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Home > Customer Education > Know Your Rights and Responsibilities

Customer Education

SBI Life is committed to safeguard your rights when you buy insurance and when you submit a claim. It is essential to know what your rights are.

Right to Information about:
How the product meets your needs?
How the claims settlement process works?
How does insurance policy works?
How your premium is invested?
How your savings will grow?
How to know about the policy details at any point of time?
Right to Privacy:
All information provided by you to the company in order to provide you the insurance, the responsibility of keeping your information confidential lies with us.

Right to Guidance:
You have the right to be guided to choose a product which suits your needs.

Grace Period:
The company offers a ‘grace period’ as per policy terms and conditions in case you are unable to pay your premium on time.

Free-look Period:
If you are not satisfied with the policy terms and conditions, you can cancel your policy during the ‘Free-look period’ as defined under policy terms and conditions

Right to Timely Claims Settlement:
Ideally, the Company settles a claim within 30 days of submission of all the necessary documents.

Right to Complaint Resolution:
If you have a complaint about the services you have received, you have the right to approach us.

Understand the product features:
Plan Type: Market Linked or Traditional
Premium Mode: Single Premium or Regular Premium
Premium Amount, Premium Paying Term  and Tenure of the plan
Plan Benefits - Before and at Maturity
Lock-in period and Surrender Charges
Check and understand the Benefit Illustration
Fill the Proposal Form carefully:
Fill in the proposal form yourself and provide true information about your health, financial status, occupation etc..

Read the Policy Document and Benefit Illustration carefully:
Read the policy document carefully and understand the terms and conditions.

Understand Benefit Illustration (BI) given by Insurance Agent prior to signing the Proposal Form.

Payment Option & Paying Premium in time:
Pay your premiums regularly to keep your policy in-force to continue to avail its benefits.

It is advisable to opt for any of the automatic debit modes for renewal premium payment as they reduce chances of missing payment by due date.

Are you adequately Insured:
Review your insurance needs regularly for adequate cover.

Right to Timely Claims Settlement:
Ideally, the Company settles a claim within 30 days of submission of all the necessary documents.

Update Contact Details:
Intimate change in address, contact number, e-mail id and nominee to the Company .

Assignment & Reassignment:
If your policy is assigned for a loan, ensure that the reassignment notice is sent to the Company and is noted after the loan is repaid. T he reassigned policy should be taken back from the lender.
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