SBI Life Insurance Company Limited

SBI Life Insurance Company Limited has earned a reputation as one of the most trusted and reliable life insurance companies in India. It is an alliance between the State Bank of India and BNP Paribas Cardif S.A. Ever since its founding in the year 2000, SBI Life has served millions of families, offering a diverse range of products designed to meet the unique needs of individuals and group customers.

SBI Life Insurance Company Limited’s comprehensive portfolio includes protection, pension, and savings solutions. It places significant emphasis on maintaining top-notch efficiency and providing a stress-free claim settlement experience. It achieves this by adhering to high ethical standards of service. Moreover, SBI Life Insurance Company Limited is committed to enhancing digital experiences for its customers, distributors, and employees alike.

With an extensive presence across the country, SBI Life Insurance Company Limited strives to make insurance accessible to all. It believes in ensuring that individuals from all walks of life have the opportunity to protect themselves and their loved ones through insurance coverage.

In the financial year 2022-23, SBI Life Insurance Company Limited issued 21,97,656 policies and received 21,55,622 claims.

Awards & Recognition

SBI Life Insurance Company Limited has been recognised with several prestigious accolades and awards -

It was honoured with the prestigious ‘Gold Award’ in the Environment Protection Initiative of the Year category at the esteemed Integrated Health & Wellness (IHW) Annual Awards 2023 for its environmental awareness and initiatives.
The prestigious Leapvault TISS CLO Awards 2022 recognised SBI Life Insurance Company Limited for its exceptional induction training program, awarding them the silver accolade.
SBI Life Insurance Company Limited was honoured as an Amiable Insurer at the ET Insurance Summit and Awards in Life Insurance - Large Category, for their camaraderie with their customers.
The 14th Global Insurance Summit and Awards 2022, organised by ASSOCHAM, recognised SBI Life Insurance Company Limited for its outstanding achievements in the Life Insurance category, showcasing its excellence and contributions to the insurance industry. It was honoured with the Overall Achievement award.
The 2nd Edition of the Navabharat BFSI Conclave and Awards 2022 honoured the company with the prestigious 'Certificate of Excellence' in the category of 'Most Trusted Private Life Insurance Company' for its outstanding prowess in the field of insurance.
SBI Life Insurance Company Limited was bestowed with the ‘Best Strategies for Insurance Spreading’ at the 3rd Emerging Asia Conclave and Awards 2022 hosted by the Indian Chamber of Commerce (ICC) for its work towards insurance penetration in India.

Claim Settlement Ratio

The Claim Settlement Ratio (CSR) serves as a crucial indicator of an insurance company's proficiency in managing and resolving claims. In the fiscal year 2021-22, SBI Life Insurance Company Limited accomplished an exceptional Claim Settlement Ratio of 97.05%. This remarkable figure signifies their ability to effectively process and settle a significant majority of the claims they received.

Furthermore, it achieved an impressive Claim Amount Settlement Ratio of 94.55% in the same period. This ratio represents the percentage of the claim amount they received that they have paid out.

By assessing an insurance company's claim settlement ratio, you can gauge its efficiency and reliability in handling claims. It is also essential to evaluate whether an insurer has consistently maintained a high CSR over the years.

Solvency Ratio

The solvency ratio plays a crucial role in assessing the financial strength and stability of an insurance company. As per the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. This ensures that they have enough financial resources to meet their obligations and honour their commitments.

As of 31 March 2023, SBI Life Insurance Company Limited maintains a commendable solvency ratio of 215%. This impressive figure highlights its strong financial position, exceeding the minimum requirement. So, SBI Life Insurance Company Limited is well-prepared to meet all claim payments and fulfil its obligations effortlessly.

Important Links

Customer Service

Contact Number
If you need assistance with your insurance policy or have any questions, SBI Life’s customer support team can be contacted by calling their toll-free number 1800-267-9090.
E-mail
You can reach out to SBI Life Insurance Company Limited by sending an email to info@sbilife.co.in for any queries, concerns, etc.

For inquiries, issues, etc. SBI Life Insurance Company Limited provides alternative contact options to connect with them as well -

Twitter: https://twitter.com/sbilife
Facebook: https://www.facebook.com/Sbilifeinsurance/
Facebook: 9029006575