How to cancel SBI Life Insurance policy?

Posted onNov 22, 2021

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How to cancel SBI life Insurance policy?

For any case scenario, like if you are not satisfied with the plan or if it doesn’t benefit you enough, and you want to surrender or cancel your SBI Life Insurance policy, then, there are certain procedures and steps that you need to go through. But, this too has some time duration within which only, you can cancel your plan otherwise, the refund of the insurance premium payment won’t be sanctioned. 

SBI Life Insurance policies are very essential for our life. If any step of life, any tragic incident occurs, these help us in the protection and safeguard of our loved ones. SBI Life Insurance policy has dozens of amazing plans for you to opt for but sometimes, customers often cancel or surrender their insurance premium policy because they find a better one or they are not satisfied. And that’s the plus point with these policies that if you are not satisfied, you can cancel. However the cancellation step is quite complicated and tricky that’s why we have presented this article, where we have described all the details and procedures of the cancellation of the SBI Life Insurance policy. So, let’s get started! 

SBI Life Insurance Policy 

Before we get started with the procedure to surrender or cancel the Life Insurance Policy, let’s discuss the plans, offers, types and premium payment prices. 

SBI Life Insurance policy is designed in such a way that it could contour every need of an Indian. It provides stability, security and versatility for its customers. And along with the brilliant functioning of the State Bank of India, these policies become more effective. 

Speaking on a wider term, SBI Life Insurance policies are categorized into three major parts:

  • Individual Plans
  • Group plan
  • Online plan

The Life Insurance Policy includes Protection plans, Child plans, Saving plans, Pension plans, ULIP plans and Money Back Income plans. 

As you pick up an insurance plan, the next step is to go through the various insurance policy payment offers. When you select the most suitable plan at affordable prices, you need to pay the insurance premium. 

And in case, you ever want to surrender your plan, you need to do it within a certainly given time duration otherwise you wouldn’t receive the refund of the insurance premium payment. 

Procedure to cancel or surrender SBI Life Insurance policy

In order to surrender or cancel your SBI Life Insurance policy or make a partial withdrawal from the fund, you need to follow the right procedure, that is: 

How to Cancel policy: 

The first thing that is needed for cancelling the policy is to submit the reasons for policy cancellation/surrender along with the cancellation form in your nearest SBI Life Insurance branch. 

In addition, you need to attach some documents as well, these are: 

  • The original document of the policy you opted for. 
  • A cancelled cheque along with the holder's name on it. 
  • Policy cancellation form
  • ID proof
  • Updated contact details
  • Copy of passbook/bank statement with pre-printed holder's name and account number (in case bank details are not mentioned on the cancelled cheque). 
  • If SBI Life Insurance payment is paid through an NRE account, attach the NRE bank statement as well.

How to partial withdrawal: 

For making a partial withdrawal from your SBI Life Insurance policy, you need to submit the pay-out form at your nearest SBI Life Insurance branch. And also, attach the following documents with it: 

  • Original documents of your insurance policy 
  • ID Proof
  • CI copy or the submitted YPD for the withdrawal request
  • Updated contact details
  • Cancelled cheque with the holder’s name on it. 
  • Copy of passbook/bank statement with pre-printed holder's name and account number (in case bank details are not mentioned on the cancelled cheque). 
  • If SBI Life Insurance payment is paid through an NRE account, attach the NRE bank statement as well. 

Payrup Life Insurance 

Payrup, is the emerging E-commerce website that provides great online services of recharge prepaid phones, DTH, electricity bills and many more. Along with this, Payrup facilitates some amazing packages of Life Insurance. Payrup provides a smooth hassle-free Life Insurance premium payment. 

The customers can easily pay their LIC premium payment from Payrup online. Also, F future Generali India Life Insurance Company Limited, Exide Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance Co. Ltd, Shriram Life Insurance Co Ltd, Reliance Nippon Life Insurance, TATA AIA Life Insurance and many others, are facilities on the plans of Payrup Life Insurance Company. The details on the Payrup Life Insurance Company, you can find on the official website of Payrup. We have discussed some of the detailings like eligibility, death benefit and minimal paying amount, right below: 

Eligibility Criteria for Payrup Life Insurance Company

On a certain note, there are some eligibility criteria for the plans listed on Payrup. These criteria vary as per the plans. So, to know the eligibility criteria, you need to select the plan and go through the detailing. 

Minimum Eligible premium amount to be paid 

The minimum eligible premium amount that needs to be paid for the Payrup life insurance policy depends entirely on the paying frequency of premium by the customers or the insurer. 

Death benefits covered under the policy

If under any tragic circumstances, the insurer dies, the death benefit is given to the nominee of the Life Insurance policy, by the insurer. The name and details of the nominee are given by the insurer. And the nominee is the person who is paid after the death of the insurer.

Conclusion

It often happens that after selecting the insurance policy, customers find better options or are not satisfied. For those times, there are procedures that you can go through to cancel your Life Insurance policy. We discussed the cancellation or surrender procedure of the SBI Life Insurance policy and the Payrup Life Insurance Company. Stay tuned for more such content! 

Read about 9 Genuine Reasons To Buy Health Insurance here

https://payrup.com/blogs/9-genuine-reasons-to-buy-health-insurance

Final Thoughts…

Popular bill payment facilities are available on Payrup!

Payrup has a host of facilities that can all be paid online using our platform.

Choose to make payments for mobile prepaid, mobile postpaid, dth, electricity, landline bills, piped gas, broadband bills, water bills, e-gift cards purchases, cable tv bills, credit card bills, health insurance purchases, housing society payments, life insurance premium purchases, loan repayments, hospital payments, subscriptions, education fees, fastag payments, LPG gas bills, municipal services, and municipal taxes’ payments Payrup has it all covered for our users under one roof.



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