SBI Life Claim Settlement Ratio

When purchasing life insurance policies, you are generally looking for a credible name in the market. This is quite understandable, considering life insurance plans almost always involve a substantial amount. However, unfortunately, if you have approached an insurer with an extensive insurance track record, it doesn’t signify its credibility.

For instance, consider SBI Life Insurance - the insurer commenced operations in 2000 as a public limited company. The brand’s equity has built a solid client base that is unparalleled to some extent. However, the question is how credible is SBI LIFE? Let’s start by analysing the SBI Life Claim Settlement Ratio.

What is the Claim Settlement Ratio?

A life insurance provider's Claim Settlement Ratio (CSR) is a vital measure that offers insight into its credibility. This ratio, calculated by dividing the total number of claims settled by the insurer in a year by the total number of claims filed during that year, multiplied by 100, is a crucial parameter for analysis.

If the insurer you're considering has a CSR of 97 or higher (but not exceeding 100), it meets the recommended threshold. However, it's important to note that CSR shouldn't be the sole basis for selecting a life insurance provider. Other factors also require consideration.

What is the SBI Life Claim Settlement Ratio 2024?

(Although you lack specific data regarding the SBI Life Claim Settlement Ratio for 2024, it's crucial to recognise that computing CSR data 2024 entails examining records and figures from the previous financial year, spanning 2022 to 2023. However, relying solely on data from one year is inadequate for assessing a brand's CSR, as it fails to reveal the brand's consistency. Therefore, we've collected CSR records from the past three years, calculated an average, and compared them with the industry standard to comprehensively understand SBI Life's CSR.)

Overview of SBI Life Insurance

What is the significance of the SBI Life Claim Settlement Ratio 2024?

If you look at the Claim Settlement Ratio of SBI Life, you will see a certain amount of consistency across the numbers. Now, the question is, what does this consistency translate to for this brand's potential and existential policyholders? Let’s find out -

1. Consistency: As stated before, the SBI Life Claim Settlement Ratio numbers are pretty consistent, never dropping below 90. Additionally, they have been growing over the years. This is a great sign for policyholders, and as far as the first credibility metrics go, the CSR data for SBI Life is proving to be exceptional.
2. Overall Performance: On the whole, the SBI Life Claim Settlement Ratio has been pretty promising. The brand has surpassed the industry average each year and on the average of the last 3 years, too.

Why is the Claim Settlement Ratio important?

As mentioned before, the Claim Settlement Ratio (CSR) is crucial for measuring a life insurance provider's trustworthiness. It's basically a reflection of how well an insurer handles claims.

But here’s the thing: relying solely on CSR when picking a life insurance provider isn’t the best move. CSR doesn’t tell you how quickly they settle claims or the actual portion of the claim they pay out. That's why you gotta consider other factors, too, like the Amount Settlement Ratio (ASR) and complaint volume.

What is the Claim Settlement Process for SBI Life Insurance?

STEP 1: Visit their official site

STEP 2: Register your claim form by providing details like -

• Type of claim
• Policy number
• Claimant’s Mobile number
• PAN number
• Date of birth
• Date of death

STEP 3: Upload your required documents (as mentioned below)

STEP 4: Click on their “Branch Locator” tab and seek the nearest branch to submit the downloaded claim form and the documents/submit it online.

You can also receive guidance on your claim settlement by emailing claims@sbilife.co.in.

What are the documents required to settle claims for SBI Life Insurance?

