Sbi Life Insurance Policy Surrender Form Download

1. Sbi Life Insurance Policy Surrender Form Download For Pc
2. Life Insurance Cash Surrender Form
3. Surrender Life Insurance Policy

Surrendering the insurance policy means exiting from the insurance policy before the maturity. It is the voluntary termination of the insurance contract by the policyholder. But what does it mean to surrender a policy? How to surrender a policy? In our article on we discussed the various options available to an insurance policy holder if (s)he wants to discontinue the policy.

Let the Policy Lapse. Surrender the Policy. Make the Policy Paid up. Take loan against the policyWe also gave an overview of Surrendering the insurance policy. In this article we shall discuss in detail about surrendering the policy, tax implications of surrendering the policy, calculating the surrendering value, how to surrender a policy. Table of Contents.Overview of Surrendering the Insurance PolicySurrendering the policy means exiting from the policy before the maturity. It is the voluntary termination of the insurance contract by the policyholder before the maturity or premature encashment of the life insurance policy.

Mr Khan pays 1 lakh of premium per year for a policy with Rs. 5 lakh sum assured bought after 1 Apr 2012, so premium is greater than 10% of Sum Assured (50,000).

Three years later,he would have paid Rs 3 lakhs. Let’s say when he surrenders after 3 years its surrender value is Rs 3.5 lakhs. As his annual premium was greater than 10% of Sum Assured so benefit received is taxable. So, 3.5 lakhs is added to his income and he would need to pay upto Rs 1.05 lakhs as tax (if in the 30% bracket). His investment: Rs 3 lakhs.

His return: Rs 2.45 lakhsReversal of 80C benefits: According to 80C rules, tax savings on traditional life insurance plans will have to be reversed if. you do not keep single premium policy in force for two years after the date of commencement of the policy OR. regular premium policy premiums are not paid for two years.For ULIPS it’s 5 years. The amount of deduction allowed under Section 80C in earlier years shall be deemed to be income of the customer and (s)he will be liable to tax in the year of surrender of policy. So if you do not pay any additional premium after buying a regular premium policy, not only do you not get any surrender value, you will also have to reverse the Section 80C tax savings you have taken. It will be a double whammy for you!

Calculating the Surrender ValueThe surrender value factor is a percentage of paid-up value plus bonus. It is zero for the first three years and keeps rising from third year onwards. It differs from company to company and depends on various factors. There are two types of surrender value. Guaranteed surrender value and.

Special/cash surrender valueWhile the guaranteed value is easy to calculate and is mentioned in the product brochure and the policy bond, the special surrender value is calculated only after the policyholder puts in the surrender request. Different companies use different approaches to arrive at the Special/cash surrender value. LIC surrender value factorUsing these IIT M Prof,Pattabiraman M who runs Free Personal Finance Calculators, has written an excel. Try it to get an idea of surrender value Bonus RatesWhen Life Insurance companies make profits and share the profits with their policyholders they do so by calling it a Bonus.

It’s mainly the traditional insurance policies like the endowment policy, whole life insurance policy and money back plan that are eligible for bonus. Each type of Traditional Policy has 2 versions, namely the. Participating Insurance Policy or Policy with Profit. Non-participating Insurance Policy or Policy without ProfitParticipating insurance policy means that this particular policy will participate in the profits of the insurance company. And hence only the Participating polices receive bonus and the Non-participating do not. Of course, the premiums for participating policy are higher than the non-participating policy for a similar coverage and same customer criteria. The policyholder will have to choose whether he wishes to have a Participating Policy or a non-participating one, right at the inception of the policy.The bonuses are declared regularly and paid at the end (at the time of claim) are called reversionary bonuses. They are declared as a percentage rate, which applies to the sum assured of the policy, in respect of the basic policy benefit.

There are other bonuses like Terminal bonus (paid at maturity or at the time of claim)There is no standard rate for the bonus of any particular company. The bonus rate varies from company to company and from year to year. The bonus rate varies from product to product, and also varies with Terminal Bonus, Final Addition Bonus, etc. Hence there can be no set formula for calculating bonus. It is only calculated after it is declared.It is declared like Rs 70 per thousand Sum Assured(PTSA). That is, if your Sum Assured is Rs 5 lakhs, then the bonus that you would receive is 70/1000 X 500000, i.e. Rs 35000 for that particular year.LIC’s webpage for Bonus Information, LIC’s Bonus rates for 2010-11 (pdf) ICICIPrudential Bonus, HDFCLife From Basunivesh (Click on image to enlarge) LIC bonus rates.

How to surrender a policyEach insurer has his own guidelines, so please check with your insurer. There is not much information on surrendering a policy. Some information that we found are SBILife SBI Life(pdf), (pdf). Documents usually required to surrender life insurance policy are. Policy surrender form. Policy bond (Original life insurance policy document). A self-attested copy of your ID proof.

Any cancelled cheque/bank attested bank statement/bank attested passbook copy. One rupee revenue stamp to be put on the policy surrender form.These documents need to be submitted at the branch office.

