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What are the documents required for Correction in Policy holder/Nominee/Life Assured/Life Beneficiary/Policy holders father name?


Customer Letter/Policy correction form duly filled along with proof For example : Copy of Pan Card/Election Card/ Passport/ Driving License/Birth Certificate duly attested by the policy holder and by the SBI Life Official in the cadre of AM and above or by the Gazette Officers.

What are the documents required for Change in Name?


Customer Letter/Policy Correction Form along with Proof For example: Copy of Affidavit/Copy of Gazette duly attested by the policy holder and by the SBI Life Official in the cadre of AM and above or by the Gazette Officer.

What are the documents required for Change in signature?

  1. Specimen signature format duly filled in
  2. Photo id i.e. Copy of Pan Card/Election Card/ Passport/ Driving License/Birth Certificate duly attested by the policy holder and by the SBI Life Official in the cadre of AM and above or by the Gazette Officers Declaration.
What are additional requirements if form is signed in vernacular language?


Get it witness by English knowing person.
Nomination


What is meant by nomination?

Nomination is a process through which a Life Assured nominates a person to receive the policy money in case of premature death of the Life Assured. Nomination facilitates hassle free settlement of claim. It is governed by the Sec 39 of Insurance Act, 1938.

What are the requirements for registration of nomination?


For Registration of nomination we require
1) Change in Nomination form duly filled, signed & witnessed by life assured or Proposer and
2) Original Policy Document.

Can I change my nomination?


Yes I can change the nomination.
If I, nominee, survive on the date maturity whether the maturity claim will be settled in favor of nominee?


No. Life Assured/Policy Holder will receive the maturity claim amount.

Can I nominate more than one nominee?


Yes
I want to nominate minor relative as nominee. What are the requirements?


A Minor can be a Nominee provided an Appointee is appointed by the Life Assured. For appointee, we require Appointee form duly filled signed by the life assured or proposer along with Original Policy Document

Assignment


What is meant by assignment of policy?


An Assignment is the process through which the policyholder transfers his rights, title and interest in a policy to another person. It is governed by the Sec 38 of Insurance Act, 1938. The person executing the assignment is the assignor i.e. the policy holder and the person in whose name the title is transferred is called the assignee. The Assignment is valid only when it is executed by the Assignor and registered by us in our records.
Let me know the procedure for assignment under the policy?


Basic Documents required for Assignment



The Notice of Assignment
The Endorsement of Assignment
The Original Policy Document

What are types of assignment if any?


A. Absolute B. Conditional
What do you mean by “Absolute Assignment”?


An absolute assignment transfers to the assignee all rights, title and interest which the assignor has in the policy. The policy vest absolutely in the assignee and forms the part of his estate on his death. Assignor cannot cancel assignment and cannot deal with the policy unless it is reassigned in his favor.
What do you mean by “Conditional Assignment “?


A conditional assignment creates immediate vested interest in the assignee. Such interest is liable to be divested on the happening of the contingencies set out in the assignment. The assignor cannot cancel or vary the conditional assignment also. However, the assignor may raise a loan under conditional assignment with the concurrence of the assignee.
Please let me know the procedure if the policy is desired to be cancelled which is assigned in favor of bank?


To cancel the assignment the policy need to be reassigned for which we require Re assignment form duly filled signed by the Banker ( the assigned Bank) along with the bank seal/stamp and Original Policy Document.
Cheque Dishonor Action.


How would I know if my cheque/DD submitted for renewal premium due is dishonored?


You would receive your dishonored instrument at the address mentioned in policy, accompanied by a letter informing you the same and also about the charges levied for the dishonor action.
Ulip/Non-Ulip Surrender


What is the minimum period for surrender?


Please refer policy schedule in order to know surrender details.
Policy can be surrendered if the status is in LAPSE?


Yes, after completion of three policy years, policy can be surrendered even if it is having Lapse status.
Can assigned policy be surrendered?


Yes, we can.
What are document required to surrender a policy?


OPD & Surrender application cum Discharge voucher executed by life assured or Proposer.
What documents are required, If at the time of Surrender, Client is not having the OPD?


If OPD is not available, the Indemnity Bond is to be duly filled and notarized and charges of Rs.200/- along with Surrender application cum Discharge voucher and policy lost questionnaire form.
Can policy be surrendered, if the assignee is Minor?


Yes.
Why always the surrender value is less than the total premium paid?


Surrender value is the present value of the amount payable in future by way of maturity or death whichever is earlier. The cost of risk cover is being recovered till the date of surrender had it been, God forbid (unfortunate event) happened, full sum assured would have been payable.
Why the surrender value works out to less in the initial years?