When planning to file a claim to SBI Life Insurance, make sure you have the soft/hard (online/offline process) copies of the following documents handy -

1. Individual Death Claim

Mandatory documents

• Claim Form
• Original Policy Document
• Original or Attested* Death Certificate issued by local authority
• The claimant’s current address-proof
• Claimant’s photo ID proof
• Direct Credit Mandate form (download sign) Claimant’s Valid## bank passbook/statement or Cancelled Cheque with pre-printed Name and pre-printed Bank account number

Additional documents

• Medical attendant’s certificate
• Hospital treatment certificate
• Employer’s certificate (for salaried individuals)
• Copy of FIR/Punchnama Report/Post Mortem#
• Copy of Inquest Report/Police Final Report/Chemical Analysis Report/Magistrate’s verdict#
• If TDS is applicable and the customer resides in a country where DTAA is applicable, the customer can submit the following documents to avail of the DTAA benefit of tax exemption.
• Tax Residency Certificate
• Form 10F
• Residency Proof issued by the government of the country in which the customer is staying

2. Group Death Claim

Mandatory documents

• Claim Form
• Credit Life Claim Form
• Micro-Insurance Claim Form
• Swarna Jeevan Claim Form
• Sampoorna Suraksha Employer Employee Non-EDLI Scheme Claim form
• Sampoorna Suraksha Employer Employee EDLI Scheme Claim Form
• Sampoorna Suraksha Housing Loan Claim Form
• Sampoorna Suraksha Non-Employer EmployeeScheme Claim Form
• Certificate of Insurance
• Original Death Certificate issued by Local Authority OR Attested* copy of Death Certificate
• Banker’s Certificate (Only for Super Suraksha – Home Loan, Car Loan, Tractor Loan Policies)
• The claimant's current address-proof
• Claimant's photo ID proof
• Claimant's Valid## Bank passbook / Bank statement / cancelled cheque
• Credit Account Statement / Loan Account Statement (for all Credit life Cases)

Additional documents

• Medical attendant’s certificate
• Hospital treatment certificate
• Employer’s certificate (for salaried individuals)
• Copy of FIR/Punchnama Report/Post Mortem#
• Copy of Inquest Report/Police Final Report/Chemical Analysis Report/Magistrate’s verdict#

3. Living Benefits

Individual Maturity

• Original Policy Document
• Maturity Discharge Voucher
• Life Assured’s current address proof
• Life Assured’s ID proof
• Direct Credit Mandate form
• Life Assured’s Valid## Bank passbook/bank statement/crossed cheque
• Pan Card (if TDS is applicable as per Section 194DA of the Income Tax Act, 1961)*

Pension Maturity

• Original Policy Document
• Maturity Discharge Voucher
• Options Sheet (available in SBI Life Branch 3 months before the due date)
• Life Assured’s current address proof
• Life Assured’s ID proof
• Direct Credit Mandate form (download sign)Life Assured’s Valid## Bank passbook/bank statement/crossed cheque
• Pan Card (if TDS is applicable as per Section 194DA of the Income Tax Act, 1961)*

Annuity (Individual and Group)

• Certificate of Existence

Survival Benefits

• Life Assured’s current address proof#
• Life Assured’s ID proof#
• Direct Credit Mandate form
• Life Assured’s Valid## Bank passbook/bank statement/crossed cheque
• Pan Card (if TDS is applicable as per Section 194DA of the Income Tax Act, 1961)*
• *Applicability of Section 194DA of the Income Tax Act, 1961
• For Policies with Date of Commencement between 01/01/2003 to 31/03/2012 and Annual Premium exceeds 20% of Base Cover or
• For Policies with Date of Commencement 01/04/2012 and onwards and Annual Premium exceeds 10% of Base Cover or
• If the total payouts (SB / Maturity / Surrender / Partial Withdrawal) under all policies taken together in one financial year is 1 Lakh< Above

Additional Documents from NRIs

• Self Declaration for Tax Residency
• Form 10F
• Proof of residency issued by the government of that country

Please note: Based on the underwriter’s decision, you may be required to submit some additional documents.

Conclusion

Considering the Claim Settlement ratio of SBI Life only, this provider can be one of the decent picks. However, we can not deny the various hurdles associated with it being a public-owned insurer. Additionally, plans from this insurer are less comprehensive than those from top-notch life insurance companies and yet relatively more expensive.