How to Download SBI Life Insurance Premium Receipt?

SBI Life Insurance (‘SBI Life’) is a life insurance company in India that was incorporated in 2001. SBI Life’s diverse products include pensions, savings, protection, and health, which cater to individual and group customers. It is known for providing savings, protection plans, and good customer service. It also provides various online services, making it easy for its customers. 

Customers with SBI Life Insurance can easily pay premiums online and download the SBI Life Insurance premium receipt. In this article, let’s look at how to get the premium receipt of SBI Life Insurance online.

Process to pay SBI Life Insurance premium

Follow the below steps to pay the premium of your SBI Life Insurance online: 

Step 1: Log in to the SBI Smart Care portal by entering your policy number and MPIN, or entering your policy number and generating OTP, or entering your User ID and password. 

Step 2: Click on the ‘Pay Premium’ option.

Step 3: Enter your policy number and date of birth, and click ‘Submit’.

Step 4: The details of your policy will be displayed. 

Step 5: Pay the premium using your debit or credit card. 

Purpose of downloading the SBI Life Insurance premium receipt

Once you pay your SBI Life Insurance plan premium, it is recommended that you download the SBI Life Insurance premium payment receipt. The purpose or benefit of downloading the receipt is as follows: 

• Policyholders get tax deductions on the premiums paid for life insurance plans. Thus, downloading the SBI Life Insurance premium paid receipts will help you while filing your income tax returns, as they act as proof of payment. 
• The downloaded premium receipt ensures that you have paid a premium and are entitled to life insurance coverage benefits. 
• The downloaded premium receipts help your nominees to claim the life insurance policy after your demise. It will ensure that the claim settlement process is easy and quick. 
• You can verify the details of your policy from the premium receipt since it contains details such as the policy number, payment date, premium amount and policy tenure.
• You can assess the overall insurance expenses and make informed decisions regarding insurance coverage, as the premium receipts help you keep track of your expenses.

How to download the SBI Life Insurance premium receipt?

Follow the below steps to download your SBI Life Insurance premium receipt: 

Step 1: Log in to the SBI Smart Care portal.

Step 2: Click on the ‘Policy Documents/Statements’ option and click on the ‘Premium Payment Acknowledgment’ option.

Step 3: Enter your policy number and date of birth, and click ‘Get Acknowledgement’.

Step 4: Click on the digital copy. Check if there are any errors and rectify them, if any. 

Step 5: Click ‘Download’ to download a copy of the SBI Life Insurance premium receipt. 

Tax benefits of SBI Life Insurance policy

You can claim tax deductions on the premium paid for your SBI Life Insurance policy under Section 80C of the Income Tax Act, 1961. However, you can only claim deductions under Section 80C up to Rs.1,50,000. When the premium paid on the life insurance policy is not more than 10% of the sum assured, the maturity amount or amount received on the insured’s death is also exempt from tax under Section 10(10D). 

SBI Life Insurance provides many individual and group life insurance plans. The policyholders can pay premiums for the life insurance policies easily online from the comfort of their homes. They can also download the SBI Life Insurance premium receipt online, which makes it convenient for the policyholders.

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