In India, premium is being charged as a level premium basis resulting thereby same premium is being charged for the entire selected term from the date of inception and expenses are heavy in the initial years.
Where the surrender request can be submitted?


The surrender request can be submitted to the nearest SBI life branch or may be sent to Central Processing Centre. Address of the Central Processing Centre is as follows:


SBI Life Insurance Co. Ltd
Policy Servicing Dept
Central Processing Centre,
Kapas Bhavan, Plot no. 3A,
Sector no. 10, CBD Belapur,
Navi Mumbai – 400614
New IRDA guidelines


As per new IRDA guidelines five products have been launched w.e.f 01/09/2010


Names of the products are as under:
A. Smart Shield
B. Saral Shield
C. Smart performer
D. Saral Maha Anand
E. Unit plus Super Plan
What are new guidelines have been issued by IRDA?


Locking period has been extended from 3 years to 5 years; Policy can be surrendered on the completion of 5 years from the date of commencement. Top up payment not allowed Partial withdrawal will be applicable from the completion of 5 years. Policy will be discontinued after 75 days from the first unpaid premium due date.
Why my no. of units are getting decreased in ULIP policy?


No. of units are getting decreased in your policy due to the deduction of the Risk Premium charges (If life cover opted) and policy administrative charges.


While on the subject we may add that, Risk Premium charges (mortality charges) and policy admin charges will be deducted from the accumulated units on monthly basis as per the product features. We request you to refer annexure under the caption Charges of schedule II sent along with the policy document for reference.
I am not getting service from my Insurance Advisor. How am I to continue to get service relating to my policy?


In order to get service in regard to the policy you may please contact nearest SBI life branch. The address of the same can be obtained by visiting our site www.sbilife.co.in under Contact us << Branch Locator
How to get my excess payment refund?


In order to obtain refund of excess payment, you need to submit written request along with copy of bank statement with realization entry towards SBI life Insurance Co. Ltd. Or copy of credit card statement to the nearest SBI life branch.
Fund Switch & Redirection


What do you mean by Fund switch?


Fund switch is the facility available with the customer (who is having unit linked policy) from one fund to another.
Whether “Fund switch” allowed under all policies?


No. Only unit linked policies are entitled to avail fund switch facility subject to product features.
How can I do Fund switch?


Fund switch can be done with following options:


1. Online fund switch through Customer Self Service (CSS) Portal


To avail the Online Financial Transaction service like Fund Switch Policy holder should avail the T-PIN


Kindly down load the T-PIN Application & Legal Disclaimer from https://mypolicy.sbilife.co.in/ Mypolicy>> Request Form>>T-PIN Application


Fill the form with required details & submit along with Self Attested Photo ID (any one of Pan card/Passport/Voter’s ID/Driving license) to the nearest SBI Life Office.( Scan copy not acknowledge) If the details provided stands correct , policy holder will receive T-PIN through SMS on his/her Mobile No. registered with SBI Life otherwise failure notification will be signified.


The policy holder has to obtain T-PIN wherein he/she can active user ID for Transactional Services such as Fund Switch /Redirection. There is no need to enter T-PIN every time for all future Transactions


For any further require details kindly refer FAQ’s provided on site or email to mysupport@sbilife.co.in


2. By visiting nearest SBI life branch with fund switch request form. The form can be obtained by downloading through CSS portal (Mypolicy) and our website www.sbilife.co.in


3. By sending the scan copy of the fund switch request to fundswitch@sbilife.co.in or fax on 022-66456680.
Whether I can utilize the facility of fund switch 24/7?


Yes the fund switch facility shall be available 24/7 on CSS portal only
May I know the applicability of the rules of NAV?


Yes. Request successfully process before 3.00 p.m. units shall be credited with same days closing NAV. If such request is processed after 3.00 p.m. The units shall be credited with next working days closing NAV
Would you suggest any measures to unitize this facility to ensure optimum benefit to me?


As a operational employee we are unable to suggest any measures to ensure optimum benefit to you. You may consult your financial advisor for the same.
Whether any rules are required to be followed in respect of % of funds?


While submitting the information about % of funds one has to ensured that the total under “To “column should be 100 For example: If the fund from Equity 100 % is transferred to Balance and Bond then the % of Balance and of Bond may be 20 : 80 , 50:50, 60: 40 etc.
Whether I can do fund switch from only one fund to more than one different fund and vise versa


Yes
Whether I can avail fund switch facility for more than once for any particular day?


No
What is the difference between fund switch and redirection?


