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SBI Term Insurance FAQs

51 reviews Rate This
Claim Settlement Ratio93.09%
Customer Care9:00 AM to 9:00 PM
Death Benefit Paid For212,57 Policies
Presence825 offices
Total Death Benefit Paid810.71 Crore

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

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  • What are the different Add on/Rider options available with SBI Life Term Insurance Plans?

    SBI Life Term Insurance plans offer Critical Illness cover, Accidental Death Benefit Cover, and Permanent Disability Cover.

  • How will SBI Life term insurance premium calculation be affected by smokers?

    Smoking is hazardous to health. It increases the risk of developing throat or lung cancer. So, regular smokers have to pay a higher premium as compared to non-smokers.

  • What happens if I am unable to pay the premium on the due date?

    If you are unable to make the premium payment on the due date, the insurance company offers you a grace period of 15 days for monthly premium payments and 30 days quarterly, half yearly or yearly premium payments.

  • Does SBI Life offer a free-look period for term insurance plans?

    Yes, SBI offers a free-look period of 15 days from the date of policy issuance, under which the insured can choose to cancel or return the policy to the insurance company if he/she is not satisfied with the policy.

  • Where can I apply for an SBI Life term insurance claim?

    You can visit the nearest SBI Life Insurance branch to apply for a claim or you can easily log on to SBI Life Insurance’s website by entering your policy number and password to apply for a claim online.

Claim Settement

  • What is the turnaround time for SBI Life Term insurance plans?

    According to the IRDAI regulations, your claim should be decided and settled within 30 working days upon receiving the required documents.

  • What are the tax benefits available under SBI Life Term insurance plans?

    Tax deduction under Section 80C and Section 10(10D) is available under SBI Life Term insurance plans. Tax deductions and exemptions are subject to change from time to time.

  • Who is entitled to receive the sum assured in the case of policyholder death?

    The nominee, beneficiary, or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the policyholder in the proposal form.

  • What is the Claim Settlement Ratio of SBI Life insurance?

    The claim settlement ratio of SBI Life insurance was 94.52% in FY 2019-20.

  • Will SBI Life Term Insurance plans provide coverage outside India while traveling?

    Yes, SBI Life term insurance plans provide coverage outside India while traveling subject to terms and conditions.

Over View

  • Can I get SBI Life Term Insurance Plan cover if I am a smoker or use tobacco?

    Yes, a person who consumes tobacco on a regular basis can purchase a term insurance plan. However, after declaring that you consume tobacco on a regular basis the premium rate will increase.

  • What is the grace period under SBI Life Term plans?

    According to the regulations, a grace period of 30 days is allowed from the premium due date under the SBI Life Term plans.

  • Can a loan be taken under the SBI Life Term Insurance Plans?

    No, loan against term insurance policy is not available under SBI Life term insurance plans.

  •  What is the minimum age to purchase an SBI Life Term Insurance plan?

    A person who is 18 years or above is eligible to purchase SBI Life term insurance plans

  • What documents are required for SBI Life Term insurance plans policy processing?

    PAN Card is a mandatory document for buying SBI Life Term insurance. Other documents required for term life policy documents are age proof, identity proof, address proof, and income proof.


  • Can I change my nominee to SBI Life term insurance plans? If Yes, how?

    Yes, you can change your nominee in your SBI life Term Insurance plans by submitting the “Change in the document” to SBI Life Insurance. The form is available on the SBI Life Insurance website under Download Center.

  • Can I pay the premium in any other currency?

    No, all quotations and charts are in Indian Rupees, premiums are only accepted in INR.

  • What is the toll-free customer care number of SBI Life Insurance?

    The 24x7 toll-free number of SBI Life Insurance is 1800 267 9090. The timings of this helpline number are 9:00 A.M to 9:00 P.M everyday.

  • What is the Claim Settlement Ratio of SBI Life Insurance?

    SBI Life featured an impressive claim settlement ratio of 95.03% in 2018-2019.

  •  Can I add riders to my policy even after I have purchased it?

    Yes, you can add a rider to your term insurance plan anytime during the policy term.

Premium Calculator

  • What is a Term Insurance Plan?

    A Term Insurance plan is a pure life insurance policy. It provides financial security to your family or loved ones in case of the unfortunate demise of the policyholder. You get higher cover at a lower premium rate.

  • Do SBI Life Term Insurance plans offer Tax Exemptions?

    Yes, SBI Life Term Insurance offers tax exemptions under section 80C, section 80D, and section 10(10D) of the taxation law subject to terms and conditions.

  • What is the right time to buy a SBI Life Term Insurance plan?

    The right time to buy the SBI Life Term Insurance plan is as early as possible. With the increasing age, the higher would be the term plan premium. The minimum age you can purchase a SBI Life Term Insurance plan is 18 years.

  • What are the different factors that will affect my SBI Life Term insurance premiums?

    Your SBI Life term insurance premium amount will be based on your Gender, Age, Occupation, Pre-Existing disease, and Cover-up to which age.

  • How will my Age affect my SBI Life term insurance premium?

    Age is an important factor in deciding the premium. As the age increases, and so is the term insurance premium.

SBI Term Insurance User Reviews

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What users are saying
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  • I was impressed with the comprehensive coverage options available through InsuranceDekho's SBI Life Term Insur...

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    By Chetna Adhikari
    On: Sep 27, 2023
  • InsuranceDekho’s customer support team is undoubtedly knowledgeable and they are always ready to assist ...

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    By Lovely Sharma
    On: Sep 14, 2023
  • InsuranceDekho keeps policyholders informed with regular updates on policy performance and account statements....

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    By Badal Bahadur
    On: Sep 11, 2023
  • I wanted to purchase a good-term insurance plan without exceeding my set budget. While looking for one I lande...

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    By Nitu Srivastav
    On: Sep 01, 2023
  • It is very easy to compare term insurance plans on InsuranceDekho’s website using the online term insura...

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    By Poonam Arora
    On: Aug 28, 2023
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SBI Term Insurance Contact Details

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Claim Process at SBI Term Insurance

  • 1

    Claim Intimation

    In the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
  • 2

    Submission of Documents

    Claim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
  • 3

    Claim Evaluation

    Once the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.

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