Experience the power of Artificial Intelligence (A.I)
Chat with our super-intelligent A.I model and ask it anything about insurance and related products.
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.
There are 2 primary ways to cancel your policy. Let us go through both of them.
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.
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.
Next, you will be asked to fill the following forms:
Attach the following personal documents:
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.
1800 267 9090 / 022 6645 6241
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