Cancelling or Modifying SBI Accidental Insurance Policy: A Guide for Customers

When you opened an account with State Bank of India (SBI), it's possible that you were also enrolled in their accidental insurance policy. If this is the case and you wish to cancel the policy, there are a few steps and considerations to keep in mind.

How to Cancel an SBI Accidental Insurance Policy

It is possible to cancel your SBI accidental insurance policy through the YONO app. However, it's important to understand the process and the conditions under which cancellation can be made.

Using the YONO App: If you have downloaded the YONO app, you can cancel your policy directly from there. Follow the on-screen instructions to initiate the cancellation process. Cancellation Process: If you are unable to use the YONO app, you can contact SBI customer service or visit a branch to initiate the cancellation process. Make sure to inform both SBI and the insurance company of your desire to cancel. Refund of Premium: If you cancel within the first 15 days of the policy, you will be entitled to a refund of the premium paid. This is the free trial period during which you can assess the policy. After 15 Days: Once the 15-day period has expired, you can still cancel the policy, but you will not receive a refund of the premium. Instead, you can choose not to renew the policy when it comes due next year.

When Cancellation is Not Possible

Unfortunately, in some cases, cancellation may not be an option. Here are some scenarios:

No Cancellation Protection: Once the 15-day period has passed, the insurance company is generally not obligated to offer a refund, even if you wish to terminate the policy. No Automatic Cancellation: If you do not actively choose to cancel the policy, it will continue to be active, as long as it is renewed. Non-Refundable Premium: The premium you paid is non-refundable, even if you choose not to renew the policy.

Is It Worth Having SBI Accidental Insurance?

It's important to weigh the benefits of the SBI accidental insurance policy against the cost. Here is a breakdown:

Rs. 100 Premium: Provides Rs. 2 lacs (Rs. 200,000) coverage. Rs. 200 Premium: Provides Rs. 4 lacs (Rs. 400,000) coverage. Rs. 500 Premium: Provides Rs. 10 lacs (Rs. 1,000,000) coverage. Rs. 1000 Premium: Provides Rs. 20 lacs (Rs. 2,000,000) coverage.

In a road accident, this insurance can offer significant financial protection to both the policyholder and their dependents. The coverage is specifically for death or partial disability caused by a road accident.

What to Do If You Wish to Cancel

If you still wish to cancel the policy, here are some suggestions:

Renewal Option: You can choose not to renew the policy when it comes due next year. This is a simple and straightforward way to terminate the policy without causing any inconvenience. Writing to the Branch: If you prefer a more formal approach, you can write to your local SBI branch and request that the policy not be renewed. Inspection of Benefits: It's a good idea to review the insurance coverage and compare it with other policies. You may find that the benefits offered by SBI are more competitive and offer better value for money.

Conclusion

While it is possible to cancel or modify your SBI accidental insurance policy, it's important to understand the conditions and steps involved. The 15-day free trial period provides a window to assess the policy, while premiums are non-refundable after that period. If you do not wish to continue with the policy, the best approach is to choose not to renew it when it comes due.