SBI Life Insurance is a leading insurance company which has been formed as a joint venture between State Bank of India and BNP Paribas Cardiff. The company offers individual as well as group life insurance products. There is a range of insurance plans which the company offers. The products are offered online through the website of the insurance company as well as offline. When it comes to online life insurance plans, SBI Life has a range of plans in their kitty. Let’s understand what online life insurance plans mean and the plans offered by SBI Life through the online medium –
Online life insurance plans are plans which are offered directly by the insurance company through its website or through the websites of insurance aggregators. No insurance middlemen are involved as the plans are sold directly by the insurance company.
Online life insurance plans have the following salient features –
SBI Life Insurance offers the following online life insurance plans –
Online life insurance plans can be bought from the website of the insurance company or from the website of any insurance aggregator or insurance broker.
The process to buy online plans is simple. Individuals would have to fill up an online application form and submit it. Then, they would have to pay the premium online after which the policy would be issued.
Online plans are, usually, pre-underwritten plans. However, in instances when the sum assured is high or the insured is more than 45 years of age or there is a history of medical ailment, medical underwriting might be required to buy the policy. The choice of medical underwriting would depend on the company’s underwriter and the proposal form.
Premiums are low because the element of insurance commission which is payable to middlemen for sourcing the policy is absent.
Yes, online plans also allow you the option of free-look cancellation within 15 days of policy issuance. If you are not satisfied with the policy or have second thoughts, you can cancel the plan and avail the refund of your premium.
Yes, online plans have suicide exclusion. If the insured commits suicide within 12 months of buying or reviving the policy, the death benefit is not paid. In such cases, either the premium is refunded if suicide is committed within 12 months of buying the policy or higher of the surrender value or 80% of the premiums paid is refunded if suicide is committed within 12 months of policy revival.
SBI Life Online Plans