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SBI Life Insurance
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SBI Life Insurance Company is a joint venture between State Bank of India, India’s largest Bank and BNP Paribas Cardiff, the leading global insurance company. SBI has a 62.1 % stake in the insurance company and PNB Paribas Cardiff has a 22% stake in the company. SBI Life is a leading life insurance company in India which offers a wide range of life insurance products to help you protect you and your family. In the year 2007, CRISIL Limited, a subsidiary of global rating agency ‘Standard & Poor’s’ assigned ‘AAA’ rating to SBI Life Insurance.
Top SBI Life Insurance Plan (2020)
SBI Life Insurance offers a comprehensive range of life insurance products at competitive prices with high standards of customer service. The company offers both individual and group products and the list of its individual products are as follows:
SBI Life Insurance Term Plans
Term insurance plans are protection oriented life insurance products which enable you to create financial security for your loved ones in your absence. Term insurance plans provide coverage against the risk of premature death and secure your family financially. SBI Life Insurance Term plan not only provides coverage against life risk but also covers specified critical illnesses through different variants that they offer. A lump sum benefit is paid to the nominee in the event of the death of the life assured.
Term insurance Plan Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life eshield Plan||SBI Life eshield is an online, pure term plan which provides financial security to you and your family. The plan offers enhanced coverage inbuilt accelerated terminal illness benefit. You can choose from two benefit structures which include level cover benefit and increasing cover benefit. You can also buy two optional riders to make your plan comprehensive. Under the plan, you can also avail medical second opinion services which enable in health emergencies.|
|SBI Life Poorna Suraksha Plan||SBI Life Poorna Suraksha is a term insurance plan with inbuilt critical illness cover which not only provides risk coverage against premature death but also provides coverage against specified critical illnesses. A lump sum amount is paid if the life assured is diagnosed with any of the covered 36 critical illnesses. In addition, the future premiums of the plan will be waived off. The plan offers the benefit of life stage rebalancing in which there would be an increase in the critical illness sum assured on each subsequent policy anniversary.|
|SBI Life Smart Shield Plan||SBI Life Smart Shield is a term plan which has two options -Term Assurance and Increasing Term Assurance. You can also enhance your coverage and customise the plan with optional riders at a nominal premium cost. In the event of unfortunate death of the life assured during the policy term, the death benefit would depend on the plan option chosen.|
|SBI Life Saral Shield Plan||SBI Life Saral Shield offers you simplicity and affordability of coverage. The plan offers three benefit structures along with two optional riders to choose as per your needs and requirements. In addition, the plan offers discounts for large sum assured as well as special premium discounts for women lives|
SBI Life Whole Life Insurance Plan
Whole life plans provide extended lifelong coverage, i.e., till the life assured attains 100 years of age. These plans also have a maturity benefit. SBI Life Insurance offers one whole life insurance plan in which additional sum assured is paid to the nominee of the plan in the event of the death of the life assured after the maturity of the plan. Let’s have a look at the plan -
Whole Life Insurance Plans Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Shubh Nivesh||Shubh Nivesh is a participating, whole life Insurance savings plan which provides life cover, saving as well as income benefit. You can avail life cover either up to 30 years or whole of life depending upon your needs. In the event of the death of the life assured after the maturity of the plan, an additional basic sum assured on death would be payable if you have availed the whole of life coverage variant|
SBI Life Insurance Endowment Plans
Endowment plans are savings oriented plans and are also called savings plans. Endowment plans help you to save regularly and create a corpus for your future to meet long-term financial goals. SBI Life offers a range of endowment plans many of which come with participation benefits in which simple reversionary bonuses are added to your corpus. On survival till maturity, a lump sum maturity benefit is paid along with accrued bonuses thereby giving you death or a maturity benefit.