For LIC you need to submit at the home branch office (the branch which issued your policy). What happens after the surrender request or how much time it takes – not much information From BajajAllianceAfter the surrender request is submitted the customer gets a confirmation call for the payout. If the customer prefers a cheque payout, the process takes 8-10 days. If the customer prefers a direct credit payout, the process takes 7-8 days(Ref).Surrendering LIC policyLIC website does not have information or form for surrendering LIC policy(though LIC website has section called download Form). Quoting from LIChelpline LIC Surrender FormAny Traditional policy of LIC OF INDIA can be surrendered only after 3 years from Date of Commencement (DOC) of the LIC POLICY. In order to surrender the LIC POLICY, the LIC POLICYHOLDER needed to submit the surrender form duly signed by the POLICYHOLDER on the 1st and 2nd page( sign on the 2nd page should be across the revenue stamp) along with the LIC POLICY BOND at the home branch.Please note these documents need to be submitted at the LIC Branch Office from where your policy was issued (you cannot submit them at any other branch office). LIC sends the amount by cheque.Searching on the internet led us to two types of Form Delhi Division -III(form in both Hindi and English.(pdf)) and Bangalore Division(Only english Policy wala)Related Articles.

Sir,I am a NRI having ICICI Life Stage Pension Policy. I am being given to understand if I surrender the policy I will be subject to TDS @ 30.8%.My question is how can I claim refund for the same in my return as I am in UAE having DTAA agreement and will be able to get Tax Residency Certificate for the FY. Abstract of UAE DTAA is as below.ARTICLE 22 – Other income – 1. Subject to the provisions of paragraph (2), items of income of a resident of a Contracting State, wherever arising, which are not expressly dealt with in the foregoing articles of this Agreement, shall be taxable only in that Contracting State.meaning its exempt from Tax in India. Dear sir, i am in chennai, i am holding 6lic policy as below, till now i am paying the policy, now i want surrender all policy due my finalcial problem, how much i will get, all policy 12 year over now, 1.jeevan mitra T133, SUM 75000/- Policy date 12.2.2000, premiun 355/month 2.Jeevan chhaya T103,SUM4,00,000/-,POLICY DATE 10.3.04,PREC 5220/QTY.

3.Marriage endownment /Edu, aunnual plan T-90,SUM 225000/-,POLICY DATE 10.3.04,PREMIUM 2331/QTY.4.eNDOWNMENT ASS. POLICY-T14,SUM75000,POLICY DATE103.14,5.Marriage endownment /Edu, aunnual plan T-90,SUM 200000/-,POLICY DATE 10.3.04,PREMIUM 2185/QTY 6.THE WHOLE LIFE POLICY T5,SUM101000/- PRE741/QTY. KINDLY ANY ONE SUGGEST HOWMUCH I WILL GET PLEASE.

Hi sir,I need your advice for Postal Life Insurance (PLI) Endowment Policy. Below are the details:Plan: SantoshSum Assured: 5 LacsInstallment Premium: Rs.1375/Monthly (Rs.1401 with Service tax)Issue Date: Maturity Date: Last Premium Paid Till: Paid up Value (as per PLI Website): 72530.86Current Surrender Amount (as per PLI Website): 24515.00I want to surrender the policy.

However, after reading the IRDA Guidelines, I have a query.“Guaranteed Surrender Value (for regular premium policies) will be as below.A) 30% of premium paid less any survival benefit already paid, if surrendered within 2nd Or 3rd Year.B) 50% of premium paid less any survival benefit already paid, if surrendered within 4th To 7th Year. To 1st year to 2ndt year to 3rd year to 4th yearMy query is: Am I getting 30% or 50% Surrender value.? If I am getting 30% then is it beneficial to pay 1 or 2 premiums and get back 50% of Surrender value.?Kindly suggest me. Surrender will be allowed after 3 years provided three years full premiums have been paid in case of Regular Premium andafter 1 year, in case of Single Premium, from the start of the policy.The Guaranteed Surrender Value for regular premium policies, is 30% of all Premiums paid excluding 1st year’s Premiumand Rider Premium, if any and for Single premium policies, Guaranteed Surrender Value is 75% of Single Premiumexcluding rider premium, if any.

Cash value of the allocated Bonuses, if any, will also be added.The Non-Guaranteed (Special) Surrender Value (SSV) will be based on an assessment of the past financial and demographicexperience of the product / group of similar products and likely future experience and will be reviewed from time to timedepending on changesin internal and external experience and likely future experience. This Surrender Value will depend on thetermofthepolicy,thenumberofyearsforwhichPremiumshavebeenpaidandthedurationelapsedatthetimeofsurrender.On surrender, the higher of the Non-Guaranteed SSV and the GSV will be paid.Surrender Value can be used as per following options:I. To purchase immediate annuity from the entire policy proceedsII. To purchase immediate annuity with an option to commute upto one-third of the total surrender value as per currentIncome Tax rulesIII.

