After the free-look period, the policy can be cancelled through surrender. It can be done at any time. But if you surrender your life insurance policy before maturity, you can only get a portion of the premiums paid, after deducting the charges. This is called the surrender value.
To surrender your SBI life insurance policy follow the below steps:
Reach out to your SBI life insurance provider through their email: info@sbilife.co.in. Or submit a complaint online by providing the required information, such as your policy number, and reason for cancellation.
Review the cancellation request carefully to ensure all information provided is accurate. Once you are certain about cancelling the policy, submit the cancellation request.
After submitting the request, you might receive a reply from the insurance company regarding the cancellation process.
Also read to know more about SBI Life Insurance: Receipts, Cancellation, Maturity, Claims
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.
How to Create an SBI Life Insurance Login?
To create an SBI Life Insurance login, you generally need to follow a few steps.
- Go to the official website of SBI Life Insurance.
- Look for the option “New User Registration” or “Register” on the website's homepage.
- Provide policy details such as your policy number, date of birth, and other personal information.
- Create a User ID and a strong password after verifying your policy details.
- Then provide your contact details, including your email address and mobile number.
- A One-Time Password (OTP) will be sent to your registered mobile number or email. Enter this OTP on the website to verify your contact information.
- Once your OTP is verified, you will get a confirmation message indicating successful registration.
- After successful registration, go to the login page and enter your User ID and password to access your account.
How Much is SBI Life Insurance Price Right Now?
The premium price of SBI life insurance can vary based on several factors such as the type of policy, coverage amount, age, health condition, lifestyle, and other individual factors. To get the price of an SBI life insurance policy, use the online premium calculator tool at insures website or the PolicyBachat website. In this comparison tool, all you need to do is provide personalized information based on your specific needs and circumstances. By comparing quotes online you can easily get the life insurance price right now.
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.