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We do not publish a claim settlement percentage for SBI Life unless we can source it. These figures are revised every year and are reported under several different definitions, so a number copied from a comparison site is often the wrong metric entirely. Check the primary source, then read our rating methodology for how we score claim performance ourselves.
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
For FY2024-25, IRDAI reported that general and health insurers together settled roughly 87% of registered health claims, with about 8% repudiated and 5% still pending at year end. Treat that as the bar: an insurer materially below it deserves scrutiny, and any claim of near-perfect settlement deserves a second look at which metric is being quoted.
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.
When we publish a ratio we take it from IRDAI filings and average it over three financial years, never from insurer marketing. Where we have not verified a current figure we say so instead of printing a number. 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
Who this is for
SBI Life Frequently Asked Questions
Is SBI Life good for term insurance?+
What should I check before buying SBI Life term insurance?+
Editorial Team
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.
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