The entire proceeds can be used to purchase a single premium deferred pension product. Thanks editor, we got lots of information from this post.I have ICICI Pru Life Stage Wealth II with Sum Assured for 1500000.00, with Annual premium of 1 Lac (which is paid by monthly installments of 8333).The Policy commenced from 1st April 2011 ( But actual policy money paid from Aug -2011). Since i observer very poor performance (Value of the Units) progress in this, i want to withdraw the money and invest it in regular mutual funds. I also i have a Term Plan that gives better insurance coverage.1. I do not show this in the Tax exemption of 80C/80CC2. What will be the money i’ll be getting (% of the ULIP Unit Value) if i surrender now?

As i badly need money.3. How much i tend to loose approiximately4. Can i pay next years payment by now to reduce the loss and withdraw now?Thanks for your superior help.RegardsAravind. HIMy brother is an NRI and has polciies with ICICI Pru since 2009.

All are ULIP policies.1) Elite Pension fund- 2009 commencements, policy term 6 years. Premium pais 5 lakhs at one shot. We want to surrender this policy, what are the implications. Sum assured zero.2) Life Stage Assure- 2009 Commencement.

Policy term 10 year. Premium pais for 5 years. Surrender value is more than premium paid. So we ant to surrender. Can you please tell us the tax implications for thsi too.Look forward to your response at the earliest.

Under section 10(10D), surrendered amount in insurance plans after 5 years, is exempt from tax as long as the premium amount does not exceed 10% or 20% of the sum assured. As the policies have completed 5 years, If you surrender your policy now, you will receive at least 90% of your fund value. The entire surrender value will be added to your annual income and taxed as per your tax slab. In the case of Unit Linked Pension Plans, insurers do not deduct tax at their end.

Service tax is collected by the insurance company when an investor pays the premium. It will not be charged while surrendering the policy.For more details its best you contact ICICI Pru. Sara we haven’t heard of any such case. It is sad to hear about it. Nomatter through whom you buy plan finanlly it’s the company that’s involved and has to honour its commitment.Sara in ICICI guaranteed plan if you pay the premium for at least 3 years then the policy acquires surrender value, which I take to mean that if you cancel before that time period you don’t get anything at all.Then to calculate the surrender value – you have to see the higher of the two:Guaranteed Surrender Value: This is 35% of the base premiums paid minus the first year premium.

So if we go back to our example and say that we want to cancel after the 4 installment. Then 35% of 1,00,000 is Rs. 35,000 and if you reduce the first premium from that then you are left with Rs.

10,000 only.Non Guaranteed Surrender Value: This is the present value of the paid up sum assured discounted at the gross redemption yield at the review date immediately preceding the date of surrender, plus 2% annum. Quite frankly, I don’t know how to calculate this or even what this means, I can only hope its close to the money you have already paid but that’s probably not how it is.

My client had taken an insurance policy. For a sum insured of Rs.

1000000/- in December 2009 With a regular premium of Rs.200000/- per annum. In the 1st year he also paid a top up premium of Rs.300000/. After payment of 3 regular premium he had stoped further payments.

After 5 years the insurance company cancelled the policy and released an amount of Rs.128200/- after deducting tax @2%. As explained above the regular premium was only 20% of the sum insured. Party had not availed deduction under 80C in any of the previous years. Could you please explain the taxability on such receipts. I purchased a HDFC SL Pension Champion Plan in 2010 with an annual premium of Rs. In 2015 after having paid 5 premiums I surrendered the policy and received a total amount of Rs 12.9 lacs.

I assumed that after an investment of Rs 10 lacs over a period of 5 years I have earned 2.9 lacs which after capital gains tax would leave me with something over Rs. 2.0 lacs net profit. But after reading your blog it seems that I am liable for a tax at max rate on the entire amount of 12.9 lacs leaving me with a loss of over Rs 1.o lacs. I did not avail of any 80C benefits on the amount paid.

Is this the correct position? What sort of a tax regime is this?

Was I throwing away my money for the insurer to charge me hefty management fees & the govt. To take away all my gains & a part of my principal too?

Customer Self Service Portal – Login Related & ServicesQ. What is my Customer ID?A. Please refer the policy document to know your customer ID/No.Q.

Does one need to create separate MyPolicy account for each of the policy?A. No, if the customer ID is same you can enrol policy under one login name. Customer ID is the same for policies belonging to the same life assured.Q. If getting error “Invalid policy number”?A. Please enter the alphabet in capital letter for policy number having alphabet.Q.

What should be done for the error “This Policy has been already registered”?A. It means your other policy with the same customer ID has been registered under MyPolicy. Please try login with that particular login details and enroll the policy by following the mentioned path: MyPolicy Enroll policyQ. Forgot Login name?A. To recover login name: Kindly click on “ Forgot login name”.Enter policy number Date of Birth Select hint questions or Customer id.You would receive the Login Name on the Registered Email IDQ. Forgot password?A.

