SERVICES FOR EXISTING CUSTOMERS

Give a Missed Call on 022-62458501 to know your current fund value.

Give a Missed Call on 022-62458504 to get Premium Paid Certificate.

Give a Missed call on 022-62458502 to get update on Policy document dispatch status.

Give a Missed Call on 022-62458508 for Offline Product Purchase

Give a Missed Call on 022-62458511 to get update on Renewal Premium Payment.

Give a Missed Call on 022-62458512 to Update Personal Details.

Give a Missed Call on 022-62458513 to get E Policy Bond.

Please give a missed call from the mobile number registered against the policy.

You shall receive the Premium paid certificate on your register email ID within 24 hours.

Give a Missed Call on +919029006575 to register our WhatsApp services.

Pay Premium Online
1. Internet Banking
2. SBI Life website
3. Visa BillPay
4. ‘Smart Care’ mobile application
5. e-Wallet
6. Online Standing instruction on credit card

Pay Premium Offline
7. Direct remittance at SBI Life branch
8. Post or courier
9. In cash at authorized collection centers
10. Auto debit through NACH
11. Direct debit
12. State Bank ATM
13. POS terminal at SBI Life branch

Pay Premium Online
You can choose from multiple options to pay your insurance premium online, without any requirement of physical documents submission.

1. Internet Banking
If you are an internet banking customer of State Bank of India or any of our partner banks, you can enjoy the convenience of online payments.

All you have to do is add SBI Life as your biller (SBI Life is listed as a national biller) and provide your Policy details. Alternatively, you can register through www.billdesk.com.

After verification, this service will be activated and a premium due advice will be sent to your banker. The premium bill will be displayed once you login, indicating the due date and the premium due.

You can choose to pay the premium immediately or schedule the payment for a convenient date before the premium due date.


FAQs on Online payment

2. SBI Life Website
You can conveniently pay renewal premium on the SBI Life website.

On the website, you have the option to make the payment with your Visa/Master/American Express or Diners Credit Card or through your internet banking account with any of the partner banks listed on the website.

Registration
You do not need to register and there is no extra charge for payment through the website. If you are already a registered customer of the Smart Care self-service portal, you can pay the premium by logging in to Smart Care. If you are a non-registered customer, you can visit www.sbilife.co.in to make the payment.

Premium Payment Timelines
Online premium payment can be made 30 days in advance from the premium due date. However, in case you are unable to pay premium on the due date, you can still pay premium online up to 5 months and 25 days from the premium due date. Receipt for every successful transaction, you will get a Success Report and Premium Acknowledgement Receipt instantly. The Renewal Premium Receipt will be sent after adjustment / allocation of premium.


FAQs

3. Visa BillPay (www.visabillpay.com)
If you hold a Visa credit card that has been issued in India, you can register for paying premium through Visa BillPay.
To register for this facility, please log in to www.visabillpay.com , add SBI Life as your biller and provide your policy details for registration. After verification, this service will be activated and the premium bill will be displayed in your log-in with the due date and the premium due.
You can either choose to pay the premium immediately or schedule the payment for a convenient date before the premium date.

4. ‘Smart Care’ mobile application
You can also pay your renewal premium by using our mobile application. Download SBI Life Smart Care Application
Option to view Payment acknowledgement is provided on the screen immediately after payment.

5. eWallets
You can now pay your insurance premium through the following eWallets:

a) SBI Buddy

How to pay?
Step 1 - Download the State Bank ‘Buddy’ App on your mobile phone
Step 2 - Click ‘Recharge & Bill Pay’ and select the ‘Bill Pay’ option
Step 3 - Select Biller category as ‘Insurance’ and choose ‘SBI Life Insurance’ as biller
Step 4 - Enter Policy Number, Date of Birth and complete the transaction

The necessary validations will be conducted and money will be deducted from your SBI Buddy wallet and credited to your SBI Life policy, all in real time.

b) Jio Money Wallet

How to pay?
Step 1 - Download ‘Jio Money’ App on your mobile phone
Step 2 - Click ‘Recharge & Bill Pay’ and go to the ‘Bill Pay’ option
Step 3 - Select Biller category as ‘Insurance’ and choose ‘SBI Life Insurance’ as biller
Step 4 - Enter Policy Number, Date of Birth and complete the transaction

The required validations will be conducted and money will be deducted from your Jio Money Wallet and credited to you SBI Life policy, all in real time.

 

Submit policy payout request at your nearest SBI Life Branch

1. Visit your nearest SBI Life Branch
2.Submit the relevant policy payout request form along with the required documents

FAQs about Policy Surrender and Partial Withdrawal – Individual Plans

What does surrendering a life insurance policy mean?
Surrendering a life insurance policy means exiting from the policy before its maturity. It is the voluntary termination of the insurance contract by the policyholder.

What do I (the policy holder) stand to lose if I surrender the policy before maturity?
If you surrender the policy before its maturity, you stand to lose all the benefits associated with the policy; i.e. death benefits and maturity benefits.
Insurance policies are typically designed to give you financial benefits in the long-term. For maximizing your returns from the insurance investment, it is advisable to stay invested for the entire term. Moreover, surrendering a policy now and purchasing a new life insurance policy later is costly.
An alternative to surrendering the policy is partial withdrawal.

What do I receive when I surrender my policy?
On surrendering your policy, you will be paid a Surrender Value. Surrender Value will be as per the surrender clause mentioned in your policy schedule.
For instance, if you surrender your Unit Linked Insurance Plan (ULIP), the Surrender Value will be equal to your Fund Value (after deduction of charges for surrender and TDS as applicable) on the date of surrender.

