How to Cancel an SBI Life Insurance Policy?

SBI Life Insurance policy can either be cancelled within the free-look period or be cancelled by way of surrender of the policy after the free-look period. During the free-look period, you should get the cancellation application and the other documents delivered at SBI Life Insurance for cancellation of the policy and for surrender value, you will have to submit the surrender application along with the other necessary documents after free-look period has been lapsed.

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The value upon cancellation of the policy will be decided upon the terms stated in the policy, deductions applicable, and the value for surrender.

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What is an SBI Life Insurance Policy Cancellation?

SBI Life Insurance Policy Cancellation is basically the cancellation of the insurance policy, prior to the maturity of the policy. If your SBI Life Insurance Policy is canceled during the 15- to 30-day Free Look Period, then you will get a total refund after making the minor deductions.

The cancellation of SBI Life policy can happen in two ways:

Type	When Applicable	Benefit Received
Free-Look Cancellation	Within 15 days of receiving the policy document (30 days for certain electronic or distance marketing policies)	Premium refund after deducting applicable charges
Policy Surrender	After completing the minimum required premium payment period	Surrender value as per policy terms

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What is the SBI Life Insurance Policy Cancellation Process?

There are two methods for the cancellation of an SBI Life Insurance policy that are: Free Look Cancellation, in case of immediate cancellation of the policy after purchase, and Policy Surrender in case the cancellation is done after the expiry of the free look period.

Option 1: Cancel During the Free-Look Period

In case you have recently bought an SBI Life Insurance policy and are not happy with the policy, then you can cancel the policy during the free look period. You can cancel the policy within:

15 days of receiving the policy document
30 days in case of policies taken up through distance marketing/electronic modes or certain eligible plans

Steps to Cancel During the Free-Look Period

Step 1: Download the free look cancellation form SBI Life from the policy servicing section.

Step 2: Fill in all the necessary details as follows:

Policy Number
Policy holder's Name
Date on which the policy document was received
Reason for cancellation

Step 3: Submit the SBI Life insurance cancellation form along with other necessary documents at the nearest SBI Life office.

Option 2: Surrender Your SBI Life Policy

In case your free-look period has passed, you can surrender SBI Life policy by filing the surrender form. Surrendering of policy differs from cancelling the same. Once your free-look period gets over, your policy becomes discontinued as per the rules of surrender and the amount of compensation is determined from the available surrender value of your policy.

But usually, in case of life insurance policies, the surrender value can be available only after a minimum number of premiums are paid. This may vary from 2 years to 3 years, depending upon the type of policy.

Steps to Surrender an SBI Life Insurance Policy

Step 1: Download the Surrender Request Form or the Partial Withdrawal Cum Surrender Application Form.

Step 2: Complete the form and sign it.

Step 3: Visit the nearest SBI Life branch and submit the form along with the required documents.

Step 4: After verification, the surrender value will be credited to your registered bank account, subject to the insurer's processing timelines.

Documents Required for SBI Life Policy Cancellation or Surrender

These documents should be kept handy before starting to cancel the insurance policy with SBI Life:

Policy document/Insurance Bond of the policyholder.
Cancellation form of the SBI Life insurance policy.
Valid identity proofs like Aadhaar Card Passport Driving Licence, or any other equivalent identification document.
PAN Card.
A cancelled cheque bearing the policyholder's name and account details.
Self-attested copy of your bank book/passbook or recent bank statement.
Premium payment receipts from the past.
Extra documents required as per the demand for surrender.

Note: Surrendering a policy early may result in receiving significantly less than the total premiums paid. You can use the SBI surrender value calculator to get an estimate of your returns.

What is the SBI Life Insurance Policy Surrender Value Calculator?

SBI Life Insurance Policy Surrender Value Calculator is an easy-to-use and free web-based application that works on the same principle as the term insurance calculator. With this simple calculator, one can calculate the surrender value of his/her SBI Life Insurance policy by entering few details regarding the policy like the policy number, premium amount, and duration of the policy.

The SBI Life Insurance Policy Surrender Calculator makes the process of surrender much easier, helping you take a wise decision in regards to the same. Be it because of the financial considerations or any other reason, the SBI Life Insurance Policy Surrender Calculator will prove to be quite useful.

How to Contact SBI Life Insurance to Cancel or Surrender Policy?

The following process can be followed in order to cancel or surrender SBI Term Insurance Policy by using the Customer Care service provided by the insurer:

Through Toll Free Customer Care

In case of general inquiry: Contact 1800 267 9090 from 9 AM to 9 PM to resolve any issues regarding your policy cancellation.

In case of NRIs: Call at (+91) 022 69289090. The number is available for NRIs at all times. Charges will be applicable for making international calls.

Through Email Support

For General Enquiry: Email info@sbilife.co.in with any of your issues or queries and get the required response.

In case of NRIs: Email nriservices@sbilife.co.in to address any issues of non-resident Indians.

Through SMS Services

For Instant Policy Update Information: Text relevant SMS code on 56161 or 9250001848 from your registered mobile number.

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FAQs

Q: What is an SBI Life Insurance policy cancellation?

Ans: Cancellation of the policy means terminating your insurance coverage within 15 days from the receipt of the policy document. A cancellation request form should be filled and submitted along with other documents.
Q: How can I cancel my SBI Life Insurance policy?

Ans: Cancellation of an SBI Life Insurance Plan could be done either by filing a cancellation at any time during the Free Look Period or the other option would be surrendering the policy post Free Look Period provided the terms conditions of the policy are complied with. The customer also has to submit all necessary forms and documents to SBI Life.
Q: How do I surrender my SBI Life Insurance policy?

Ans: You can surrender your policy by going to any branch of SBI Life Insurance, you have just to fill up the surrender form, and give the policy papers with ID proof and other necessary documents. The surrender amount will be available to you within 10-15 days.
Q: How can I contact SBI Life Insurance for policy cancellation or surrender?

Ans: Toll-Free Customer Care: Call 1800 267 9090 (9 AM to 9 PM) for general inquiries or (+91) 022 69289090 (24/7) for NRIs. Email Support: For general queries, email info@sbilife.co.in. For NRIs, email nriservices@sbilife.co.in. SMS Service: Send relevant SMS codes to 56161 or 9250001848 from your registered mobile number for updates.
Q: Can I Cancel My SBI Life Insurance Policy Online?

Ans: No, the online process does not facilitate full online cancellation or surrender of the SBI Life policy. The forms may be downloaded and a request can be generated via online process but submission of the relevant documents is required for the final process.
Q: How Long Does SBI Life Take to Refund Money After Cancellation?

Ans: SBI Life normally needs 10-15 working days after receipt and approval of the cancellation request for processing the refund. In Free-look cancellation, refund processed after deduction like stamp duty, charges for medical test etc and risk premium. And in policy surrender, refund will depend on surrender value of policy and will be there if surrendered early.
Q. Can I Cancel SBI Life Policy After 5 Years?

Ans: After five years if the plan conditions allow, you can surrender your SBI Life insurance policy. In fact, some policies may have surrender values even before five years. But for a ULIP, five years' lock-in period has to be completed first before you can surrender and get a surrender value. In most cases, for conventional plans, surrender value would vary upon the type of plan and premiums already paid.
Q. What Happens If I Stop Paying SBI Life Premiums?

Ans: When you fail to pay a premium, your policy is given a grace period in which to pay, which is 30 days for annual and 15 days for other modes for most policies, although it can be different for different plans. A policy may lapse or become paid up if premium is not paid. Lapse policy may remove your insurance cover.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

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