Fund switch means transferring of existing available funds and redirection means transferring of all future premiums.
How can I do redirection?


Redirection can be done with following options:


Online Redirection through Customer Self Service (CSS) Portal through T-PIN .


By visiting nearest SBI life branch with fund switch request form. The form can be obtained by downloading through CSS portal (Mypolicy) and our website www.sbilife.co.in


By sending the scan copy of the fund switch request to fundswitch@sbilife.co.in or fax on 022-66456680.
How many times fund switch and redirection allowed free of cost in a year?


Refer policy schedule send along with policy documents for the same.
ECS Payment


How can I register my policy for ECS?


Please submit duly filled in ECS mandate along with cancelled cheque leaf
Can ECS facility is available for all locations?


No currently it is available for 86 locations
After how many days ECS get activated?


Within 30 days from the receipt of mandate
Can ECS be registered for lapse/irregular policy?


ECS gets registered only for in force policy
How can I deactivate ECS facility?


Please submit written request for deactivation of ECS
How many days in advance a deactivation request needs to be submitted?


15-20 days prior to premium due date. Once deactivated future premium will not be debited through ECS.
Whether ECS collection will happen for lapse policy?


No, ECS collection gets temporarily suspended if policy is not in force
When ECS debit happens to my account?


ECS debit generally happens on due date except public holidays.
If my payment is dishonored through ECS, can it be collected again?


No, unpaid premium needs to be paid by policyholder within grace period.
If my payment is rejected whether future premium will be collected through ECS?


Yes, if policy remains in force
How many mode of payment are available to pay the premium?


Visit our website www.sbilife.co.in and click on services to know the premium payment procedure of various mode of payment.
What is SBI Life Mypolicy?


SBI Life Mypolicy is a service from SBI Life to provide our esteemed customers an enhanced experience. This service would enable SBIL Policy Holders to create their account, enroll their policies and view pertinent details of each enrolled policy and also submit request for various services.
For any suggestions or queries, free to contact us on toll free number 1800-222-123 or 1800-22-9090 on all days 9am to 9pm. Or Email us at mysupport@sbilife.co.in
Who can register?


SBI Life Insurance Policy Holders can register on the website and avail the service.
How to register?


To register, you should be a policy holder of SBI Life Insurance. The registration process is mainly of 3 steps


1. Go to the website and click on New user? Register here link on the Home page. Enter the Policy Number, Customer/Client ID (what is this?) and Date of Birth of the Policy Holder as displayed on the policy bond document.
2. If the details entered are valid, information about the policy and the policy holder are displayed on the screen. Edit/Confirm your latest Email address and Phone number. Also fill in the login details and Submit. An email is sent to you, with a link to reset the password. Note: Your correct Email address is important for completing the registration process. Final Step for registration would require you to click the link sent to the below recorded email address.
3. Click on the link sent to your email address provided during registration. You would be automatically directed to a change password screen. Enter the password used during registration and select a new password. On successful change of password, your registration process is complete. Enjoy the services offered exclusively to our registered members.
Forgot Password?


To reset the password, click on Forgot password? Click here link on the home page.


1. Enter the Login name, Customer/Client ID and Date of Birth. An email would be sent to your account to reset the password. 2. Click on the link provided in the email, you would be directed to reset password screen. Provide the answer to your hint question and select a new password.
Forgot Login Name?


Login name is mentioned in the emails sent to your email id registered with us. Please refer to your email, to retrieve your login name. Incase, you are still not able to retrieve the login name, send a request to mysupport@sbilife.co.in, with the following details: Policy Number, Customer/Client Id, Date of Birth and Email. Or contact us on toll free number 1800-222-123 or 1800 22 9090 on all days 9am to 9pm.
I have more than one policy, do I register again?


You do not have to register again. Once registered, you can use Enroll Policy service, to add additional policies that you have. But you should be the policy holder for these policies
How do I find my Customer/Client ID?


Customer ID or Client ID is mentioned on your welcome letter and the Policy Bond Document. If you are not able find the client ID, send a request to mysupport@sbilife.co.in with the following details: Policy Number, Name of the Policy Holder and Date of Birth or contact us on toll free number 1800-222-123 or 1800 22 9090 on all days 9am to 9pm.
I am facing difficulty in enrolling additional policies?


