SBI Life Insurance T&Cs

The Terms and Conditions of SBI Life Insurance Plans are:

1. Free-look Period: SBI Life Insurance offers a free look period of 15 to 30 days from the date of receipt of the policy document. A request received by SBI Life Insurance for free look cancellation of the policy is processed and premium is refunded within 15 days of receipt of the request, after deduction of applicable charges. After the amount is paid, the policy will terminate and all the rights, benefits and interests stand extinguished.

2. Grace Period: SBI Life Insurance provides a grace period of 30 days from the premium due date in case of yearly or half yearly premium payment mode. There is a 15 days grace period in case of monthly premium payment mode. If the life assured fails to pay the premium before the grace period expires, the policy will lapse. If the life assured passes away within the grace period, but before the payment of the due premium, the policy stands valid and the benefits, if any, are paid after deductions.

3. Suicide Exclusion: The policy will remain void if the life assured commits suicide anytime within 12 months from the date of commencement of the risk. In case of regular/limited premium policy, SBI will not entertain any claim except for 80% of the premiums paid till the date of death. In case of single premium policy, the company will refund only 90% of the single premium paid excluding any extra amount, if charged.

4. Premiums: The policyholder or the life assured is required to pay the premium on the due date within the grace period. SBI Life Insurance has no obligation to remind or send notice of renewal premium to its customers. If the policyholder pays an excess premium amount, the amount shall be refunded by the insurance company. An insufficient or inadequate amount won’t be considered as a premium unless the whole amount is not completely paid.

5. Lapse and Revival of the Policy: If policy premium payments are not payable within the grace period, the policy cover will lapse. Under Lapse policy, no benefits(if any) will be paid to the policyholder. If the policy has lapsed due to nonpayment of due premium during the grace period, it is revived during the lifetime of the life assured. The policy is revived within the revival period of five consecutive years from the date of the first unpaid premium and prior to the date of maturity, whichever is earlier. In the case of policy revival, waiting period is not applicable.

6. Claims: In case of a death claim, intimation along with death certificate should be notified in writing to SBI Life Insurance within 90 days from the date of death. The claim will be paid, if found admissible to the assignee or nominee/appointee/legal heir. The death benefit can be claimed only once.

7. Termination: SBI Life will terminate the policy cover in the following events-

• The date on which the death benefit is payable
• The date on which refund is settled (policy cancellation)
• The date of maturity
• If the revival period expires and the policy has not been revived
• On payment of free-look cancellation amount

8. Policy Cancellation: In case of policy cancellation, the policyholder is required to submit the original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account.

9. Issuance of Duplicate Policy: A policyholder can file an application for duplicate policy on payment of policy printing charges of Rs. 100, in addition to stamp duty and GST.

10. Nomination: Nomination by the holder of a policy of life assurance on his/her own life is allowed as per Section 39 of the Insurance Act, 1938. The notice for nomination or change of nomination should be submitted for registration to the office of the company, where the policy is serviced.