To reset password again: Click on “ Forgot password”.Enter Log in name, customer ID or Hint question & answerYou would receive the Reset Password link on your registered Email IDQ. Is the captcha is confusing?A. If the captcha is confusing you can click on reset captcha to get an alternate captcha image and use the same to login, one can reset the Captcha any number of times.Q. How do I enroll all my policies?A. To enroll the policy under one login, customer ID, policy holder name & date of birth must be same. Please verify the details.Q.

Can one enroll his wife’s / sons / relatives policies?A. Enrollment of wife’s / sons / relatives policies is not allowed.Q. Where can one find more details about a Policy?A. You can click on the Policy no.

To view the various details about Policy Information, Customer Information, Policy cover details, Payment summary, Fund Value, Servicing History, Bonus details.Q. How can one update the Pan Number under the policy?A. You can update by logging in your My Policy account Profile Related Update PAN Number.Alternatively, you can send the below SMS from your registered mobile number.PAN (Policy Number) to 56161 or.Q. How can one update Email ID under the policy?A. You can update by logging in your My Policy account Profile Related Update Email ID.Alternatively, you can send the below SMS from your registered mobile number.MYEMAIL (Policy Number) to 56161 or Q. How can one update my address?A. You can update your Address by logging to MyPolicy account Transact Online Change of Address and follow the process.Ensure address proof is in PDF/JPE format and not more than 400 kb.Q.

How can one update Bank Account?A. You can update your bank a/c details by logging in your My Policy account Transact OnlineUpdate Bank A/c details and follow the processEnsure bank account proof is in PDF/JPE format and not more than 400 kb.Premium RelatedQ. Where can one get a detailed bifurcation of premiums?A. The detailed Bifurcation of premiums can be given in ULIP and variable Policies only. You can generate a Unit cum Transition statement to check your Premium bifurcation on My Policy Transaction cum unit statement.Q. Where can one get the details of all the money/premium paid?A.

You can click on the payment summary to know the full details of the premium paid till date. You may also download the Premium paid certificate financial year wise to know the full details of all the Premiums paid till date.Q. How can I know about a double payment done by me?A. You can write to us at mysupport@sbilife.co.inQ. What should one do if the payment is not reflecting after making a payment?A.

Details of the latest payment in the Payment summary page can be viewed after two days from the date of payment. Renewal premium receipt can be viewed after 3 working days from the date of premium allocation on the due date.On non-availability you can write to us at mysupport@sbilife.co.inQ. What is premium due date?A. Due date refers to the first non-payment of policy premium by the policyholder. On payment of the due premium, a receipt is issued and this receipt indicates the date of next premium due.Q.

What is grace period?A.Premium can be paid within the grace period of 30 days for Quarterly, Semi-Annual & Annual mode & 15 days for monthly mode policies which is just a facility provided by an insurance company so that benefits of the policy continue.Q. Where can one get the details of all the money/premium paid?A.

You can click on the payment summary to know the full details of the premium paid till date. You may also download the Premium paid certificate financial year wise to know the full details of all the Premiums paid till date.Q. Is interest charged during grace period?A. Interest is not charged during the grace period but if the premium is paid after the grace period, interest is charged from due date.Q.

Where can one find the next premium due date?A. First Unpaid Premium (FUP) is your due date, however premium due date are printed on your policy document & on last premium paid receipt.Q.

What does it mean if the premium due date is not showing?A. Please check if the premium paying term of your policy is complete.Q.

What is the use of Premium paid certificate?A. Premium paid certificate is required to claim tax benefit.Q.

What is the difference between Premium paid certificate and renewal premium receipt?A. Premium paid certificate reflects the summary of total premium paid during the financial year, whereas premium receipt will reflect the individual detail of the premium been paid.Q.

What is the difference between Premium paid certificate and renewal premium receipt?A. Premium paid certificate reflects the summary of total premium paid during the financial year, whereas premium receipt will reflect the individual detail of the premium been paid.Q. Why is my paid premium not reflecting on Premium paid certificate?A. Details of the latest payment in the Payment summary page can be viewed after two days from the date of payment. Renewal premium receipt can be viewed after 3 working days from the date of premium allocation on the due date.On non-availability you can write to us at mysupport@sbilife.co.inQ. What is premium due date?A. Payment details may not reflect in case premium is paid in advance.

However the deposit will be adjusted towards your premium on the due date and receipt will be generated thereafter.Q. How can one get my previous years Premium Paid Certificate?A.

Log on in your My Policy account Policy Statements Premium Paid Certificate & select the financial year.Q. Why is one not able to generate a renewal receipt for a paid premium?A. In case premium is paid in advance the deposit will be adjusted towards your premium on the due date and receipt will be generated thereafter.In case of non receipt of the paid premium beyond the above mentioned time, you may write to mysupport@sbilife.co.inQ. Where can one generate Renewal premium receipts?A.

