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Days are gone when you need to wait in line to make your SBI Life premium payments. Now, with SBI life insurance, you no longer have to visit the insurer’s office or bank, and you can pay your premium amounts online with a couple of clicks. SBI Life Insurance premium payment of premiums allows its customers to make their premium payments at their convenience via online and offline customer portals. Let’s discuss SBI Life premium payment modes:
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SBI Life online payment provides users with quick and convenient customer service for all its account holders. Policyholders can pay their premiums online and download their SBI life insurance premium receipt. You can make SBI online payments through various platforms like credit/debit cards, UPI, Bill Pay, digital wallets, and Net Banking. Here are various methods to make SBI Life Insurance premium payments using the SBI life customer portal:
You can easily make your SBI online payment via Policybazaar for your life or term insurance plans. Policybazaar allows you to pay your plan premiums through various modes like credit and debit cards, UPI apps, internet banking, and fund transfers. You can access your Policybazaar account by logging in through the company’s official website or mobile app and selecting the plan you want to pay the premiums for.
You can make your SBI online payment using your credit cards by following the below steps:
Step 1: Register yourself on the visabillpay[dot]com
Step 2: In the biller section, add SBI Life as your biller
Step 3: Enter your SBI life policy details and verify
Step 4: Make your SBI life insurance online payment through credit cards
Using MasterCard and VISA, you can pay your SBI online payment of premium without hassle:
Step 1: Select Billdesk in the payment gateway
Step 2: Select payment option as Credit Card
Step 3: Choose the One Time Payment + Standing Instruction
Step 4: Once the standing instructions are enabled, your next SBI life insurance payment will be billed from your registered card
You can make SBI life insurance payment using the SBI life easy access application from your mobile by following the steps below:
Step 1: Download the SBI Life Easy Access application on your smartphone
Step 2: Register yourself and click on the ‘Premium Payment’ option
Step 3: Submit your policy number and personal details
Step 4: Select your preferred mode of payment, from among UPI, Wallets, Net Banking etc., and proceed to pay
You can make your SBI Life Insurance premium payment using the company’s official
Step 1: Go to the official website of SBI Life
Step 2: Log in to your account
Step 3: Choose the policy you plan on paying the premium of
Step 4: Choose the option that says to pay premiums
Step 5: Choose among the payment options available, like UPI, Net Banking, Wallet etc.
To make your SBI Life Insurance premium payment, you can use your SBI or partner bank account. Here is how you can pay your premiums using net banking:
Step 1: In the biller section, select SBI Life as your biller
Step 2: Fill in your policy number and policy details
Step 3: Once successfully verified, you pay your due premiums
Step 4: You may also schedule your SBI life premium payment as payment mode chosen (monthly, quarterly, half-yearly or yearly) to make sure you don’t miss your payments.
You can also make your SBI Life Insurance premium payment using mobile wallets like Jio Money Wallet, SBI Buddy, or Paytm through the following steps:
Step 1: Download and open the mobile wallet on your smartphone
Step 2: Register your profile and payment details on the app
Step 3: Go to the “Insurance” and then select “SBI Life”
Step 4: Upload the policy details and verify
Step 5: After verification, you can proceed to pay
Term Plans
SBI Life provides its customers with convenient and secure options for making premium payments offline. Customers have several channels to choose from for offline SBI life insurance payments, including making direct payments at SBI Life branches, using postal or courier services, paying in cash at authorized premium collection centers, setting up automatic debits through NACH, opting for direct debits, utilizing State Bank ATMs, or making SBI life insurance payments at POS terminals available at SBI Life branches.
SBI Life Insurance premium payment is a quick, cost-effective, and time-saving process for paying SBI life insurance premiums online. Here is a list of benefits of using the SBI online payment:
The SBI Life Insurance online payment process is user-friendly, convenient, and fast for the user. It only takes a few steps to process the payments. You don’t need to stand in queues to make a payment.
You can make your SBI Life online payment at any time, 24x7, by accessing your account at your convenience. The company’s easy-to-use customer portal makes the premium paying procedure easier and more convenient.
