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SBI Life Insurance offers a diverse range of insurance products that help customers secure their loved ones in the unfortunate event of their death. In the financial year 2022-23, its claim settlement ratio (CSR) stands at 95%, reflecting its quick and trustworthy settlement of death claims.
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Let’s discuss the SBI Life Insurance claim process and the list of documents required:
SBI Life Insurance plans come with a quick and simple claim settlement process. Insurer allows you to settle a claim offline and online. SBI Life Insurance ensures that the claim amount is received by the eligible person/family comfortably and easily. The company has achieved a claim settlement ratio of 95% in the financial year 2022-23, indicating a fast settlement of death claims. SBI Life claim process follows 3 quick steps for a hassle-free experience for a customer.
When the policyholder passes away, the nominee can initiate the term insurance claim process by filling out the Death Claim Form. This form can be submitted to the head office, bank branches, or nearest offices or emailed to the insurer. The nominee should also include proof of identification and address. The Death Claim Form is available online on the company's website and offline at branch offices.
The nominee or claimant needs to submit the necessary documents along with the form to confirm the details provided to the insurance company regarding the policyholder's death. These documents should be provided within the given timeframe. You can refer to the table below for the list of required documents.
| Death Types | Documents Required |
| Mandatory Documents |
|
| Additional Documents Required: | |
| In case of Medical//Natural deaths |
|
| In case of accidental/unnatural deaths |
|
After receiving all required documents and forms, the company initiates the claim process. They carefully review and verify the documents, assess the claim (subject to terms and conditions), and then notify the nominee or claimant of the decision.
Term Plans
Here are the important points to keep in mind while completing the SBI Life Insurance Death Claim Process:
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The rejection of a claim from SBI Life Insurance may occur under the following conditions:
Initiating the SBI Life insurance claim is a crucial step that requires careful attention following the policyholder's untimely demise. It ensures financial protection towards the policyholder's beneficiaries after his/her demise. Correctly submitted SBI Life insurance claim forms and documents accelerate the processing time, ensuring timely financial support for the family in the event of the policyholder's unfortunate death or upon plan maturity.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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