What is SBI Life claim settlement ratio?

SBI Life Insurance's claim settlement ratio is 95.74% for FY 2023-24, sourced from IRDAI annual reports.

Is SBI Life reliable for claim settlement?

Yes. SBI Life Insurance has a 95.74% CSR (FY 2023-24), well above the industry average of ~90%.

How to file a claim with SBI Life?

To file a claim with SBI Life Insurance: (1) Notify the insurer within the stipulated time frame, (2) Submit claim form with required documents, (3) The insurer must settle within 30 days per IRDAI guidelines. Contact the insurer's toll-free number or visit their branch for assistance.

ClaimRatioβCompare Insurers

Max Life Insurance·99.5%HDFC Life Insurance·99.4%Bajaj Allianz Life Insurance·99.1%Kotak Mahindra Life Insurance·98.8%LIC India·98.6%Tata AIA Life Insurance·98.5%ICICI Prudential Life Insurance·97.9%Aditya Birla Sun Life Insurance·97.5%PNB MetLife India Insurance·97.4%SBI Life Insurance·95.7%HDFC ERGO Health Insurance·100.0%Aditya Birla Health Insurance·95.5%ManipalCigna Health Insurance·91.8%Star Health and Allied Insurance·91.3%Niva Bupa Health Insurance·91.2%New India Assurance Company·91.1%Care Health Insurance·90.3%United India Insurance·90.2%Tata AIG General Insurance·89.4%Reliance General Insurance·88.7%ICICI Lombard General Insurance·88.2%Bajaj Allianz General Insurance·87.9%Future Generali India Insurance·86.3%Go Digit General Insurance·85.4%Acko General Insurance·84.1%Max Life Insurance·99.5%HDFC Life Insurance·99.4%Bajaj Allianz Life Insurance·99.1%Kotak Mahindra Life Insurance·98.8%LIC India·98.6%Tata AIA Life Insurance·98.5%ICICI Prudential Life Insurance·97.9%Aditya Birla Sun Life Insurance·97.5%PNB MetLife India Insurance·97.4%SBI Life Insurance·95.7%HDFC ERGO Health Insurance·100.0%Aditya Birla Health Insurance·95.5%ManipalCigna Health Insurance·91.8%Star Health and Allied Insurance·91.3%Niva Bupa Health Insurance·91.2%New India Assurance Company·91.1%Care Health Insurance·90.3%United India Insurance·90.2%Tata AIG General Insurance·89.4%Reliance General Insurance·88.7%ICICI Lombard General Insurance·88.2%Bajaj Allianz General Insurance·87.9%Future Generali India Insurance·86.3%Go Digit General Insurance·85.4%Acko General Insurance·84.1%

Life Insurance · IRDAI Data

SBI Life Insurance

A joint venture between State Bank of India and BNP Paribas Cardiff, SBI Life distributes through SBI's 22,000+ branch network. Strong presence in tier-2 and tier-3 cities.

LIFECSR 95.74% · FY2023-24Mumbai

CSR FY2023-24

95.7%

31,234 settled

CSR History

Year	CSR %	Claims Settled	Source
FY2023-24 LATEST	95.74%	31,234	IRDAI Annual Report 2023-24
FY2022-23	95.03%	29,821	IRDAI Annual Report 2022-23

Pros & Cons

Pros

✓Accessible through SBI's massive branch network
✓95.74% claim settlement ratio (2023-24)
✓eShield Next term plan is competitively priced

Cons

✕Physical-first process can be slower for online buyers
✕ULIP products are limited compared to private competitors

Complaint Data

Complaints / 10K

1.93

FY2022-23

Grievance Disposal

99.7%

How does SBI Life compare?

Side-by-side CSR, complaints, and grievance data.

Compare SBI Life →