How To Calculate Surrender Value Of SBI Life Insurance Policy?

Can I Cancel My SBI Life Insurance Policy within 15 Days?

SBI Life Insurance Company offers a free-look period during which the policyholder can cancel the policy if they are not satisfied with the terms and conditions and receive a refund of premiums paid. The free-look period is usually 15 days to 30 days from the date of receiving the policy document.

How to Check SBI Life Insurance Policy Surrender Value?

To check the surrender value of a SBI life insurance policy, you can follow the below steps:

• Contact the Insurance Company: Reach out to the customer service department of SBI Life Insurance Company and provide your policy details, including the policy number, name, and any other information. Then customer service representative will tell you about the surrender value details.
• Check Policy Documents: Review your policy documents, as they may also contain information about the surrender value and the process for surrendering the policy. The surrender value is often explained in the policy terms and conditions.
• Online Account Access: If you have an online account with SBI Life Insurance Company, log in to the official website. Check if they provide access to policy-related information, including the surrender value.

What is the Surrender Value of SBI Life Insurance Policy?

The surrender value of the SBI Life insurance policy is the amount that the policyholder is entitled to receive from the SBI Life Insurance Company if they choose to surrender or terminate their policy before its maturity or before the insured event (such as the death of the insured) occurs. The surrender value calculation is subject to certain rules and regulations set by the IRDAI and it varies based on the type of life insurance policy and its terms and conditions.

How to Discontinue SBI Life Insurance Policy?

You can discontinue your SBI life insurance policy at any time if you decide that you want to discontinue your policy. To discontinue the SBI life insurance policy download the surrender form from the insurer's website and fill out all the required information then submit a written form along with the required documents.

Once the cancellation process is complete, you should receive confirmation from your insurer. They will also inform you of any refund due, if applicable, based on the policy terms and the premiums you have paid. The refund may be subject to deductions, such as surrender charges or outstanding premiums.

How to Cancel SBI Life Insurance Policy in Free Look Period?

SBI Life Insurance Company provide a free look period of 15 days or 30 days based on the type of life insurance policy. However, the free look period begins from the date of receipt of the policy document. You can cancel your life insurance policy within this free-look period if you're not satisfied with the terms and conditions of the policy.

To cancel an SBI Life Insurance policy during the free look period, follow these steps:

• Get in touch with SBI Life Insurance's customer service department using the contact details provided on their website or policy document.
• Notify the customer service representative about your decision to cancel the policy during the free look period. Provide necessary policy details.
• They may ask you to fill out a cancellation form or submit a written request. Submit the required documents to SBI Life Insurance as instructed.
• Wait for confirmation regarding the cancellation and any applicable refund. If premiums were paid, SBI Life Insurance will process the refund after deducting relevant charges like medical examination fees and stamp duty.