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I hereby notify you of my decision to terminate the contract relating to the Sbi Life service.
This notification constitutes a firm, clear and unequivocal intention to cancel the contract, effective at the earliest possible date or in accordance with the applicable contractual period.
Please take all necessary measures to:
– cease all billing from the effective date of cancellation;
– confirm in writing the proper processing of this request;
– and, if applicable, send me the final statement or balance confirmation.
This cancellation is addressed to you by certified e-mail. The sending, timestamping and content integrity are established, making it a probative document meeting electronic proof requirements. You therefore have all the necessary elements to proceed with regular processing of this cancellation, in accordance with applicable principles regarding written notification and contractual freedom.
In accordance with personal data protection rules, I also request:
– deletion of all my data not necessary for your legal or accounting obligations;
– closure of any associated personal account;
– and confirmation of actual data deletion according to applicable privacy rights.
I retain a complete copy of this notification as well as proof of sending.
Important warning regarding service limitations
In the interest of transparency and prevention, it is essential to recall the inherent limitations of any dematerialized sending service, even when timestamped, tracked and certified. Guarantees relate to sending and technical proof, but never to the recipient's behavior, diligence or decisions.
Please note, Postclic cannot:
- guarantee that the recipient receives, opens or becomes aware of your e-mail.
- guarantee that the recipient processes, accepts or executes your request.
- guarantee the accuracy or completeness of content written by the user.
- guarantee the validity of an incorrect or outdated address.
- prevent the recipient from contesting the legal scope of the mail.
Cancellation Sbi Life: Easy Method
What is SBI Life
Overview
SBI Life is one of India’s leading life insurance companies, offering term, savings, ULIP and retirement solutions to individuals and families.
The company provides risk cover, investment-linked plans and traditional savings products with optional riders and multiple premium options.
Scope of this guide
This guide explains how to cancel an SBI Life policy, what refunds you may get, required documents and your rights under Indian law.
It covers free-look cancellations, post free-look surrender rules for different plan types, and practical steps to follow.
How to cancel SBI Life
If you are within the free-look period
- Confirm the free-look window: IRDAI mandates a 30-day free-look period from receipt of the policy document for life and health policies (effective April 1, 2024).
- Notify SBI Life in writing (email or physical) specifying your policy number and cancellation request within the 30 days.
- Submit required documents (policy bond, ID, canceled cheque) as listed below to process the refund.
If you are past the free-look period
- For term plans: check if the plan has any surrender value (most pure term plans have no cash value on cancellation).
- For ULIPs and endowment/savings plans: request surrender details - surrender value applies as per policy terms and vesting conditions.
- If you suspect mis‑selling, raise a formal grievance with SBI Life and escalate to IRDAI/Ombudsman if needed.
What happens when you cancel
Access and policy status
On acceptance of a free-look cancellation, the insurer treats the policy as void from inception and reverses coverage.
For post-free-look surrenders, the policy is terminated and any eligible surrender value is paid as per terms.
Data, renewal and records
SBI Life retains records for regulatory purposes; cancelling does not remove historical transaction data required by law.
If premiums were auto-debited or renewals scheduled, confirm with customer service that further debits are stopped.
Will I get a refund?
Free-look refunds
Under IRDAI rules, a full refund of premium is allowed within the 30-day free-look period, subject to permitted deductions.
Permitted deductions include a proportionate risk premium for the time on risk, stamp duty and medical examination charges if incurred.
Refunds after free-look
- Term plans: typically no refund/surrender value for pure term covers after the free-look period.
- ULIPs/endowment/savings plans: surrender or discontinuance value may apply as per the policy contract and vesting.
- Exceptional mis‑selling cases: insurers may consider discretionary refunds; file a grievance if you believe you were mis‑sold.
SBI Life plans and pricing
Summary of sample plans
The table below lists representative SBI Life plans and indicative annual premium ranges. Exact premiums depend on age, sum assured, term and options.
Note on prices
Prices are illustrative ranges from SBI Life’s published plan listings. Confirm final premium by getting a quote from SBI Life or an authorized agent.