Endowment Plans Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Smart Swadhan Plus Plan||Smart Swadhan Plus is a non-participating savings product with a return of premium benefit which not only provides life insurance cover but also helps you to save for your future. In the event of unfortunate death of the life assured, the sum assured on death would be payable to the beneficiary of the plan. Upon survival up to the date of maturity, 100% of the total premium would be paid in a lump sum to the policyholder.|
|SBI Life Saral Swadhan Plan||SBI Life Saral Swadhan plan offers life cover throughout the term of the policy along with a guaranteed maturity benefit. On survival till the term of the plan, 100% or 115% of the total premiums paid is paid as maturity benefit. The plan has a simplified proposal form and offers flexibility to choose the amount of annualised premium to be paid for the plan as per your financial capability.|
|SBI Life Smart Platina Assure||SBI Life Smart Platina Assure provides guaranteed returns with an advantage of limited premium paying term. The plan offers guaranteed additions of 5% to 5.5 % at the end of every policy year. You will have to pay premiums for a limited term of 6 years or 7 years for policy terms of 12 years or 15 years respectively.|
|SBI Life Smart Bachat||Smart Bachat is a participating plan with dual benefits of life cover and wealth creation. The plan offers two options which include endowment option and endowment option with inbuilt accidental death and total permanent disability benefit. Simple reversionary bonus is added to your plan throughout the term of the policy. The premiums of the plan will be waived off in case of accidental death and total permanent disability suffered by the life assured under the second coverage option. Smart Bachat plan helps you to create wealth through bonus additions|
|SBI Life Smart Humsafar||SBI Life Smart Humsafar provides coverage under a single plan for both you as well as your spouse. It is a joint-life Insurance plan in which you can get your spouse insured under the same plan. The plan offers a guaranteed minimum bonus for the first three years @ 2.50% of the basic sum assured. In addition, in case of death of any spouse, the future premiums of the plan are waived off. You also have the option to make your plan comprehensive and customise it with optional riders.|
SBI Life Insurance Money Back Plans
Money-back plans provide regular incomes in the form of money back benefits after the expiry of the premium paying term. These money back plans help you to meet your short term financial goals as well as enjoy financial coverage. SBI Life Insurance offers three money back plans with money back options to choose as per your insurance requirements.
Money Back Plans Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Smart Money Back Gold Plan||Smart Money Back Gold Plan is a participating insurance plan which provides periodic income along with life insurance cover. The plan offers three money back options to choose from. You can choose the pay-out frequency, premium paying term and the policy term according to which you will receive the regular pay-out under the plan. The plan also offers attractive premium discounts for higher sum assured.|
|SBI Life Smart Money Planner||Smart Money Planner Plan offers regular income in equal instalments throughout the benefit payment period. There are four plan options available. Regular payout is paid at the end of each policy year at a specified percentage of basic sum assured and a guaranteed sum assured is paid on maturity depending on the plan option opted by you.|
|SBI Life Smart Income Protect||Smart Income Protect Plan provides regular cash inflow for a period of 15 years along with risk coverage throughout the term of the plan. An annual income of 11 % of the basic sum assured is paid over a period of 15 years after the maturity of the plan. The plan also offers vested reversionary bonus and terminal bonus. You have the option to customise your plan through three-rider options for better coverage|
SBI Life Unit Linked Insurance Plan
Unit linked insurance plans are investment-oriented plans which invest your premium in different funds according to investments strategies selected by you. ULIP plans help you to get the benefit of capital appreciation along with life cover. SBI Life Insurance offers a range of ULIP plans in which your premiums are invested in the funds selected by you along with the added benefit of free switches and redirection. ULIP plans also offer liquidity to meet your immediate requirement of funds through the facility of partial withdrawals.