Log on in your My Policy account Policy Statements Renewal Premium Receipt.Q. What should one do if an online payment transaction fails?A. If the payment is done online and you get a message as 'Failure' or in case acknowledgement is not generated please confirm that the amount is debited or charged to your bank account or Credit card account before retrying for another payment. In case your account is debited, please do not attempt to pay again and check for confirmation on receipt of Premium amount OR reversal to your account after 3 - 4 working days.You may write to mysupport@sbilife.co.in for any query above 5 working days from the date of paymentQ. Unable to pay premium for this policy?A. Online premium can be paid for Inforce/Tech lapse Status only.Further you can write a mail on mysupport@sbilife.co.in with your policy detail and a screen shot of error if any.Q. Can one pay premium in advance online?A.

Payment can be initiated 25 days in advance.Q. Which type of Credit Cards is acceptable for premium payment?A. Visa, Master, Diners & American Express Cards.Q.

Is an international debit card acceptable for an online payment?A. Payment can be made through Credit Card / Debit Card (Issued in India) only based on your credit limit.Q. Are there any charges on paying the premium through credit card?A.

SBI Life Insurance Company does not charge any amount for providing online premium payment service.Q. Can one pay premium for my lapse policy online?A. 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.Q.

What should one do if a payment is done twice?A. Kindly drop us a mail on info@sbilife.co.in with the transaction details stating the date of transaction and Reference No.Q.

Can one make an online payment for a policy which is already registered for an auto pay?A. We request you to avoid paying premium manually since it will lead to double payment.Q.

Can one split the premium payment in two, one through cash/cheque and other through credit card.A. Premium payment through 2 different modes is not allowed.Q. Can one not revive a policy by paying online?A. Online Premium payment option for Lapsed policies is not allowed, We request you to visit the nearest SBI Life branch and Pay the premium by cheque along with the DGH(Declaration of Good health).You can generate the Revival Quotation from the transactions menuQ.

Where can one get an acknowledgement on the premium paid?A. Log on in your My Policy account Policy Statements Premium Payment AcknowledgmentFurther you need any assistance, please write to us on mysupport@sbilife.co.in with the transaction details stating the date of transaction and Reference No.Policy AlterationQ. How can one Change the Sum Assured?A. Sum Assured change can be done subject to the terms and conditions of the Policy (refer policy document) and the final underwriting decision.Q. How can one correct a wrong Nominee name and relationship under a policy?A. In case of data entry error, please write to info@sbilife.co.in.

You may refer to copy of proposal form attached with policy document to verify the nominee details before sending the mail.In case of error while filling the proposal form, we request you to submit the below mentioned documents to nearest SBI life branch. Request for change in policy details (duly filled in). Proof of Nominee:(a) Birth certificate(b) School Certificate(c) Passport(d) Driving license(e) PAN CardQ. When can one add a rider under a policy?A.

Riders can be added only on inception of a policy.Q. When can one delete a rider under a policy?A. Riders can be deleted on policy anniversary subject to product features.Q. How can one delete the riders under a policy?A. You can apply for deleting the Riders by giving a written request or “Submitting the Request for change in Policy Details” form at any of our SBI Life branch.Q. How can one correct the name and date of birth?A.

You can submit the request to correct the details in nearest SBI life branch.Q. When can one change the frequency?A. Frequency can be changed from the next policy anniversary at anytime during the term of the policy except in the first policy year or the first three policy years depending on the product terms and conditions.Q.

Whether a change in frequency from single to regular and vice versa allowed?A. No, this is not allowed.Q. What is a premium holiday?A. Under product 56-SBI Life Flexi smart insurance, after paying the premium for 5 years, policyholder can take a break in premium payments for a period from 1 year to 3 years keeping policy in force.Q. Can an increase or decrease in premium / sum assured done in a lapsed policy?A. For modifications in premium / sum assured, the policy should be in force.Q.

Can the plan option be changed i.e from regular to Single or Endowment to whole life post issuance?A. Change in plan option is not allowed post issuance.Q. What should be done if the original policy document is lost / misplaced?A.One can apply for duplicate policy bond.Top-UpQ. What is Top-Up premium?A. Top-up is an Additional amount over and above the premium that the Policyholder can invest to gain from the performing market.

This can be done under the Unit linked Policies, provided the feature is available with the policy. Top up amount is invested in fund of Policyholders choice.Q. How can one perform a top up?A. You can pay top up by visiting the nearest SBI Life branch, and submitting the Top-up cheque along with the Top up allocation form (Renewal Premium /Top Up Premium Challan) which can be obtained at the branch. Acceptance of Top up would be subject to products features and eligibility of your policy.Fund Value RelatedQ. Why is my fund value showing not applicable?A. The Fund value will be available only for ULIP Products and Variable products i.e market linked products.Q.

Why is the fund value less than the total money paid?A. The Fund value is calculated on the NAV which is derived from the market conditions & after various deductions like Admin, mortality and other Policy related charges.

You may refer to the Latest transaction cum Unit statement to understand the various charges of your Policy.Bonus RelatedQ. When are bonus details not applicable?A. Bonus is applicable for participating policy only; plans which are not entitled to participate in the profit of the insurance company are Non Participating plans. Please refer to your policy document for further details.Q. What are participating products?A. Most endowment policies have a saving element included in the premium.

