Proof such as PAN Card, Passport, Driving License, Voter ID, Job card by NREGA, Letter allotted by UIAI, and National population register that includes details like name, address, Aadhar number, etc. of the applicant.
  • The applicant needs to provide residential proof documents like property tax receipt or municipal receipt, the recent utility bills, bank account, Allotment letter of accommodation from employer, orders of Pension payment, or family pension allotted to a retired individual by the Government.
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How to Check SBI Life Policy Status?

In order to check the status of your SBI life policy, you need to login into the web portal of SBI Life. On the homepage, key in your customer ID, date of birth, and policy number. Submit these credentials, and the details of your policy status are going to be displayed on the screen.

How You Can Process Your SBI Life Insurance Claim?

There are two major things that an SBI life Insurance takes care of: The first is to ensure the security of the interest of their client, and the second one is to ensure the timeline set by the IRDAI to meet the claims processing time. In order to make the SBI life claim settlement process easy, the insurer follows three key steps to make it easy and hassle-free. Those three simple steps are mentioned below:

  • Step 1: First, the policyholder must visit the SBI Life Insurance’s official website to file the claim online. Once the claim application has been filled, the policyholder can submit it along with the documents required in the process.
  • Step 2: The policyholder has to go to the nearest SBI Life Insurance branch to submit the claim application with the relevant documents required to be attached to the application. They can also submit the form online if they are making an SBI life claim settlement through the online process. In addition to that, the policyholder might be asked to provide more documents to check the acceptability of the claim. You are required to submit all the asked documents right on time.
  • Step 3: Based on your submitted application and relevant documents by the policyholder or his/ her family members, the claims are assessed.
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SBI Life Online Claim Settlement

Here are the steps of SBI Life Insurance online claim settlement:

  • Step 1: Visit the official homepage of SBI Insurance Company by visiting its web portal. On its web page, click on the option that says ‘Services – Existing Customers.’ From there, press on the ‘Maturity and Claims’ option.
  • Step 2: Now, enter some details such as your date is birth, policy number, and your claim type. After providing the information correctly, enter the details on the captcha image and click on the submit button.
  • Step 3: Your details will be verified and if the submitted information were found right, your claim form is going to get accepted and the settlement money amount will be submitted to your registered bank account.

Bottom Lines

As soon as the claim decision has been made, the amount of settlement will be paid according to the terms and conditions of the policy. To get additional help, the claim assistance team of SBI Life will be there to help you out. You can get all the important information regarding SBI Life Insurance or its claim settlement process by taking the help of their assistance team, who will resolve all of your related queries. You can also mention your queries in the comment section. We will try our best to provide you with an instant resolution to your queries.

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