Unit-linked Insurance Plans Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life e-Wealth Insurance||e-Wealth insurance has simplified and easy three-step online buying process and two plan options- Growth Option and Balance Option. Your invested funds are automatically re-balanced under the plan to counter market fluctuations. Without any allocation charge, the plan has nominal charges which help you to invest the maximum amount of your premium for maximum returns. If the life assured survives the tenure of the plan, the fund value would be paid.|
|SBI Life Smart Insure Wealth Plus Plan||Smart Insure Wealth Plus Plan offers life coverage along with wealth creation and savings. The plan offers the flexibility of systematic monthly withdrawals and choice of three investment strategies. There are nine diverse funds under the Smart Choice strategy. The plan provides a return of the mortality charges on maturity and offers loyalty additions from 11th policy year onwards till the end of the term. You can make systematic monthly withdrawals from the 11th or on the attainment of 18 years of age, whichever is earlier.|
|SBI Life Saral Insurance Wealth Plus||Saral Insurance Wealth Plus offers a choice of different funds to invest your premiums as per your risk appetite. The plan pays guaranteed loyalty additions every year from the 6th policy year till maturity. SBI Life Saral Insurance Wealth Plus provides systematic monthly withdrawals to enable you to meet your regular expenses along with the benefit of partial withdrawals after the first 5 years.|
|SBI Life Smart Wealth Builder||Wealth Builder Plan offers you guaranteed additions of up to 125% of the annual regular premium. This guaranteed addition helps you earn guaranteed returns besides market-linked ones. The plan offers an opportunity to enhance your investment through 11 funds with the flexibility of redirection and switching.|
|SBI Life Smart Power Insurance||Smart Power Insurance has an inbuilt accelerated total and permanent disability rider in which 100% of the death benefit would be payable on total and permanent disability due to sickness or accident. There are two plan options- Increasing Cover Option and Level Cover Option and two fund options offered under the plan- Trigger Fund and Smart Funds.|
|SBI Life Smart Elite||There are two protection options available under the plan which includes the Gold option and Platinum option. The plan has an inbuilt accidental benefit cover in which a lump sum benefit is paid in case of accidental death or total and permanent disability. You can invest your premium in a wide range of funds and also have the facility of switching and redirection to pilot your investments.|
|SBI Life Smart Privilege||Smart Privilege Plan invests your premiums in the 11 funds as per your choice with the benefit of unlimited free switches and redirections. It helps you to multiply your Investments with market returns and loyalty additions paid from the 6th policy years onwards. You also have the facility to meet your unexpected financial requirement through partial withdrawals from the plan after the expiry of 5th policy year or on the attainment of 18 years of age, whichever falls earlier.|
SBI Life Insurance Child Plans
Child plans help you to create a corpus for your child’s future to meet his/her financial goals in life even in your absence. Child plans help you to save regularly for a fixed term and create a corpus to meet specified future financial goals such as educational needs, marriage, etc. SBI Life Insurance offers two child plans among which one is a non-linked plan and the other is a unit-linked insurance plan.
Child Plans Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Smart Champ Insurance Plan||Smart Champ Insurance is a participating savings plan which offers benefits in four equal instalments after the child turns 18 years of age. In addition to life cover, the plan also offers accidental total permanent disability coverage throughout the term of the policy. In addition, the future premiums of the plan are waived off in the event death or disability suffered by the life assured due to an accident.|
|SBI Life Smart Scholar||Smart Scholar is a unit-linked plan which offers twin benefits of life insurance cover and market-linked returns on your investment. A lump sum amount is paid on the maturity and in the event of death, the future premiums of the plan are waived off. The plan offers regular loyalty additions on completion of specific duration and a choice of 9 fund options along with the benefit of switching between the funds.|
SBI Life Insurance Retirement Plans
Retirement plans help you to plan your post-retirement life by creating a retirement corpus. Retirement plans also offer a regular pension income to help you meet your day to day expenses after you retire. SBI Life Insurance offers three retirement plans which include both immediate and deferred annuity plans. The deferred annuity plans help you to create a corpus for your retirement with the added benefit of bonus and the immediate annuity plans help you to receive lifelong annuities.
Retirement Plans Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Saral Pension||SBI Life Saral Pension is a participating pension plan that helps you build a retirement corpus through regular savings for a fixed period of time. The plan offers simple reversionary bonuses throughout the term of the policy. You can also commute up to 60% of the pension amount of the annuity if you need. You can avail life cover through the SBI Life Preferred Term Rider for coverage against premature death|
|SBI Life Retire Smart||SBI Life Retire Smart is a unit-linked, deferred pension plan. The plan offers flexibility to pay the premiums one time, for a limited period or regularly throughout the term of the plan. Guaranteed benefits of up to 210% of the annualized premium are offered to boost your retirement corpus. You can also extend your vesting age under the plan according to your changing requirements.|
|SBI Life Annuity Plus||Annuity Plus Plan offers a range of annuity options to choose from by paying a single premium for the plan. The plan offers pension annuity payments for the rest of your life. You have the option to include a family member in the plan and select the annuity payout frequency as per your convenience.|
SBI Life Insurance Cancer Plan
SBI Life Insurance offers a cancer-specific insurance plan which provides coverage against mild, moderate and advanced stages of cancer. A lump sum benefit is paid under the plan depending on the stage of cancer suffered. The lump-sum benefit is irrespective of the treatment cost and allows you to meet the expensive treatment cost of cancer without any financial burden.
