How to Cancel SBI Life Insurance Policy?

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.

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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.    

How to Surrender Your SBI Life Insurance Policy?

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 

    • Bank Statement 

    • Copy of Pan Card

    • Copy of Aadhaar Card

    • Copy of Passport 

    • Driving License

    • Voters ID

    • Cancellation Form 

    • 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.

FAQ's

  • What are the probable reasons for cancelation? 

    Ans. Following are some reasons for the cancelation of your policy:
    • You came across a policy that offers enhanced benefits
    • If you were sold a fraudulent policy
    • If your policy is not providing you the expected benefits
  • What should I do if I do not have the original policy documents with me? 

    Ans. You can apply for a duplicate copy if you have misplaced or lost the original policy. 
  • Can a lapsed Policy be surrendered? 

    Ans. Yes, you can surrender a lapsed policy as well.
  • What is meant by surrender value? 

    Ans. Surrender value refers to the present value of the amount payable on maturity or at the policyholder's death.
  • Can I surrender an assigned policy?

    Ans. Yes, you can surrender an assigned policy on grounds of valid reasons such as dissatisfaction with the policy, etc.

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