SBI life insurance online payment is a completely free-of-cost facility for registered customers. Customers can use the website portal or the SBI mobile app as per their convenience. There are no hidden or penalty amounts charged to avail of the SBI life online payment service.
The SBI customer service agent will be easily available to assist you through the chat box system. You can even call the SBI’s toll-free number to get on-call assistance 24X7.
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Here is a list of all the information required while making your SBI life premium payment:
You will need your user credentials and login password to access your SBI Life Insurance account.
You should make sure the credit and debit card details you provide are accurate.
You can download your SBI life insurance online payment certificate and SBI life insurance payment receipt by logging into the company’s customer care portal ‘Smart Care’.
SBI Life offers an extended period to make SBI Life Insurance premium payments if the premium due date is over, called a grace period, so that you can pay your premiums even after the due date without getting the policy lapsed.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Let us take a look at the steps you need to follow to check your SBI life policy status online.
Step 1: Visit the official website of SBI Life Insurance, click on the option of login at the top right corner and select customer on the drop-down.
Step 2: You will be redirected to the SmartCare Portal, where you can check a variety of SBI life insurance policy details online.
Step 3: Select the suitable login option, i.e., if you want to login using MPIN, User ID, or OTP.
Step 4: Click on the Login button again and enter your mobile number/email ID. You can also access your SBI life insurance policy details by policy number.
Step 5: Once you are logged in, you can check your SBI life policy status, make SBI life term insurance premium payments, download policy documents, etc.
To register as a new user in the SBI Life Portal, here are the steps:
Step 1: Go to the official website of SBI Life Insurance.
Step 2: To register online, fill up the registration form by providing all the required documents and information and then submit it.
Step 3: Check your email for a confirmation message from SBI Life Insurance. And then, click on the provided link.
Step 4: The link will redirect you to a webpage where you will have to create.
Step 5: Once successfully created, you can log in and check your SBI Life policy status online.
To check SBI Life Maturity Amount or your SBI life insurance or SBI Term Insurance policy, follow these steps:
Step 1: Visit SBI Life Insurance’s official website and log in to your registered SBI Life account
Step 2: Go to the policy details section where you will see your policy’s maturity amount information
Step 3: Review the maturity amount breakdown, which includes the sum assured or any applicable benefits/bonuses
Here are some of the conditions under which SBI Life Insurance Claim Rejection could be possible:
If the policyholder fails to provide accurate details in the claim application or neglects to submit the necessary documents.
Term life insurance claims may also be rejected for not updating the nominee's information and the policy lapses due to non-payment of premiums.
Rejection of SBI Life Insurance claim can also occur due to hiding important information, such as removing medical history or not disclosing lifestyle habits like alcohol or tobacco habits.
To get in touch with SBI Customer Care Executives, call on 1800 267 9090 (9 AM to 9 PM).
NRIs can call SBI Life Insurance 24x7 at this helpline number: (+91) 022 69289090 (Call Charges Apply)
You may send an email to info@sbilife[dot]co[dot]in with a description of your issue, and the customer support staff will respond with the necessary details.
NRIs can mail SBI Life Insurance at nriservices@sbilife[dot]co[dot]in to get their issues resolved.
SBI Life Insurance Company offers a quick SMS Service through which a policyholder can receive all the relevant information and policy updates instantly. To avail of this service, you need to send the relevant SMS code to 56161 or 9250001848 from your registered mobile number. To check the status of your policy, type POLSTATUS {space} ‘Policy Number’ and send it to 56161 or 9250001848.
Below are the SMS Codes for different queries:
Enter NEWPOL followed by the space "Policy Number" to learn more about your policy's dispatch information.
Send RENDER 'Policy Number' to get information about premiums.
Type FV space> 'Policy Number' and send to get the most recent policy or fund value.
Type SWTR 'Policy Number' in the space after it and hit submit to acquire details about Fund Switch Transaction.