| Plan | Price | Period (期間) | Features |
|---|---|---|---|
| Smart Shield Plus | ₹2,500 onwards (annual) | Annual | Individual term plan, optional riders like Accident Benefit; Better Half Benefit |
| Smart Shield Premier | ₹9,500 onwards (annual) | Annual | Traditional term plan; level or increasing cover; optional Accident Benefit Rider |
| eWealth Plus | ₹36,000 onwards (annual) | Annual | ULIP; market-linked returns plus life cover; simplified online buying |
| Smart Scholar Plus | ₹50,000 onwards (annual) | Annual | Child ULIP plan; corpus creation, lump-sum payout and loyalty additions |
| Retire Smart Plus | ₹30,000 onwards (annual) | Annual | Retirement ULIP; build corpus with market returns and loyalty additions |
| Smart Elite Plus | ₹2,50,000 onwards (annual) | Annual | ULIP with wide fund options and high savings potential |
| Smart Platina Supreme | ₹50,000 onwards (annualized) | Annualized | Savings plan with regular guaranteed benefits during payout |
| Smart Platina Plus | ₹50,000 onwards (annualized) | Annualized | Savings plan with regular guaranteed long-term income |
| Smart Fortune Builder | ₹40,000 to ₹2,50,000 (annual) | Annual | ULIP; wealth creation with guaranteed additions |
| Smart Swadhan Supreme | ₹6,000 onwards (annual) | Annual | Protection plan with return of premiums on survival at term end |
| Saral Jeevan Bima | ₹1,415 to ₹1,01,025 (annual) | Annual | Standard term plan, multiple premium payment options |
| Smart Bachat Plus | ₹12,000 onwards (annual) | Annual | Non-linked participating savings plan; accidental death and disability benefit |
Your consumer rights in India
Right to information and disclosure
Policyholders have the right to full disclosure of terms, exclusions, riders, charges and benefits before purchase.
Insurers must provide clear product information and a copy of the policy document on issuance.
Cancellation, grace and grievance rights
You have the right to cancel a policy within the IRDAI-mandated 30-day free-look period and receive refund subject to allowed deductions.
There is a grace period for premium payment and the right to approach the insurer’s grievance channels, IRDAI grievance portal or the Insurance Ombudsman if unresolved.
Customer experiences
Positive feedback
Many customers report timely support from SBI Life for claims and policy servicing via email and official channels.
Quick resolution for straightforward queries is commonly cited by satisfied policyholders.
Common complaints
Complaints include delays in refunds or cancellations, difficulties with surrender procedures and occasional technical issues with apps.
Some users report concerns of mis‑selling for ULIPs or lock‑in products; escalate such cases through grievance procedures.
Documentation checklist
Documents to prepare for cancellation
- Original policy document (policy bond) or policy number.
- Proof of identity (PAN, Aadhaar, passport) as applicable.
- Cancelled cheque or bank details for refund (account holder name, IFSC).
- Signed free‑look cancellation request or surrender form (as applicable).
Optional supporting documents
- Medical reports or receipts (if insurer deducted medical costs).
- Proof of mis‑selling (communications, sales illustrations) if you intend to file a grievance.
- Any receipts of premium payments or bank statements showing debits.
Common mistakes
Delaying the cancellation request
Waiting past the free-look period can forfeit your right to a straightforward refund, especially for term plans that have no surrender value.
Act promptly once you decide to cancel and keep proof of delivery for any physical communications.
Incomplete documentation and wrong bank details
Submitting incomplete forms or incorrect bank details delays refunds. Always double-check account numbers and IFSC codes.
Missing the policy bond or mismatch in names between policy and bank account are frequent causes of delay.
Comparative recap
At-a-glance comparison
The table below summarizes key cancellation and refund differences by product type and timelines for SBI Life.
How to read this table
Use the table to quickly check whether you are likely to get a refund and expected processing timelines.
| Feature | SBI Life | Period (期間) |
|---|---|---|
| Free-look cancellation | Full refund minus proportionate risk premium, stamp duty and medical charges | 30 days |
| Refund processing time (free-look) | Typically processed within about 7 - 15 working days after valid request | 7 - 15 working days |
| Term plan cancellation after free-look | No refund or surrender value in most pure term plans | Not applicable |
| ULIP / endowment surrender | Surrender value payable as per policy terms and vesting rules | Depends on policy terms |
| Mis‑selling recourse | Grievance to insurer; escalate to IRDAI/Ombudsman if unresolved | As required |
After cancelling
What to confirm
After cancellation, confirm receipt of the refund and obtain a written closure confirmation or settlement advice from SBI Life.
Keep copies of all correspondence and transaction receipts for future reference and regulatory timelines.
Useful links and escalation
Reference the IRDAI-guided free-look change reported by media for details on the 30-day rule: Economic Times - 30-day free-look rule.
For general consumer insurance rights and grievance guidance, see a concise regulator-focused article: Consumer Insurance Rights (SBI General article).
Address
Central Processing Centre
SBI Life Insurance Co. Ltd., Central Processing Centre, Kapas Bhawan, Sector 10, CBD Belapur, Navi Mumbai 400614, India.
Other contact points (non-exhaustive)
Common contacts used for cancellations: company email (info@sbilife.co.in), toll-free numbers and local branches. Always confirm current contact details from SBI Life before sending sensitive documents.