Cancer Plan Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Sampoorna Cancer Suraksha||SBI Life Sampoorna Suraksha plan is a health insurance product which provides coverage against cancer. The plan offers a choice of three benefit structures in which the pay-out is paid on diagnosis of minor, major or advanced-stage cancer. In addition, all the future premiums under the plan are waived off after the date of diagnosis of cancer. The plan also has the sum assured reset benefit in which you can restore the full sum assured if it is used. You can avail 1.20 % of the sum assured as monthly pay-out for a period of three years in lieu of 40% of the sum assured on diagnosis of major stage cancer.|
SBI Life Micro Insurance Plan
Micro insurance plans are specially designed for low-income individuals to ensure that they receive adequate insurance protection at a nominal premium cost. SBI Life Insurance offers one micro insurance plan in which no medical examination is required and the insured has the flexibility to choose the premium paying term as per their convenience.
Micro Insurance Plan Offered by SBI Life Insurance -
|Product Name||Product Description|
|SBI Life Grameen Bima plan||Grameen Bima is a micro term insurance plan. It is a single premium plan with a simple registration process and no medical examination. In the event of unfortunate death of the life assured, a lump-sum is payable as a death benefit to the nominee. However, if the life assured survives the term of the plan, no benefit would be paid|
SBI Life Insurance NRI plan
SBI Life Insurance offers life insurance plans for Non-Resident Indians too. NRIs can also buy any life insurance plan offered by SBI Life Insurance as per their coverage requirements whether it is endowment plan, money back plans, term plan, child plan, retirement plan or ULIP plans.
SBI Life Insurance Riders
Riders are additional coverage benefits which can be added to your life insurance plan to make it comprehensive and customise it as per your insurance requirements at an additional nominal premium cost. SBI Life Insurance offers three riders to be added to the life insurance plan for extended coverage.
Insurance Riders 0ffered by SBI Life Insurance -
|Insurance Riders||Rider Description|
|SBI Life Accidental Death Benefit Rider||Accidental Death Benefit Rider provides an additional benefit which is equal to the Rider sum assured in the event of the death of the life assured during the term of the rider due to an accident. A lump sum benefit is paid in addition to the benefit under the base insurance plan.|
|SBI Life Accidental Total and Permanent Disability Benefit Rider||Accidental Total and Permanent Disability Benefit rider provide an additional benefit which is equal to the rider sum assured in the event of total and permanent disability suffered by the life assured due to an accident.|
|SBI Life Preferred Term Rider||Preferred Term Rider provides life risk coverage to the life assured. This rider provides an additional cover over the life cover which is provided by the base insurance plan. It pays the rider sum assured in the event of the death of the life assured before the maturity of the plan.|
Benefits of Buying SBI Life Insurance Plan
SBI Life Insurance offers many benefits to its customers through its wide range of insurance products. The benefits offered in the plan depend on the type of insurance policy that you buy and are as follows:
- Life Risk Cover- SBI Life Insurance plans provide coverage against the risk of premature death and ensure that your family is protected financially when you are not around. The death benefit is paid in a lump sum in almost all the life insurance plans except immediate annuity and health insurance plans. This death benefit helps the family of the life assured to manage the financial loss suffered due to the death of the breadwinner.
- Accumulation of Wealth- SBI Life Insurance plan helps you to create a lump sum corpus by accumulating wealth through the benefit of regular savings and reversionary bonus. A lump sum amount is paid on maturity of the plan in unit-linked and endowment plans which can be used to fulfil different financial goals. ULIP plans enhance your wealth through market-linked returns and endowment plans enable you to create a guaranteed corpus.
- Facility of Loan- Loan can be availed against SBI traditional life insurance plans which enable you to meet your immediate requirement of funds. In addition, you also have the benefit of using your SBI Life Insurance plan as collateral security for availing a loan.
- Financial Security- Life Insurance plans provide financial security against unforeseen contingencies. The plans pay a lump sum benefit in the event of the death of the life assured and ensure the financial stability of the family. SBI Life Insurance also offers inbuilt accidental death and total and permanent disability riders with some of its plans which provide additional benefit in case of accidents. This provides a 360-degree financial assurance against adverse events.
