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How do I cancel my SBI Life Insurance policy?

cancellation

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.

Policy surrender

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
  • Photo

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

Particulars

Contacts

Phone number

1800 267 9090 / 022 6645 6241

Email ID

info@sbilife.co.in

Social media

https://www.facebook.com/Sbilifeinsurance/

https://www.linkedin.com/company/sbi-life-insurance-co–ltd-

Source

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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Frequently asked questions about SBI Life policy cancellation

  • I have lost my original policy bond, can I still cancel my policy?

    Yes, but first you will have to apply for a duplicate policy bond by providing an affidavit to SBI Life.

  • Can I cancel a policy within the free look period?

    Absolutely, you can.

  • My policy has lapsed, can I still surrender it?

    Yes. you can surrender a lapsed policy.

  • What is the free look period of SBI Life?

    The free look period ranges from 15-30 days. (30 days if the policy is sold through distant method)

  • What is SBI Life Insurance's contact number?

    022 6645 6241 / 1800 267 9090

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    sbi life insurance

    Is SBI Life insurance a private or government company?

    Is SBI Life Insurance a private or government company?

    There is some confusion in the minds of the general public when it comes to the ownership of SBI Life Insurance Company. This article will aim to resolve all those queries.

    SBI Life Insurance is a joint venture between Indian banking giant SBI and foreign company BNP Paribas Cardif.

    SBI Life Is a Publicly traded company that is listed on the BSE and NSE stock exchanges.

    SBI Life shareholding pattern

    The identity of the company can be made out of its shareholding pattern. Below is SBI Life’s shareholding pattern:

    • 55.50% shares owned by SBI – No of shares 555,000,000
    • 5.20% shares owned by BNP Paribas Cardif – No of shares 52,007,092
    • 32.92% shares owned by institutions – No of shares 329,214,588
    • 6.37% shares owned by the general public – No of shares 63,836,997

    As you can see the majority ownership is with the State Bank of India (SBI), hence the decision-making authority when it comes to the direction of the company will be SBI. That being said, SBI Life is being run like a professionally managed company and not like a Public Sector Unit (PSU).

    This means that majority of the employment opportunities within SBI Life will be private in nature and not through Government exams and reservations.

    Difference between a PSU and a privately run company

    As mentioned above, even though the majority ownership of SBI Life is government owned, the company is run like a private professionally run company. Let us learn about the 5 most important differences between a PSU and a Privately run company.

    Employee hiring

    A PSU will generally hire through general government exams and specific government exams. Hiring is based on quotas and reservations. PSU’s hire through exams like SBI Probationary Officer (PO) Exam, SBI Clerk Exam, SBI SO Exam, etc. Other PSU’s like BHEL, DRDO, ONGC have their own set of exams.

    A privately-owned company will hire based on their own internally formulated yardsticks.

    Goals

    The end goal of a public sector company is to uplift the people of the nation. This can be done by employing a quota system, reservations, etc. The end goal of a privately run company is to make profits for its shareholders

    Ownership

    The ownership of a government company lies with the state or central government. Ownership of a private company lies with a private entity.

    Restricted sectors

    Private ownership in certain sectors is restricted by the government. For instance, only state-owned corporations can partake in the following sectors:
    Atomic energy
    Space

    Examples of privately owned vs Government owned companies

    • Example of a government undertakings can be SBI, IOC, BHEL, etc.
    • Privately-owned companies include ITC, Reliance Industries, Wipro, Infosys, L&T, L&T Finance, etc.

    Are you looking for a new SBI Life insurance policy or a policy renewal? Reach out to us and let us assist you.

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