Frequently Asked Questions
Claim intimation
- How do I intimate a claim to SBI LIFE?
- What are the documents required for processing a claim?
- What if the original policy document is lost / misplaced and I want to intimate a claim?
- How will I know that a claim is registered by SBI LIFE?
- Who should intimate a claim?
- Is there any time limit to intimate death claim?
Claim processing
- From where can I get the current status of my claim?
- Is it necessary to submit the claim requirements raised by SBI LIFE and where do I submit the claim requirements?
- How much time does SBI LIFE take to settle a claim?
- Why does a death claim gets declined or repudiated?
Claim payout
- Who is entitled to receive the claim benefit?
- Would the claim be payable in foreign currency?
- Is submission of account details for EFT/NEFT mandatory for all claims?
- Whether TDS be deducted on my claim amount?
- How will I receive the claim decision?
Claim grievance redressal
My payment has been successful and I have received a transaction successful receipt. When will the policy be issued to me?
The policy shall be issued after fulfilling all the underwriting and internal requirements.
Based on these details, the decision on acceptance or rejection of cover is taken.
How do I intimate a claim to SBI LIFE?
You may intimate us about the claim through any of the below mentioned options.
What are the documents required for processing a claim?
The documents required to process a claim depend upon the type of claim and cause of death.
However, some additional documents may be called by our claim assessment team for proper assessment
of the claim. To get the list of documents required for different types of claim, please
click here.
What if the original policy document is lost / misplaced and I want to intimate a claim?
If the original policy document is not available with the nominee, an indemnity bond should be
submitted in lieu of policy document which is lost. The indemnity bond needs to be executed on the
duly notarized stamp paper of appropriate state stamp duty along with properly executed surety form.
To get the formats of indemnity bond and surety form, please
click here.
How will I know that a claim is registered by SBI LIFE?
We will send you an acknowledgement letter/SMS/email within 10 days of receiving the documents.
Additional requirements, if any will also be communicated via this letter.
Who should intimate a claim?
Ideally, the policyholder or the nominee (for death claims) under the policy should intimate the
claim. However, if the policyholder and nominee both have expired, legal heirs can intimate the
claim.
Is there any time limit to intimate death claim?
Any death claim should be intimated as soon as possible to enable us to process the claim at the
earliest.
From where can I get the current status of my claim?
To get the current status of your claim, you may:
Is it necessary to submit the claim requirements raised by SBI LIFE and where do I submit the claim requirements?
Assessment of your claim is based on the requirements submitted by you. The claim gets processed immediately after we receive the requirements. You may submit the claim requirements at any of your nearby SBI LIFE insurance branch office.
How much time does SBI LIFE take to settle a claim?
Generally, we settle a death claim within 10-15 days from date of receipt of all requirements from the claimant if the claim does not warrant any investigation. The time frame prescribed by insurance regulatory and development authority of india for settlement of a claim is as follows:
Why does a death claim gets declined or repudiated?
An insurance policy is issued based on concept of utmost good faith which means that the risk is accepted and priced by the insurer based on the disclosures made by the proposer in the proposal form. However, during claim assessment, if it is established that there had been suppression or misstatement of any material fact which would have impacted the insurer’s decision to issue/price or revive the policy, then it may lead to repudiation of the claim. Further, a claim may also be repudiated or declined if any document provided at the issuance/claim stage is found to be forged or manipulated.
Who is entitled to receive the claim benefit?
Would the claim be payable in foreign currency?
No, the claim would be payable in Indian currency (INR) only.
Is submission of account details for EFT/NEFT mandatory for all claims?
As per IRDAI circular (irda/f&a/cir/gld/056/02/2014) dated 13/02/2014, all payouts made to customers need to be in electronic form. Hence, submission of account details for direct credit is mandatory.
Whether TDS be deducted on my claim amount?
Deduction of TDS on claim amount is governed by section 194da of income tax act, 1961. Currently, tds on death claim amount is applicable only for key man insurance or employer-employee policies only.
How will I receive the claim decision?
Once the claim decision is taken, SBI LIFE will send a detailed communication explaining the claim decision to the claimant within 10 days of decision.
What should I do if I am not satisfied with the claim decision taken by SBI LIFE?In case, you are not satisfied with our claim decision, you may write to us at below mentioned address with a request to reconsider the claim. We will put up your case to claims review committee for reconsideration of your claim and update you with the decision taken by the committee.
Head - claims Further, if you are still not satisfied with decision taken by the claims review committee, you may approach the insurance ombudsman in your region. To get the list of insurance ombudsman, please click here. |