- Liquidity- SBI Life ULIP plans offer partial withdrawals after the expiry of the first five years of the policy. This partial withdrawal helps you to meet your financial needs. Money back plans provide regular benefits to meet your short term financial goals. In addition, you also have a surrender value benefit under SBI Life Insurance plans in which you can surrender the policy before completion of the tenure of the plan. Hence, SBI Life Insurance plan provides liquidity when you are in requirement of funds.
- Attainment of Goals- Life insurance plans help you to meet your long term as well as short term financial goals. Term insurance plans help you to meet income replacement goals while retirement plans help you to plan your retirement through guaranteed annuities for your life. Similarly, ULIP and endowment plans help you to create a corpus for your future and child insurance plans help you to plan your child’s educational requirements.
- Tax Benefits- You can avail tax benefits by purchasing SBI Life Insurance plans both on the premium paid as well as on the benefits received. These tax benefits help you to lower your taxable income and save taxes. You can read about the detailed benefits below.
SBI Life Insurance Claim Process
SBI Life Insurance has a simple and hassle-free process of claim. The insurance company follows three steps simple steps of claim settlement which are as follows:
- Claim Intimation
- You can inform the insurance company of your claim online by visiting the official website of the company. You are required to visit https://www.sbilife.co.in/en/services/claims-and-maturity and fill the required details such as policy number, date of death and claim type. Click on submit and the claim will be intimated to the company.
- You can also intimate SBI Life Insurance for the claim by post by sending a duly filled claim form along with the supporting documents to the registered office in Mumbai.
- Claims can also be intimated via email at firstname.lastname@example.org for death claims and at email@example.com for living benefit claims such as maturity, annuity and survival benefit claim.
- 2. Documents Submission
The relevant documents are required to be submitted for each type of claim along with the claim form. The document can be submitted through email by attaching the documents and sending it at the email address mentioned in the claim intimation section or by visiting the nearest branch of SBI Life Insurance.
- 3. Decision and Settlement
- The insurance company will assess the claim based on the documents submitted by you
- Once the claim decision is made the claim settlement amount will be released as per the terms and conditions of the plan.
Documents Required for Death Claim Settlement
The following documents are required to be submitted for settlement of your claim:
- Claim form
- Original document of the policy
- Claimant’s current address proof and photo ID proof
- Original death certificate issued by the local authority or an attested copy of the death certificate issued by the local authority
- Direct credit mandate form is also required in case of unnatural death of the life assured
- Bank statement passbook or cancelled cheque with pre-printed name and Bank account number of the claimant
- Additional documents such as hospital treatment certificate, medical attendance certificate, copy of FIR, panchnama report, post-mortem, employer certificate (for the salaried individual), copy of police final report, in-quest report and chemical analysis report in case of death due to accident
Documents for Maturity Claim
The following documents are required to be submitted for maturity or survival claim:
- Original policy bond
- Address proof and ID proof of the Life Assured
- Maturity discharge voucher to be filled and submitted
- Direct credit mandate form
- Crossed check or bank statement or passbook of the life assured
- Pan card of the life assured
SBI Life Insurance Tax Benefit
SBI Life Insurance plan offers tax benefits on the premiums paid as well as the pay-out received from the plans. Let’s have a look at the tax benefits that can be availed from the life insurance plans offered by SBI Life Insurance:
|Income Tax Act sections||Tax Benefit Available|
|Section 80C||Under section 80C of the Income Tax Act, 1961, the tax benefit is available on the premiums paid for life insurance plans offered by SBI Life Insurance. Premium up to 10% of the sum assured paid towards any SBI Life Insurance plan except retirement plan can be allowed as a deduction up to a maximum of INR 1.5 Lakh per annum.|
|Section 80CCC||Under section 80CCC of the Income Tax Act, 1961, the tax benefit can be availed on the premiums paid for SBI Life retirement plans. A deduction can be availed up to 1.5 Lakh per annum for the premium towards a deferred annuity plan. Premium up to 10% of the sum assured can be claimed as a deduction|
|Section 80D||Under section 80D of the Income Tax Act, 1961, the premiums paid towards SBI Life health insurance plans can be availed as deduction subject to a maximum of INR 25,000 for each financial year. For individuals aged 60 years and above deduction up to INR 50,000 can be claimed in one financial year.|
