How do I cancel my SBI Life Insurance policy? (In 3 Simple Steps)
So, you have purchased a life insurance policy from SBI Life and want to cancel it? Can it be done? Absolutely! This article will guide you on how you can easily cancel your SBI Life policy using easy to follow and simple steps.
Ways to cancel your policy
There are 2 primary ways to cancel your policy. Let us go through both of them.
Cancellation within the free look period
As an SBI Life Insurance customer, you have the option to cancel your life insurance policy within the free look period (15 days). If you cancel the policy within the free look period, you are eligible to receive a complete refund of your premium paid. This initiative has been taken with the aim of inspiring confidence within policyholders.
What if you have paid multiple life insurance premiums over the course of many years and have now decided to terminate your policy, can you do this? Yes, you can surrender your life insurance policy (usually after a period of 1 year).
Now, let us talk about the steps to cancellation.
3 simple steps to cancel your SBI Life policy
Step 1: Inform your insurance agent/company about the cancellation
First, you will have to inform the insurance company or your insurance agent about your desire to cancel your policy. You can either visit the nearby SBI Life branch or give them a call on 022 6645 6241 / 1800 267 9090.
Step 2: Fill and submit in the relevant forms/documents
Next, you will be asked to fill the following forms:
- Free look period cancellation form (in case your policy is within the free look period) or the policy surrender form
- Original policy bond
- Direct credit mandate
- NRE remittance letter (if the funds are to be transferred to an NRE bank account)
- First premium receipt
- Cancelled check
- Copy of passbook
- Recommendation from the master policy holder (if you want to surrender the policy post the free look period)
Step 3: Attach copies of your personal identification to the forms and submit
Attach the following personal documents:
- Photo ID with address proof
- PAN card
Once you have attached the above documents to the forms, you can visit your nearest SBI Life Insurance branch and submit the entire bunch to the company officer. Once the above documents are received and vetted, the company will typically cancel your insurance policy within 15 days.
Contact details of SBI Life Insurance
1800 267 9090 / 022 6645 6241
Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.
Frequently asked questions about SBI Life policy cancellation
Yes, but first you will have to apply for a duplicate policy bond by providing an affidavit to SBI Life.
Absolutely, you can.
Yes. you can surrender a lapsed policy.
The free look period ranges from 15-30 days. (30 days if the policy is sold through distant method)
022 6645 6241 / 1800 267 9090