Canceling Sbi Life Insurance: A Step-By-Step Guide

SBI Life Insurance is a well-known insurance company that offers a range of insurance products to help secure your financial future. However, if you are considering cancelling your SBI Life Insurance policy, it is important to understand the correct procedure to ensure a smooth and hassle-free process. In this article, we will guide you through the steps to cancel your SBI Life Insurance policy, including the required documentation and alternative options to consider before making a final decision.

Cancelling within the cooling-off period

The Insurance Regulatory and Development Authority allows you to cancel your life insurance policy within 15 days of receiving the policy document. This is known as the "free-look period". During this time, you can review the terms and conditions of the policy and assess whether the insurance meets your needs. If you are not satisfied, you can cancel the policy and receive a refund of all premiums paid.

To cancel your SBI Life Insurance policy within the cooling-off period, follow these steps:

Step 1: Obtain the FLC request letter form

You can obtain the FLC request letter form from the SBI Life Insurance website or by visiting your nearest SBI Life Insurance branch. This form is used to initiate the cancellation process and request a refund of your premiums.

Step 2: Fill out the FLC request letter form

The form will ask for basic information, including the date, your name, signature, policy number, and branch name. You will also need to provide reasons for your cancellation request. Make sure to fill out the form accurately and completely.

Step 3: Gather the required documents

Along with the completed FLC request letter form, you will need to submit the following documents:

• A photocopy of your Aadhaar card
• A photocopy of your PAN card
• A cancelled cheque with your name on it
• The original policy document
• Premium receipts

Step 4: Submit the cancellation request

Submit the completed FLC request letter form and supporting documents to the nearest SBI Life Insurance branch. You can also choose to mail the documents to the following address:

> SBI Life Insurance Co. Ltd.

> Central Processing Centre

> Kapas Bhawan, Sector 10, CBD Belapur

> Navi Mumbai 400614

Alternatively, you can reach out to SBI Life Insurance via their toll-free customer care number at 1800 267 9090 or their corporate office number at 022-6191 0000. Their email address is [email protected].

Step 5: Track the status of your cancellation request

After submitting your cancellation request, you can track the status by sending an SMS from your registered mobile number to 56161 or 9250001848. You can also give a missed call to 022-62458502 to receive an update on your policy status.

Please note that if you cancel your policy outside of the cooling-off period, you may not be eligible for a refund of premiums paid. It is important to carefully review the terms and conditions of your policy before initiating a cancellation.

Cancelling via the SBI Life Insurance website

If you want to cancel your SBI Life Insurance policy, you must do so correctly. As per the Insurance Regulatory and Development Authority, you can cancel your life insurance policy within 15 days of receiving the policy document.

To cancel your SBI Life Insurance policy online, follow these steps:

Step 1: Go to the official website of SBI Life Insurance

Visit the SBI Life Insurance website.

Step 2: Log in to your account

Log in to your account using your credentials.

Step 3: Navigate to the policy management section

Find the policy management section and look for the policy cancellation option.

Step 4: Enter the required information

Enter the required information for the cancellation request. This may include basic details such as the date, your name, signature, policy number, and branch name.

Step 5: Submit the cancellation request

Submit the cancellation request and make a note of the reference or acknowledgment number for your records.

Step 6: Submit supporting documents

In addition to submitting the cancellation request form, you may also need to provide supporting documents. These documents may include:

• A photocopy of your Aadhaar card
• A photocopy of your PAN card
• A cancelled cheque
• The policy document
• Premium receipts

If you are cancelling the policy due to fraudulent selling, you can register a complaint at the insurer's website. Provide your details along with the policy documents, and the complaint will be sent directly to the regional director. If no response is received, the matter can be escalated to the corporate office and then to the Regulator.

It is important to note that if you cancel your life insurance policy outside of the cooling-off period, you may not be eligible for a refund. The cooling-off period, also known as the free-look period, typically lasts for 15 to 30 days from the date of receiving the policy document.

Cancelling in person at an SBI branch

If you want to cancel your SBI Life Insurance policy in person at an SBI branch, you can follow these steps:

Firstly, it is important to understand the reason for cancelling your policy. Valid reasons for cancellation include finding a better policy for a cheaper price, no longer requiring life insurance, or being unable to afford the premiums.

If you are sure you want to cancel, you can visit an SBI Life Insurance branch and request a surrender form from customer service. You will need to fill out this form and provide the following documents:

• Original policy documents
• Cancelled cheque with your name on it
• If the cancelled cheque does not have a pre-printed name, you will need to provide a passbook copy or bank statement with the pre-printed name and account number
• Government-issued ID proof (PAN Card, Aadhaar Card, passport, driver's license, or voter ID)
• Policy surrender or cancellation form
• Latest contact details
• NRE bank statement showing any premiums paid from an NRE account

Once you have submitted the form and documents to an SBI representative, the surrender value will be credited to your account within 10 to 15 working days.

It is important to note that if you cancel outside of the cooling-off period, you will not receive any refunds. The cooling-off period is a set duration of time, usually 15 days from receiving the policy document, during which you can cancel your policy without penalty.

Additionally, there are some reasons why you may want to reconsider cancelling your insurance policy. Cancelling your policy may result in increased premiums if you change your address or job, or if your medical condition changes. You will also lose tax benefits under Section 80C for premium payments and your family members will not be able to avail of the benefits if something happens to you.

Cancelling due to fraudulent selling

If you have been fraudulently sold an SBI Life Insurance policy, you can cancel it by following the steps outlined below.

Firstly, it is important to be aware of the signs of life insurance fraud. Before purchasing a plan, carefully scrutinize the policy brochure and go through the terms and conditions to understand the implications of each. Verify the details in the policy papers with the facts stated in the brochure. If you are buying insurance from an intermediary, verify their credentials to ensure they are a licensed agent. Insurance companies never ask for original copies of documents, so never submit them. Always pay your premiums online through the insurance company's website.

If you have been sold a fraudulent policy, 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 then to the Regulator. Alternatively, you can surrender the policy by following the procedure mentioned in the policy document.

To surrender the policy, visit SBI's nearest branch office and request a surrender form. Fill out the necessary details, attach the required documents, and submit the form to an SBI representative. The required documents include the original policy documents, a cancelled cheque with the policyholder's name, a copy of your passbook or bank statement, and a government-issued ID proof. The surrender value will be credited to your account within 10 to 15 working days.

You can also contact SBI Life Insurance's customer care facility to initiate the cancellation or surrender of your policy. You can reach out to them via their toll-free number, email, or SMS service. Their toll-free number is 1800 267 9090, and they are available 24/7. The email address is [email protected], and the SMS service number is 56161 or 9250001848.

Cancelling by phone

To cancel your SBI Life Insurance policy by phone, you can call the SBI Life Insurance customer care facility. The toll-free number for general inquiries is 1800 267 9090, and the number is available from 9 am to 9 pm. If you are an NRI, you can call (+91) 022 69289090, which is available 24/7. Please note that call charges may apply for international calls.

When you call the customer care number, you will need to convey your wish to cancel your policy. The insurance provider may offer you alternative options and solutions. If you still wish to cancel your policy, you can request the cancellation form from the customer care representative. You can also obtain the form from the official website of SBI Life Insurance or by visiting the nearest branch office.

Once you have the cancellation form, fill in the required details and submit it to the bank. The bank will then process the cancellation of your policy. It is important to note that no refunds will be made if the policy is cancelled outside of the cooling-off period, which is typically within 15 days of receiving the policy document.

Frequently asked questions