Can I surrender my Unit Linked Insurance Plan (ULIP) at any time during the policy term and receive a surrender payout?
As per IRDAI guidelines, lock-in period of five years needs to be completed before any payout can be made to the policyholder.

How can I surrender my policy?
To surrender your policy, please visit the nearest SBI Life Branch and submit the duly filled Surrender Request Form.

What are the documents required for surrendering the policy?
You will need to submit the following documents to surrender your policy:
• Surrender Request Form with a recent photograph of the policyholder.
• Original Policy document. In the absence of the original policy document, you will need to get an indemnity bond executed.
• Original Photo ID and Address Proof with one self-attested photocopy.
• Original Bank Passbook / Account Statement which shows recent transactions not older than 1 month, along with one self-attested photocopy or original cancelled cheque with pre-printed name.
• Copy of the policyholder’s Pan Card.
• NRE Remittance letter, if payout needs to be processed into the NRE account.
• If you are an NRI, you can check with the SBI Life office about documents required for taxation purpose.

What is Partial Withdrawal?
Partial Withdrawal is an option that allows you to withdraw a part of your fund value. The rules applicable for partial withdrawal may differ from product to product.

What is the benefit of Partial withdrawal?
If need for liquidity arises, partial withdrawal enables you to fulfil your financial requirement without exiting from the policy. By availing the partial withdrawal facility, you can continue to enjoy the life cover that your insurance policy offers.

What are the documents required for Partial withdrawal?
Documents required for partial withdrawal are the same as those listed under Surrender Request.

What is Free look Cancellation?
Free Look Cancellation is a facility provided to the policyholder to review the terms and conditions of the policy. If the policy holder disagrees with any of those terms and conditions or otherwise, he or she can return the policy for cancellation, stating the reasons for objection, within the stipulated period from the date of receipt of the policy document.

When does the free look period begin and end?
The Free Look period lasts for 30 days beginning from the date of receipt of the policy document, whether received electronically or otherwise.

Are intermittent holidays and non-working days excluded under the stipulated calculation of free look period?
No

If the last day of the Free Look period is a Sunday or a public holiday, will the cancellation request be accepted on the next working day? If yes, how will the NAV be determined?
Yes, the cancellation request will be accepted on the next working day, if the last day of the Free Look period happens to be a Sunday or a public holiday. The NAV of the next working day will be applicable.

What are the documents required for initiating Free Look Cancellation?
You will need to submit the following documents to initiate Free Look Cancellation:

1. Free Look Cancellation Request form.
2. Original Policy Document.
3. Direct Credit mandate. NRE Remittance letter to be submitted, if payout needs to be processed into the NRE account.
4. Cancelled cheque leaf with the name pre-printed name or self-attested pre-printed pass book copy with transaction details not more than six months old.
5. Original First Premium Receipt.

FAQs about Policy Surrender and Partial Withdrawal – Group Plans

What are creditor protection products?
Creditor protection products are products which are taken on the life of a member who has availed of a loan. In case of death of the member, the insurer will pay benefits as defined in the policy terms and conditions.

When can SBI Life – Dhanraksha and SBI Life – RiNn Raksha Policies be surrendered?
These policies can be surrendered any time after one year from the start date of the insurance cover, till expiry of policy term.

What are the documents required for surrender/foreclosure of Group Plans?
You will need to submit the following documents to surrender your Group Plan:
1. Surrender Form.
2. Recommendation from Master Policy Holder.
3. Original COI(Certificate Of Insurance).
4. Direct Credit Mandate and cancelled cheque with pre-printed name. NRE Remittance letter to be submitted, if payout needs to be processed into the NRE account.

What are the documents required for initiating Group Free Look Cancellation?
You will need to submit the following documents to initiate Group Free Look Cancellation:
1. Free Look Cancellation Form
2. Recommendation from Master Policy Holder.
3. Original COI(Certificate Of Insurance).
4. Direct Credit Mandate and cancelled cheque with pre-printed name. NRE Remittance letter to be submitted, if payout needs to be processed into the NRE account.

What are the documents required for Group Cover Cancellation?
1. Cover cancellation form.
2. Recommendation from Master Policy Holder with loan status (can be done only if loan is not availed or closed within 90 days).
3. Original COI(Certificate Of Insurance).
4. Direct Credit Mandate and cancelled cheque with pre-printed name. NRE Remittance letter to be submitted, if payout needs to be processed into the NRE account.

When can Super Suraksha policies be foreclosed?
Super Suraksha policies can be foreclosed upon submission of surrender documents, once the loan is foreclosed.

For SBI Life – RiNn Raksha policies, are Free Look Cancellation and Cover Cancellation the same?
Free Look Cancellation and Cover Cancellation are not the same for SBI Life – RiNn Raksha policies.
• Free Look Cancellation can be done within 15 days from receipt of policy in case you are not satisfied with the terms and conditions of the policy.
Recommendation from Master Policy Holder is required, along with other necessary documents mentioned here. • Cover cancellation can be done on receipt of request from a member within 90 days from issuance of policy, stating that the loan is not availed or that it is closed within 90 days. Recommendation from Master Policy Holder is required, along with other necessary documents mentioned here.

Where can I submit the request for Surrender/Foreclosure/Free Look and Cover Cancellation?
All the above requests can be submitted at the nearest SBI Life Branch, along with the required documents.

Can members continue with their SBI Life – Dhanraksha or SBI Life – RiNn Raksha policy even if they have closed their loan account?
Yes, they can continue with their policy.

Is closure of loan account mandatory in order to surrender the SBI Life – Dhanraksha or SBI Life – RiNn Raksha policy?
No, you can surrender your SBI Life – Dhanraksha or SBI Life – RiNn Raksha policy even without closure of your loan account.