This amount is invested by company on behalf of the policy holders and earns profit on it which is again distributed back to policy holders in the form of bonuses. Such plans are known as “Participating Plans”.Q.Where can one find bonus rates for each year?A. You may visit our website and click on “Public DisclosuresBonus Rates”Q. When is Bonus declared?A. Bonus rates are declared at the end of the financial year and type of bonus may be simple reversionary, accumulating, interim or terminal. Once a bonus is declared it becomes guaranteed part of the policy benefits and can be viewed on the policy account statements.Revival RelatedQ.

What should one do if the policy is lapsed?A. You can revive your policy by paying the outstanding premium with interest and submitting a proof of continued good health to the nearest SBI Life Branch.Q.

What is Revival Quotation?A. When the Policy contract has lapsed due to non payment of Premium in the stipulated time and a Policy holder would like to Revive a policy, the Revival Quotation helps in getting the details to be fulfilled in order to revive the PolicyThe revival quotation would provide the breakup of the amount to be paid and the documents to be furnished in order for the Policy to be revived.Fund Switch & RedirectionQ. What do you mean by Fund Switch?A. Fund switch is the facility provided to the Policy holder (who is having unit linked policy) to “Switch” (change) the existing Funds, opted by him, to another Fund or more than one Fund, thus enabling him to avail the benefits of a dynamic market.Q. Is “Fund switch” allowed under all policies?A.

Only unit linked policies are entitled to avail fund switch facility subject to product features.Q. How to do a Fund switch?A. Fund Switch can be done through Customer Self Service (CSS) Portal or by visiting the nearest SBI Life Branch.Q.

How can I do Fund switch through CSS Portal?A. To activate the online fund switch facility, Kindly down load the T-PIN Application form by visiting MyPolicy Request FormT-PIN Application and submitting it to the nearest SBI Life branch.This is a onetime process for verification & hence there is no need to enter T-PIN every time for all future Transactions.Q. How can i get a confirmation for a processed Fund Switch transaction?A. The confirmation of the Fund switch request is provided only on the Next working day of theswitch request, in case you have not received any intimation even after the second workingday, You may check your Fund switch transaction by downloading the latest Unit cumtransaction statement which would indicate you the Latest Switch details or you may write usat fundswitch@sbilife.co.in.Q. What is the difference between funds switch and fund redirection?A. Fund Switch is the request for restructuring the existing fund composition and Redirectionrestructures’ the fund composition for the future premiums paid without affecting theexisting funds.Q. Where can one submit the fund switch and fund redirection request?A.

You can submit the duly filled Form along with the necessary document at any of the SBI life branches.Q. Can one submit the fund switch request form at any branch of State bank of India?A.No, The Request forms are to be submitted at the SBI Life Branches only.Surrender RelatedQ. Can a lapsed Policy be surrendered?A. Yes, after completion of three policy years, policy can be surrendered even if it is having Lapse status.Q.

Can assigned policy be surrendered?A. Yes, we can.Q.

What are document required to surrender a policy?A. The required documents are:. Original Policy Bond. Self attested Identity Proof & Address Proof. Direct Credit Mandate with proof of bank account:. Original Cancelled Cheque with pre-printed name OR Self attested copy of Bank Passbook with transactions not older than 6 month.Q.What documents are required, If at the time of Surrender, one is not having the OPD?A. If OPD is not available, the Indemnity Bond is to be duly filled and notarized along with surety letter if the fund value is greater than Rs.

Why always the surrender value is less than the total premium paid?A. 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.Q. Where the surrender request can be submitted?A. 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.8th Level, Seawoods Grand Central,Tower 2, Plot No R-1, Sector 40,Seawoods, Nerul Node,Navi Mumbai – 400 706.Nomination RelatedQ.

What is meant by nomination?A. 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.Q. What are the requirements for registration of nomination?A. For Registration of nomination we require.

Change in Nomination form duly filled, signed & witnessed by life assured or Proposer. Original Policy Document.Q.

Can one change nomination?A. Yes one can change the nomination.Q. Can one nominate more than one nominee?A. YesAssignment RelatedQ.

What is meant by assignment of policy?A. An Assignment is the process through which the policyholder transfers his rights, title and interest in a policy to another person.Q. What are types of assignment if any?.

Absolute. ConditionalQ.

What do you mean by “Absolute Assignment”?A. 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.Q. What do you mean by “Conditional Assignment “?A. 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.Q. What are the documents required for Assignment?A.

Documents required are:. Notice of Assignment & Endorsement for Assignment in the appropriate form, signed by both Assignee and Assignor duly witnessed. Original Policy Document. KYC Documents of Assignee, if assignment is in favor of an individual. Proof of source of fund.

