As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15 days from the date of receipt of the policy document. Given the same, you can cancel your SBI Life Insurance policy as well by filling in the FLC request letter form.Read more
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The request form asks for basic details like date, name, signature, policy number, branch name. Submit the same to the nearest SBI Life Insurance Office along with your Aadhaar card (photocopy), PAN card (photocopy), canceled cheque, policy document, and premium receipts. In case the policy has not yet been issued, you can still cancel the same with the help of your application number.
In case of any discrepancies, you can:
Contact the SBI Life Insurance officials on the toll-free number 1800 267 9090 or 022 6645 6241 between 9:00 am to 9:00 pm every day or the Corporate Office Number 022 6191 0000.
You can also mail your queries at the customer support mail of SBI Life.
Mails can also be forwarded to the Head Client Relationship Manager of SBI Life.
Secondly, in case you wish to cancel the policy on account of fraudulent selling, you can register a complaint at the insurer's website by providing your details along with the policy documents. The complaint is sent directly to the regional director. If no response is received, the matter is escalated to the corporate office and, after that, to the Regulator.
Alternatively, you can also surrender the policy. The procedure to be followed is usually mentioned in the policy document itself.
Follow the steps listed underneath to surrender your SBI Life Insurance Policy:
Visit your nearest SBI Life Insurance Branch
Look for the Policy Surrender Form
Duly fill the form along with the documents listed
The Original Policy documents
Canceled Cheque with the policyholder's name
Copy of Passbook
Copy of Pan Card
Copy of Aadhaar Card
Copy of Passport
Latest Contact Details
NRE Bank Statement, if premiums paid from NRE account
Partial Withdrawal: In case you wish to opt for partial withdrawal, you can submit the partial withdrawal form to the nearest SBI Life Insurance Branch along with the original policy documents, canceled cheque, I.D. proofs such as Aadhar card, PAN Card, Passport, Driving License, Voter ID, and the latest contact details.
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