Type MYEMAIL 'Policy Number' 'Space' New Email id 'Space' and send to register or amend your email address.
Enter PAN 'Policy Number' and 'PAN number' 'space' and send to update your PAN number.
Natraj
M.V. road & western express highway junction,
Andheri (East), Mumbai - 400 069
Corporate office telephone number: 022-6191 0000
SBI Life Smart Care offers a range of features and services to help you manage your policy and stay informed. Here’s a quick guide to the key features:
Pay Premium: Easily make your SBI life insurance payment through various online and offline methods, ensuring your policy remains active.
Set Auto Debit: Automate your SBI life insurance payments by setting up an auto-debit option from your bank account, making it convenient and hassle-free.
Certificate of Existence: Obtain a Certificate of Existence to confirm the ongoing validity of your policy.
Policy Documents/Statements: Access your policy documents and statements online to keep track of your insurance details and coverage.
Track Proposal: Follow the progress of your insurance proposal from application to approval, so you’re always informed.
Claim Tracker: Monitor the status of your claim with Claim Tracker tool, providing real-time updates on the processing of your claim.
Claim Intimation: Initiate the claim process with ease by informing SBI Life about the claim details through Claim Intimation service.
Tools & Calculators: Utilize various tools and calculators to plan your insurance needs and understand the premiums and benefits involved.
Products & Premium Quotes: Explore a wide range of insurance products and get premium quotes tailored to your requirements.
Buy Online: Purchase insurance policies online with ease, offering a secure and convenient way to get insured.
SBI Branch Locator: Find your nearest SBI Life branch with Branch Locator tool, making it easy to access in-person services.
Unclaimed Amount Disclosure: View information about any unclaimed amounts related to your policy, ensuring transparency and accountability.
*Note: You can download any of your policy documents or policy servicing forms by visiting the “Services” section and then clicking on “Download Centre.”
Here is the Claim Settlement Ratio (CSR) of SBI Life Insurance for 5 consecutive years:
| S.No. | Year Wise Data | Claim Settlement Ratio (CSR) |
| 1. | 2023-24 | 98.30% |
| 2. | 2022-23 | 97.05% |
| 3. | 2021-22 | 97.05% |
| 4. | 2020-21 | 93.09% |
| 5. | 2019-20 | 94.50% |
*Note: Contact Policybazaar Insurance Advisor for any insurance-related help/guidance or to clear doubts/confusion.
Here is SBI Life Insurance Claim Settlement Ratio Performance for FY 2022-23:
| Parameters | Details |
| Total Claims Raised | ~ 36,896 |
| Claim Settled Amount | ~ Rs. 1,676 Crore |
| Claims Paid Till Date | ~ Rs. 2,30,235 crores |
| Total Policyholders Till Date | ~ 7,56,31,707 |
| Solvency Ratio | 2.2 |
You can cancel your SBI Life Insurance policy by following these steps:
Step 1: Go to the official website of SBI Life Insurance.
Step 2: Log in to your account using your credentials.
Step 3: Navigate to the policy management section and find the policy cancellation option.
Step 4: Enter the required information for the cancellation request.
Step 5: Submit the cancellation request.
Step 6: Note down the reference or acknowledgement number for your records.
Follow the steps listed underneath to surrender your SBI Life Insurance Policy:
Step 1: Visit an SBI Life Insurance branch.
Step 2: Request a surrender form from customer service.
Step 3: Fill out the surrender form.
Step 4: Attach the following documents:
Original policy documents
Cancelled check with your name
Copy of passbook
Bank statement
Copy of PAN card
Copy of Aadhaar card
Copy of passport
Driving license
Voter ID
Step 5: Submit the completed form and documents to the SBI representative.
*Note: The surrender value will be credited to your account within 10 to 15 working days.
You can make SBI Life Insurance Online Payment through various modes from the comfort of your home. There's no need to stand in long queues to make SBI life insurance payments. Always ensure that you provide the correct details before paying premiums online. Also, check all the charges in your bill before making the SBI life insurance payment in order to avoid confusion.
†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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