term life insurance review
SBI Life
“Why waste time say lot word, when few word do trick?”
Strong bank-backed term insurer with wide reach and good mainstream appeal.
- Overall score 8.1/10
- Top fit: brand-trust-seekers, salaried-professionals
- Compare plan-level pages before purchase.
Quick Facts
Founded
2000
Headquarters
Mumbai, India
Ownership
State Bank of India and BNP Paribas Cardif joint venture
Official Website
sbilife.co.in ↗Score breakdown
Claim settlement statistics
We do not publish a claim settlement percentage for SBI Life unless we can source it. Read our rating methodology for how these feed our scores.
Claim Settlement Ratio
Strong (recent disclosed trend)
High settlement indicates reliable payout.
Formula & sourceComplaints Ratio
Check recent policyholder complaints before buying
Lower values indicate better customer support.
Formula & sourceIndustry benchmark
In FY 2024-25, general and health insurers together paid 87.5% of all health claims they handled by number, repudiated 7.92% and had 4.58% outstanding at year end. By amount, only 71.14% of the money claimed was paid; 13.98% was disallowed under policy terms (deductions such as room-rent limits and non-payable items). Source: IRDAI Annual Report 2024-25, Table I.29. These shares use all claims handled as the base, so they run slightly lower than the settlement ratio we compute for each insurer.
Three numbers that get confused
Claim settlement ratio
Claims settled as a share of claims registered. Count-based, so many small settled claims can flatter it.
Settled within 3 months
A speed measure, not a payout measure. Often quoted because it looks higher.
Incurred claim ratio
Claim amount paid against premium collected. A different thing entirely, and frequently mislabelled as settlement ratio.
We take ratios from IRDAI publications and insurer statutory filings, never from insurer marketing, and show each year separately rather than blending them. See our metric definitions and benchmarks for the formula behind each figure, or go straight to the primary sources: IRDAI annual reports and insurer public disclosures.
All plans
eShield / ePolicy Term
8/10Good mainstream term option for buyers who value SBI-backed servicing comfort.
Rs 9k-22k
Editorial notes
Plain-English take
SBI Life is a natural shortlist for families who value distribution reach and brand familiarity. Just keep the purchase pure-term and compare the final premium after medicals.
For term insurance, the insurer matters, but the clean disclosure trail matters more. Do not hide smoking, income, medical history, or risky hobbies just to reduce the premium.
Pros and cons
Pros
- Large SBI ecosystem
- Strong brand trust
- Good mix of online and assisted buying
Cons
- Offline channels can push bundled products
- Premium may not always lead the market
- Plan options need clean comparison
Compare SBI Life head-to-head
Who this is for
Our verdict on SBI Life
tldr.money editorial score: 8.1/10
Strong bank-backed term insurer with wide reach and good mainstream appeal.
This is our own editorial assessment, not a customer rating. We do not publish testimonials and we are not paid for placement. See how we score insurers for the inputs and their limits.
SBI Life Frequently Asked Questions
Is SBI Life good for term insurance?+
What should I check before buying SBI Life term insurance?+
Editorial Team
Research and writing by the tldr.money editorial team. We link the IRDAI publications and insurer documents behind our figures, and say so plainly when a figure is not yet verified.
FAQ
Should I shortlist SBI Life?
It can be, but shortlist it with at least two competitors and compare plan-level exclusions before buying.
Which SBI Life plan is top pick?
Use the plan cards above to review score, verdict, and segment fit before finalizing.
Other insurers to compare
The insurers scored closest to SBI Life in this category.
Get practical updates
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