PAN of assigneePolicy Deposit RelatedQ. Whether in SI EFT, premiums get deducted from customer’s account after exit?A. Yes, policy holder should withdraw the standing instructions given to his bank. It is the duty of the concerned personnel attending to the customer to check if the policy is registered for SIEFT and so clearly inform the customer to approach his banker for withdrawal of the standing instructions to avoid inconvenience due to premium debit after exit.Auto Pay of PremiumsQ. How can I register my policy for ECS?A. Please submit duly filled in ECS mandate along with cancelled cheque leaf.Q. After how many days ECS get activated?A.

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

ECS gets registered only for in force policy.Q. How can I deactivate ECS facility?A. You may submit written request/mail from registered Email ID for deactivation of ECS.Q.

How many days in advance a deactivation request needs to be submitted?A. You can submit a request 15-20 days prior to premium due date.

Once deactivated future premium will not be debited through ECS.Q. How many mode of payment are available to pay the premium?A.Visit our website and click on services to know the premium payment procedure of various mode of payment.TDS RelatedQ. When is the TDS deducted on Life Insurance proceeds for “Residential” Status?A. As per Section 194DA of Income Tax Act, 1961, any person responsible for paying to a resident any sum under a life insurance policy including bonus, other than the amount not includable in the total income u/s 10(10D), shall at the time of payment thereof, deduct income tax @ 2%.Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than Rs. Which payouts are considered as non-exempt u/s 10(10D)?A. No currently it is available for 86 locationsQ.

After how many days ECS get activated?. Any sum received, other than death, for policies where premium payable for any of the years during the term of policy exceeds:- 10% (for policies issued after April 01, 2012) or- 20% (for policies issued between April 1, 2003 till March 31, 2012) or- 15%. (for policies issued after April 01, 2013)of the actual capital sum assured.in case of person suffering from severe disability/severe disease or ailment. Any sum received, including death, under a Keyman /Employer-Employee (EE) insurance policy (where proposer is the employer and policy is assigned)Q.

How is the threshold% calculated u/s 10(10D)?A. Base Annual Premium+ Term Rider Premium + Accidental Death Benefit Rider Premium +Top up PremiumBase Sum assured+ Term Rider Sum assured+ Accidental Death Benefit Rider Premium+ Top up Sum assured.Q. What is the tax exemption limit applicable?A. The tax exemption limit applicable is Rs. However, in case of cumulative payout of Rs.

1 lac and above to a single policyholder during a financial year would attract TDS.Q. Whether TDS is applicable on gross payable amount or net?A. TDS is applicable on gross payable amount.Q. What if valid PAN is not available?A.

If valid PAN is not furnished by the policyholder then rate of TDS will be 20%. Also the customer will not be able to avail the tax credit while filing his income tax return.Q. Whether Form 60/61 can be accepted in lieu of PAN at the time of payout?A. TDS @20% will be applicable. Valid PAN is mandatory for deduction of TDS @2%.However, tax exemption is available to certain sections of North east Indian residents and of Ladhakh region based on the certificate provided by the State Govt. Whether Form 15G/H can be accepted for non deduction of TDS?A.

With effect from June 01, 2015 Form 15G/H can be accepted subject to payee having a valid PAN. The same needs to collectedOnly Resident payees can submit Form 15G/H.Please note that Form 15G is for individual who is of age of below 60 years and Form 15Hfor individual who is of age of sixty years or more claiming certain receipts withoutdeduction of tax.Also, TDS will be deducted if the total income (including the insurance proceeds) of thepayee exceeds his basic exemption slab as per prevailing Income Tax laws.Q. Generally, what type of policy payments would be subject to TDS?A. Maturity claim, Surrender, Lapse Terminated and Partial withdrawal payout made under aLife Insurance Policy would be subject to TDS.Q.

Whether TDS is applicable in case of payouts made under policies without life cover?A. Whether TDS is applicable in case of Health Rider benefits (i.e. Critical Illness, Total Permanent disability etc)?A. Is death benefit subject to TDS?A. TDS certificates will be issued on a quarterly basis.Q. Whether Form 15G/H can be accepted for non deduction of TDS?A. With effect from June 01, 2015 Form 15G/H can be accepted subject to payee having a valid PAN.

The same needs to be submitted in duplicate.TDS-Non Resident PolicyholdersQ. When is the TDS deducted on Life Insurance proceeds for “NRI” Status?A. As per Section 195 of the Income Tax Act, 1961 any payout made to NRI which is chargeable to tax under the applicable Income Tax laws, will be subject to TDS @ 30% plus surcharge and education cess.However, the TDS shall be applicable subject to Double Taxation Avoidance Agreement (DTAA) benefit.Q. Is tax exemption limit of Rs.

1 lac applicable to an NRI as available to a Resident?A. Generally, what type of policy payments would be subject to TDS for NRI Status?A. Maturity claim, Surrender, Lapse Terminated, Partial withdrawal and Annuity payouts would be subject to TDS.Q. Whether TDS shall be applicable at gross amount or net of premium paid?A. TDS shall be applicable as mentioned below:. In case of payouts (other than death) which are non-exempt u/s 10(10D), TDS shall be applicable on gross payable amount reduced by the Total Premium paid (i.e. Base premium, all rider premiums and top up premium) by the NRI customer during the term of the policy.In case the net amount is negative, TDS shall not be applicable.

