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SBI Life Insurance is a renowned insurer offering various insurance products to help you secure your financial future. If you decide to cancel your SBI Life Insurance policy, knowing how to do it correctly is important.
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Whether changing policies, managing your existing plans, or simply surrendering the plan, you must know the right steps to perform the needful task. This article will explain the simple steps you need to take to cancel your SBI Life Insurance policy and what to keep in mind during the process.
Term Plans
As per the Insurance Regulatory and Development Authority, you can cancel your life insurance policy within 15 days of receiving the policy document. Given the same, you can cancel your SBI Life Insurance or term insurance policy by filling in the FLC request letter form.
The request form asks for basic details like date, name, signature, policy number, and branch name. Submit the same to the nearest SBI Life Insurance Office along with your Aadhaar card (photocopy), PAN card (photocopy), cancelled cheque, policy document, and premium receipts. If the policy has not yet been issued, you can still cancel the same with the help of your application number.
If you wish to cancel the policy due to fraudulent selling, you can register a complaint at the insurer's website by providing your details along with the policy documents. The complaint is sent directly to the regional director. If no response is received, the matter is escalated to the corporate office and, after that, to the Regulator.
Alternatively, you can also surrender the policy. The procedure to be followed is usually mentioned in the policy document itself.
You can cancel your SBI Life Insurance policy by following these steps:
Step 1: Go to the official website of SBI Life Insurance.
Step 2: Log in to your account using your credentials.
Step 3: Navigate to the policy management section and find the policy cancellation option.
Step 4: Enter the required information for the cancellation request.
Step 5: Submit the cancellation request.
Step 6: Note down the reference or acknowledgment number for your records.
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Follow the steps listed underneath to surrender your SBI Life Insurance Policy:
Step 1: Visit an SBI Life Insurance branch.
Step 2: Request a surrender form from customer service.
Step 3: Fill out the surrender form.
Step 4: Attach the following documents:
Original policy documents
Cancelled check with your name
Copy of passbook
Bank statement
Copy of PAN card
Copy of Aadhaar card
Copy of passport
Driving license
Voter ID
Step 5: Submit the completed form and documents to the SBI representative.
The surrender value will be credited to your account within 10 to 15 working days.
Partial Withdrawal: In case you wish to opt for partial withdrawal, you can submit the partial withdrawal form to the nearest SBI Life Insurance Branch along with the original policy documents, canceled cheque, I.D. proofs such as Aadhar card, PAN Card, Passport, Driving License, Voter ID, and the latest contact details.
To surrender your SBI life insurance plan, visit the nearest SBI Life Insurance branch and submit the following documents:
Original policy documents
Canceled cheque with the policyholder's name
Copy of your passbook or bank statement
Government-issued ID proof (PAN Card, driver's license, Aadhaar card, voter ID, or passport)
Policy surrender or cancellation form
Latest contact details
NRE bank statement showing any premiums paid from the NRE account
The SBI Life Insurance Policy Surrender Value Calculator is a free and user-friendly online tool, like the term insurance calculator, designed to help policyholders assess the surrender value of their SBI life insurance policies. By inputting some basic information about your policy—such as the policy number, premium amount, and policy duration—you can quickly get an estimate of the surrender amount.
The SBI Life Insurance Policy Surrender calculator simplifies the surrender process, allowing you to make informed decisions about whether to surrender your policy. Whether you’re considering surrendering due to changing financial needs or seeking to evaluate the benefits of your investment, this tool provides a convenient way to understand the potential financial outcomes.
To cancel or surrender SBI Life Insurance or SBI Term Insurance policy via the Customer Care facility of the insurer, follow these steps:
For General Inquiries: Call 1800 267 9090 between 9 AM and 9 PM for help with any questions or issues related to your policy cancellation. Customer service representatives are available to assist with resolving your concerns.
For NRIs: Reach out at (+91) 022 69289090, available 24/7 for NRIs. Note that call charges may apply for international calls.
General: Send your queries or issues to info@sbilife.co.in, and the customer support team will respond with the necessary details and assistance.
For NRIs: Email nriservices@sbilife.co.in for support tailored to non-resident Indian customers, ensuring your concerns are addressed effectively.
Policy Updates: To receive instant updates and information about your policy, text the relevant SMS code to 56161 or 9250001848 from your registered mobile number. This service provides quick access to your policy details.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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