Sbi Life Insurance: Calculating Your Policy's Surrender Value

SBI Life Insurance Policy is an investment that must be made over the long term. However, there are certain circumstances that may force you to cancel your policy before its maturity period. If you terminate a plan in the middle of its term, you will receive a surrender amount, from which surrender fees will be subtracted. The surrender value is the sum paid by the insurers when policyholders give up their life insurance plan. To calculate the surrender value, you can use the SBI Life Insurance Policy Surrender Value Calculator, a free online tool that computes the estimated details of the SBI Surrender value. To use the calculator, you need to input some personal details such as the policy term, premium payment mode, amount of premium instalment, number of years the plan has ended, and premium paid amount.

How to use the SBI Life Insurance Policy Surrender Value Calculator

The SBI Life Insurance Policy Surrender Value Calculator is an online tool that helps users calculate the amount they are eligible to receive as a surrender value for their SBI life insurance policy. This tool is freely accessible and helps users compute the estimated details of the SBI surrender value. Here is how you can use the SBI Life Insurance Policy Surrender Value Calculator:

Step 1:

To use the SBI Life Insurance Policy Surrender Value Calculator, you need to provide some basic details about your policy. This includes information such as the policy term, premium payment mode, premium instalment amount, number of years the plan has been active, and the total premium paid.

Step 2:

Once you have entered all the required information, the calculator will promptly determine the surrender value of your SBI life insurance policy. The calculator will take into account the charges attached to the policy cancellation or surrender, which may vary depending on the insurance provider.

Step 3:

After submitting the required details and receiving the calculated surrender value, you can then decide whether to proceed with surrendering your SBI life insurance policy. If you choose to surrender the policy, you will need to follow the process outlined by SBI, which includes submitting a surrender form and providing the necessary documents.

It is important to note that the surrender value of an SBI life insurance policy is generally the sum payable by the life insurer when the policyholder decides to give up their life insurance plan. This payment is also referred to as the Surrender Value. Additionally, the availability of a surrender value depends on the duration of the policy. For policies with a duration of ten years or more, the surrender amount is acquired if the premium has been paid regularly for at least three consecutive years. For policies with a duration of less than ten years, the surrender value is obtained if the premium has been paid regularly for at least two successive years.

Documents required to surrender your SBI Life Insurance Policy

To surrender your SBI life insurance plan, you will need to submit a surrender form at the nearest SBI Life Insurance branch, along with the following documents:

• Original policy documents
• A cancelled cheque in the name of the policyholder
• Government-issued ID proof such as a PAN Card, driver's license, Aadhaar Card, voter ID card, or passport
• Latest contact details
• Bank statement reflecting any premiums paid

If you are an NRI, you may also need to submit an NRE bank statement reflecting any premiums paid from your NRE account.

Surrender benefits received under the SBI Life Insurance Policy

Surrendering an SBI life insurance policy means terminating it before its maturity. If a policyholder surrenders their life insurance policy before the end of the policy term, they will receive a surrender amount from the insurer. However, a surrender value will be deducted from this amount, and this varies from policy to policy.

In the case of SBI life insurance plans, the surrender value is generally the premium amount paid by the policyholder. This is also known as the Surrender Value.

Surrender Benefits in SBI Life Insurance Policy

In the case of regular premiums, no surrender benefits are offered. However, if a single premium has been paid, the policyholder can surrender the policy at any time during the policy tenure and receive 70% of the single premium as the surrender value.

For limited premium policies, the payable surrender value is calculated as follows:

> Surrender value factor X (unexpired policy term/original policy tenure) X total paid premiums

Surrender Value Factors

The surrender value factor is dependent on the remaining term of the policy.

How to calculate the surrender value of your SBI Life Insurance Policy

Surrendering your SBI Life Insurance policy means terminating it before its maturity period. If you surrender your policy, you will receive a surrender amount from the insurer, but a surrender value will be deducted from this sum. This value is usually the premium amount you have paid towards the plan.

If the term of your policy is ten years or more, the surrender value is acquired if the premium has been paid regularly for at least three consecutive years. If the term of your policy is less than ten years, the surrender value is obtained if the premium has been paid regularly for at least two successive years.

You can calculate the surrender value of your SBI Life Insurance policy by using the SBI Life Insurance Policy Surrender Value Calculator. This is a free online tool that helps you compute the estimated details of the surrender value. After providing some basic details related to your policy, you can easily calculate the surrender amount quickly and efficiently.

To obtain these details, you will need to enter some personal information such as:

• Policy term
• Premium payment mode
• Amount of premium instalment
• Number of years the plan has been active
• Premium paid amount

Once you submit all the details, the calculator will promptly determine the surrender value of your SBI Life Insurance policy.

Surrender benefits in SBI Life Insurance Policy:

• In the case of regular premiums: No surrender benefits are offered
• In the case of a single premium: The policy can be surrendered at any time during the tenure. The payable surrender value is 70% of the single premium
• In the case of a limited premium: The payable surrender value is the surrender value factor multiplied by the total paid premiums. The surrender value factor is the unexpired policy term/original policy tenure

How to surrender your SBI Life Insurance Policy

Surrendering your SBI life insurance policy means terminating it before its maturity. If you surrender your policy mid-term, you will receive a surrender amount from the insurer, but a surrender value will be deducted from this sum. This value is typically the premium amount you have paid towards the plan.

SBI life insurance plans can obtain a surrender value in the following situations:

• If your policy term is ten years or more, the surrender value is acquired if the premium has been paid regularly for at least three consecutive years.
• If your policy term is less than ten years, the surrender value is obtained if the premium has been paid regularly for at least two successive years.

To surrender your SBI life insurance policy, follow these steps:

Visit SBI's nearest branch office with the following documents:

• Original policy documents
• Cancelled cheque with the policyholder's name
• Government-issued ID proof (PAN card, driver's license, Aadhaar card, voter ID card, or passport)
• Passbook copy/bank statement with the policyholder's name
• Latest contact details
• NRE bank statement reflecting any premiums paid from the NRE account
• Policy surrender or cancellation form

• Proceed to the counter and request a surrender form.
• Fill out the necessary details and attach the required documents to the surrender form.
• Submit the completed surrender form and documents to the SBI representative.
• After 10 to 15 working days, the surrender value will be credited to your account.

Contacting SBI Life Insurance:

For further assistance, you can reach out to a customer care representative of SBI Life Insurance via the following methods:

• Phone: 1800 267 9090 / 022-6645 6241 (available 24/7)
• Email: [email protected]
• SMS: SMS LIBERATE to 56161
• Mail: M.V. Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069

Calculating SBI Life Insurance Surrender Value:

You can calculate the surrender value of your SBI life insurance policy using the SBI Life Insurance Policy Surrender Value Calculator, a free online tool. To calculate the surrender value, you will need to provide some personal details, such as policy term, premium payment mode, premium instalment amount, number of years the plan has been active, and premium paid amount. The calculator will then promptly determine the surrender value of your policy.

Frequently asked questions