SBI Life Insurance: All you need to know

SBI Life is a private company that commenced operations as a joint venture between BNP Paribas Cardiff – a French multinational bank headquartered in Paris and State Bank of India – the biggest financial service provider and the state-owned bank in India. Headquartered in Mumbai, the company formed in 2001, initially focussed mainly on banc assurance. With time, The SBI Life has developed into one of the biggest life insurance companies around.

The SBI Life Insurance is a customer centric program for the benefit of its customers. To begin with the customers have to register with Exide Life. This can be done online with these simple steps.

  • Visit the SBI My policy portal web-link, https://mypolicy.sbilife.co.in/
  • You will be directed to the My policy home Login Page
  • Enter your user name and password in the Exide Life Insurance Login window.
  • Click submit to Login
  • If you are a new user, you can register by clicking on the ‘new user’ option in the window.

The SBI Life Insurance simplifies your SBI Life Insurance premium payment process to ensure that your payments are on time. You can pay your premiums online with the SBI Life Insurance online premium payment facility.

  • Visit the SBI Life insurance online link, https://mypolicy.sbilife.co.in
  • Under the transaction menu, choose the ‘pay premium online’ option
  • Choose the SBI Life policy you have taken and enter the relevant details
  • Choose the option ‘submit’ and follow the subsequent steps to make the SBI Life insurance premium payment online.

To render the best  Life Insurance Services, SBI Life would love to stay connected with its customers at all times. Customers can reach SBI Life Customer care for any clarifications or grievances on the SBI Life Insurance Customer Care toll free number: 1800-229090 

Individuals who purchase the SBI Life policy can either check their SBI Life Insurance policy status online or contact the customer care of the company via email or phone. To check the status of your SBI Life policy online, all you have to do is visit the company’s official website, https://mypolicy.sbilife.co.in/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

The alternative to checking your policy status online is getting in touch with a customer care executive over call or email. Customers can call the SBI Life toll free number to check their SBI Life Insurance Policy status: 1800-229090 

 

 

SBI Life customers can receive their policy statements, just on few clicks!

One of the interesting features of the SBI Life Insurance total package is the SBI Life Insurance money back plan. The key feature of this plan is that it provides money back at regular intervals to meet the financial requirements at various stages in life. You can enter this plan when you are in the age group between 15-55 years. The maturity age is 70 years. The minimum sum assured in the money back plan is Rs. 75,000/- with no fixed maximum limit. You can decide to pay premiums either monthly, quarterly, half yearly or yearly.

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
  • SBI Life – Smart Scholar

 

The 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 under its SBI Term plan category

    • SBI Life – Smart Shield 
    • SBI Life – Saral Shield 
    • SBI Life – eShield

 

  • SBI Life – Grameen Bima.
  • SBI Life – eIncome Shield

 

The SBI Life Insurance offers a wide variety of Insurance Plans for the customers to choose from. The below diagram show the range of SBI Life insurance plans offered.

Generally, people opt for 5 year life insurance plans for a variety of reasons. These reasons could range from budgetary constraints, easy-to-understand terms and possibility of conversion to a longer plan at a later time. To cater to these needs of customers, SBI Life has come out with few best 5 year plan options. You can choose from;

  • SBI Life 5 year Unit Linked Insurance Plan(ULIP)
  • SBI Life 5 year protection plan
  • SBI Life 5 year retirement plans
  • SBI Life 5 year savings plan

To be eligible for an SBI Life Policy, the applicant should be,

  • Minimum 18 years of age
  • Maximum 60 years of age
  • Must be either a salaried or a self-employed professional
  • Or have a business of his own.

The applicant should support his SBI Life Insurance application with the following supportive documentations.

  • Identity Proof
  • Age Proof
  • Income Proof
  • Address Proof
  • Pan Number

 

The SBI Life insurance share price is also very actively monitored in the share market. The SBI Life Insurance share price today in the NSE stood at 674.50

 

Why choose SBI Life

SBI Life insurance has seen a phenomenal growth literally transforming the insurance sector in India. SBI offers innumerable insurance products catering to practically every genuine need and necessity of its customers. As a result, it is now among the key players in the insurance market.  

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, thereby ensuring that individuals from all over the country can avail its offerings. The company also has the most productive and potent force as far as insurance agents are concerned. If you are looking for a Life insurance policy, you can be rest assured that SBI Life and its experienced and dedicated workforce will help you find one that best suits your specific requirements.

 

SBI Life Insurance FAQ’s:

Will I receive any benefits in case I survive the SBI Life policy term?

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.

How do I claim the maturity amount once my SBI life insurance policy has expired?

SBI Life Insurance will 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

Will the insurance company pay anything in case I decide to discontinue my life insurance policy even if I haven’t been making premium payments recently?

A. 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 pay back anything.

Q. Is it possible to revive my SBI Life insurance policy even if I have defaulted on my premium payments?

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.

What kind of benefits will my dependents / nominees receive on my death?

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.

Is it possible to pay SBI Life premiums online?

Yes. You can pay premiums online by Logging in to the My policy portal, https://mypolicy.sbilife.co.in/ and pick the “Pay Premium Online” option under the Transaction menu. Pick the policy you’re enrolled under and make the payment.

What are the other ways to make payments online?

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.

Can advance payments be made for SBI Life premiums?

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.