|Section 10 (10A)||Under section 10 (10A) of the Income Tax Act, 1961, you can claim your commuted pension as a tax- free income. Under deferred annuity plans of SBI Life Insurance, you can commute 60% of the corpus on the maturity of the plan. Of this 60%, 33% of the commuted corpus can be claimed as tax- free income|
|Section 10 (10D)||Under section 10 (10D) of the Income Tax Act, 1961, the benefits received from the SBI Life Insurance plans can be claimed as tax- free income. The death benefit received is completely tax-free in the hands of the nominee. The maturity and survival benefits received from SBI Life Insurance plans are also allowed as tax-free income under the section. However, the premium should not exceed 10% of the sum assured. If the premium exceeds 10% of sum assured, the entire maturity benefit would be taxable in the hands of the policyholder|
SBI Life Insurance Customer Care Details
SBI Life Insurance has a prompt, accessible and responsive mechanism for addressing your feedback, query or complaint. You can contact the customer care department of SBI Life Insurance through any of the following ways:
|Toll-free number||18 802 6790 90 available from 9 a.m. to 9 p.m. every day|
|Email at firstname.lastname@example.org|
|SMS||56161 or 925000 1848|
|Call Back||Visit https://www.sbilife.co.in/en/about-us/contact-us and click on the request a callback.|
SBI Life Insurance Review
SBI Life Insurance offers a wide range of insurance products and solutions to suit the variant needs of both retail and corporate customers. Some details about the company are as follows:
- SBI Life Insurance has paid over INR 85,000 crore claims as on 31st December 2019
- The company has over 923 branches across the country
- It has a customer base of 2.75 crores for the period ending 31st December 2019
- SBI Life Insurance claims to decide and settle a claim within 30 working days of receiving the valid documents.
These statistics about SBI Life Insurance shows that it is one of the most trusted and leading insurance providers in India with different types of policies and a simple claim process.
SBI Life Insurance FAQs
What is the redirection in SBI Life Insurance plans?
Premium redirection or redirection in SBI Life Insurance ULIP plans refer to changing the fund preference for future premiums. Redirection of the premium only impacts the investment of the future contribution. It does not affect the composition of the existing amount lying in the previous funds before redirection.
Can I avail a loan against SBI Life Insurance plan?
Yes, for certain traditional plans, based on the terms and conditions, you can avail a loan against the policy provided the policy has acquired a surrender value. The minimum amount and maximum amount that can be availed as loan and the interest rate for such loan shall be as provided in the terms and conditions of the plan.
Does the SBI Life Insurance plan offer a bonus?
Yes, money back and the endowment plans of SBI Life Insurance offer participation in the profits of the company through simple reversionary bonuses. These simple reversionary bonuses are accumulated and added to the plan and paid on maturity.
Can I change my Nominee of SBI Life Insurance Plan?
Yes, a nomination can be changed by submitting the Change in Nomination Form at the nearest branch of SBI Life Insurance.
How can I change my allocation percentage of the funds or switch between the funds of SBI Life unit linked plans?
To change the allocation percentage or switch between the funds, you are required to file a Fund Switch and Redirection Form and submit it to the nearest branch of SBI Life Insurance. Alternatively, you can also fax a duly filled form to the insurance company at 02266456105.
What are the premium paying frequencies allowed under SBI Life Insurance plans?
SBI Life Insurance plan offers different choices of premium payment frequencies which include annual, semi-annual, quarterly or monthly.
What is the deferment period in SBI Life Insurance retirement plans?
The period between the date of buying the insurance-cum pension plan and the date of receiving the first instalment of pension under the plan is called the deferment period. Such pension policies generally have a minimum and maximum limit on the deferment period.
What is the policy renewal process of SBI Life Insurance?
SBI Life Insurance offers the facility to renew your policy on the official website of the company. You can visit the official website of the company and click on the ‘services’ section. Then, select the ‘online premium payment’ and press ‘proceed.’ You are then required to enter all the necessary details such as policy number and phone number and then click on submit after making the premium payment your policy will be renewed.
How can I pay the premiums for SBI Life Insurance policies?
Premiums for SBI Life Insurance policy can be paid through various payment modes offered by the insurance company. Some of them include direct debit, electronic clearing system, online payments, through NACH, direct remittance at SBI Life Branch by post or courier or by cash payment at authorised collection centres.
Can I change the frequency of premium paying mode from single to regular and vice versa?
No, the mode of premium payment cannot be changed from single to regular and vice versa. The mode of premium payment, once selected, would remain the same throughout the policy tenure.
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