Login name is mentioned in the emails sent to your email id registered with us. Please refer to your email, to retrieve your login name. Incase, you are still not able to retrieve the login name, send a request to mysupport@sbilife.co.in, with the following details: Policy Number, Customer/Client Id, Date of Birth and Email. Or contact us on toll free number 1800-222-123 or 1800 22 9090 on all days 9am to 9pm.
Error messages displayed during Registration


During Registration process, if the message displayed is:


1. You are already a registered customer. Please login to view your policy details If the above message is displayed, your have already been registered. Please login to view policy details. If you do not remember the password, user Forgot Password link in the home page. If you do not remember login name, follow the process mentioned in Forgot Login Name? For further clarifications, send a request to mysupport@sbilife.co.in, with the following details: Policy Number, Name of the Policy Holder, Customer/Client ID and Date of Birth. Or contact us on toll free number 1800-222-123 or 1800 22 9090 on all days 9am to 9pm. 2. The details you have entered are incorrect. Please try again. If the above message is displayed, Please check the details and re-enter. If the error persists, send a request to mysupport@sbilife.co.in with the following details: Policy Number, Name of the Policy Holder, Customer/Client ID and Date of Birth or contact us on toll free number 1800-222-123 or 1800 22 9090 on all days 9am to 9pm.
How to change/update my email?


You can change your email id after login under Profile Related tab >> Change Email Tab. If you have provided an invalid email id during registration and wish to change the email id, send a request to mysupport@sbilife.co.in, with the following details: Login Name, Policy Number, Customer/Client Id, Date of Birth and Email. Or contact us on toll free number 1800-222-123 or 1800 22 9090 on all days 9am to 9pm
Can I pay online premium?


Yes, on our website www.sbilife.co.in, a tab is provided with Pay Premium Online. You need to click that
Do I need to be a registered customer?


No, you can pay premium without getting registered, known as bullet payment method.
I am a registered customer on your portal, how can I pay premium online?


Once you log-in on Mypolicy portal, under Transaction menu, option of Pay Premium Online is given. All your enrolled policies are listed there. You may select the policy for which you wish to pay.
How can I pay Premium online?


Please click Pay Premium Online tab. You will be diverted to a screen where you need to give Policy no and the date of birth. Mobile no is optional. If the policy no and the date of birth is matching with our database, you will be allowed to proceed further for payment. In case they are not matched, please check policy no or date of birth entered.
Is credit card accepted for payment?


Please click Pay Premium Online tab. You will be diverted to a screen where you need to give Policy no and the date of birth. Mobile no is optional. If the policy no and the date of birth is matching with our database, you will be allowed to proceed further for payment. In case they are not matched, please check policy no or date of birth entered.
Through which credit card can I make payment?


Yes, the payment can be made through Visa, Master, Diners & American Express Cards.
I am a netbanking customer, can I pay through Online?


Yes, the payment can be made through netbanking, provided you are a netbanking customer of the bank listed in the site.
Can I pay premium for my lapse policy?


No, Payment is accepted only for inforce policies within 11 days for monthly policies and 25 days for non-monthly policies from the premium due date. For lapse policies, you need to contact the nearest SBI Life Office.
Can I make the payment in advance?


Payment can be made 25 days in advance for non monthly frequencies and 15 days in advance for monthly frequency.
When units will be allocated for my ULIP policy?


Units allocation depends on the time and date of transaction and also on the premium due date. If payment is made before 3.00 pm on a business working day, the units will be allocated at the closing NAV declared for the day. If it is done after 3.00 pm, then the closing NAV of the next business working day is applicable. The premium should have fallen due on that day. If the premium is paid in advance, then units will be allocated on the due date of premium.
Can I get receipt immediately for the payment made?


We have provided for an online acknowledgement receipt for the successful transaction, which can be printed and preserved for future reference.
When I will get final receipt from the Company?


In case of Non-ULIP Policies, it will be dispatched to you after three working days. In case of ULIP policies, the receipt will be dispatched after three days from the date of allocation of premium.
What should I do if my transaction gets failed?


First please confirm that the amount is debited/charged to your bank account/Credit card account. If it is already debited, please do not attempt to pay again and mail your query to info@sbilife.co.in. If your account is not debited, you may make the payment.
My account is debited; still I did not get the success message on the screen?


Please mail your query with the order no and/or policy no to info@sbilife.co.in
Is any extra charge is payable to avail this service?


No, it is absolutely free for you.
What is the contact point for any queries?


For online payment related queries, please email to info@sbilife.co.in with your policy no and brief description of the query.
When can I see the updated premium on the website?


This facility is available only to the registered customers of Mypolicy. You can see the premium updation after three working days from the date of transaction provided in ULIP policies, the premium is not paid in advance.
Can I pay premium for the policies in the name of my family members?


You can pay premium online for the policies on the life of yourself, spouse and your children.