In case of Surrender payouts made under Pension policies (with or without life cover) which are taxable u/s 80CCC(2), TDS shall be applicable on gross payable amount minus the Total Premium paid (i.e. Base premium, all rider premiums and top up premium) by the NRI customer during the term of the policy plus the total amount of deduction allowed u/s 80CCC(1)# till the date of payment.In case the net amount is negative, TDS shall not be applicable.Please note that even if a pension policy having life cover meets the condition of Sec 10(10D), the surrender proceeds under the same shall be subject to TDS as abovesaid.# The amount of deduction allowed u/s 80CCC(1) should be considered based on a certificate from a practising Chartered Accountant (CA). The certificate is required even in case of “Nil” declaration. Please find enclosed format for the same as per Annexure 4In case where the CA certificate is not provided by the policyholder, amount of deduction allowed u/s 80CCC(1) should be computed as below:.

For previous financial years before, Rs. 1 lac or the Annual Premiumpaid., whichever is lower x No of years in which the policy is in force. For financial years on or after, Rs. 1.5 lacs or the Annual Premium paid., whichever is lower x No of years in which the policy is in force. includes Base premium, all rider premiums and top up premium.

In case of Annuity payouts to an NRI, TDS shall be applicable on gross annuity amount.Q. Whether TDS is applicable in case of Health Rider benefits (i.e.

Critical Illness, Total Permanent disability etc)?A. What is DTAA?A. DTAA (Double Taxation Avoidance Agreement) is a tax treaty that India has with various countries.

The applicability of clauses of DTAA varies from country to country. Hence, our offices should refer to the rates of DTAA as per the country of the non-resident policy holder for deduction of tax at source.In case tax relief is available under DTAA, a Tax Residence Certificate (TRC) provided by the Government of the country of which the payee claims to be a resident needs to be submitted.Q. Which are documents required under DTAA?1. TRC (to be on the letter head of the Govt of country in which NRI resides)2.

Sbi Life Insurance Policy Surrender Form Download For Pc

Self Declaration as per Form 10F (format copy enclosed – Annexure 2)3. Copy of Tax Identification No.

/ Unique ID issued by the Govt of country in which NRI resides.Additional documents required (any one). Copy of job card (stating the place of employment) or. Copy of latest utility bill (Telephone/electricity/bank statement) of the country in which the customer resides.Q.

Whether TRC or Form 10F needs to be collected in case DTAA benefit is not available?A. What in case a customer who is earlier flagged as NRI and now claims to be resident (i.e. At the time of payout)?A. In case where a customer who has been flagged as NRI at the time of commencement of policy and claims to be resident, he/she needs to provide a residential self-declaration.Q. Is there any way of lower deduction of tax if DTAA benefit is not available?A. In case where DTAA benefit is not available and the NRI provides a lower tax deduction certificate from the Tax Assessing Officer in India under section 195(3) or 197(1) of the Income Tax Act, 1961, then TDS should be deducted at such rate as prescribed in the certificate till the period mentioned in the certificate.Q.

I am a registered customer on your portal, how can I pay premium online?A. 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.Q. How can I pay Premium online?A.

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.Q. How to claim the credit of TDS?A. The customer needs to assess the taxable income in consultation with his tax advisor while filing his return of income and claim the credit of tax deducted, if any.Q.

Life Insurance Cash Surrender Form

Whether PAN is required for NRI customers?A. There will be no change in TDS rate applicable to NRI customer irrespective of the fact whether he has a valid PAN or not.However, PAN will be required for filing the TDS return by the Company based on which the tax credit can be availed by the NRI customer while filing his return of income.Q. When will the TDS certificates be issued?A. TDS certificates will be issued on a quarterly basis.OthersQ.

What is the meaning of Sum Insured?A. Sum Insured is the amount that an insurer agrees to pay on the occurrence of a stated contingency.Q. What is “Date of Comm”?A. Date of Comm or Risk Commencement Date is the date at which Life Assured Risk has been accepted, It is the date on which the Policy contract has begun the premium amount to be paid is showing different the Instalment premium mentioned is the premium excluding the Service Tax while the amount shown during Online payment is inclusive of Service tax.Q. What is Risk /Installment premium?A.

Risk premium is the Premium amount allocated towards your Policy Life Risk.Q. What are riders?A. Add-on Options available to policyholder that provide additional benefits are called Riders.Q. Which are the riders attached in my policy?A. You can refer to the Policy schedule or to the Rider grid to check the Riders available for your policy.Q.

Surrender Life Insurance Policy

Does one still get notices on my address if he registers for e-statements?A. Once you register for E statements, you would receive all the intimations, on the Registered Email ID. All hard copy intimations would stop immediately.Contact UsReach Us:  Toll free No. 1800 267 9090  info@sbiife.co.in www.sbilife.co.inSMS SOLVE to 56161 and we will call you back.Grievance Redressal Visit www.sbilife.co.in for our grievance redressal policy and procedure.