Frequently Asked Questions
- How do I generate a premium receipt for submission at my office to claim Income Tax benefits?
- While making a payment, the browser froze/ hung, but my credit card has been debited with the premium amount. What should I do?
- Can I take a print out of the Online Form and make a cheque payment at any SBI Life branch?
- If my age changes before the acceptance of my proposal, will I have to pay premium as per my new age?
- How do I pay the revised premium as per my new age, incase my age changes between the time I submit my proposal and its acceptance by SBI Life?
- When and how do I pay my future premiums?
- Will there be any change in the premium once my policy is accepted by SBI Life?
- Can I pay premiums in any other currency?
- Under what circumstances can I be charged additional premium?
- Will I be given the reason for why an additional premium is charged?
- How do I pay the additional premium for Health Extra, Smoker Rate, etc?
- I agree to the additional premium for smoker rates but can I pay it at a later date?
- What should I do to reduce the Sum Assured / Cover in order to compensate for the additional premium due to be paid by me, due to my health condition ?
- Is the additional premium due to my health condition, a onetime payment?
- If premium is not paid on time, how will it affect the policy?
- What are the different premium payment modes under SBI Life - eWealth?
How do I generate a premium receipt for submission at my office to claim Income Tax benefits?
The first premium receipt will be a part of the policy kit dispatched to you once
the policy is issued. Also, on successful payment, an online acknowledgement is
generated, which can be printed.
While making a payment, the browser froze/ hung, but my credit card has been debited with the premium amount. What should I do?
We apologise for the inconvenience caused. Kindly get in touch with us on our toll
free no: 1800 22 5354. Alternatively, you can email us on
online.cell@sbilife.co.in
with your Quotation ID, first name, last name, date of birth, date of transaction
and contact number. Our concerned executives will get in touch with you.
Can I take a print out of the Online Form and make a cheque payment at any SBI Life branch?
SBI LIFE eWealth is a pure online plan for which payment needs to be made online.
If you facing difficulty completing the online proposal form we would be glad to assist you
to complete the online application.
You may contact us on 1800225354 or write to us on
online.cell@sbilife.co.in and our
representative will be happy to guide you through the application process. Payment can be made online
using you debit card credit card or internet banking, whichever is convenient to you.
If my age changes before the acceptance of my proposal, will I have to pay premium as per my new age?
The premium we collect depends on the age as on date of acceptance of the proposal.
Hence, any time after the first premium amount paid and before the acceptance of
the proposal, if your age changes then you may be required to pay the revised premium
as per the new age.
How do I pay the revised premium as per my new age, incase my age changes between the time I submit my proposal and its acceptance by SBI Life?
We will inform you through email the amount of shortage to be paid. You can click
the link specified in the email, sent to the email id registered with us in your
proposal form, and pay the balance amount by selecting any one of the options in
the payment mode.
When and how do I pay my future premiums?
The due dates for premium payment are mentioned in your Policy Document.
However, it is recommended that you give us a Direct Debit / ECS Mandate / Standing Instruction for automatic premium debit from your Bank Account / Credit Card. Complete details of various options towards making future Renewal Premium payments are available on the link: http://www.sbilife.co.in/sbilife/content/11_2928 You are required to pay the Premiums on or before the Premium due dates. Will there be any change in the premium once my policy is accepted by SBI Life?
No, there will not be any change in basic premium during the entire term of the
contract once the proposal is accepted.
Can I pay premiums in any other currency?
No. All quotations are in Indian Rupees (INR) and premiums are accepted only in
INR.
Under what circumstances can I be charged additional premium?
Factors such us tobacco consumption in any form, adverse health condition, risky
activities like adventurous sports, occupation, etc. might increase your premium.
Will I be given the reason for why an additional premium is charged?
Yes, you will be intimated about the reason, the amount of additional premium charged
and the difference of premium that you have to pay prior to commencement of Insurance
Cover.
How do I pay the additional premium for Health Extra, Smoker Rate, etc?
In the email sent to you, on your email ID registered with us on your proposal form,
about the additional premium for health extra, you have to first select the option
to agree for the additional premium. Once you select this option the payment option
will get highlighted and you can pay the additional premium by selecting any one
of the payment mode.
For additional premium on smoker rates, you will have to give your consent and pay the additional premium by selecting any one of the payment modes. I agree to the additional premium for smoker rates but can I pay it at a later date?
No. Full premium amount, including any extra premium is payable for acceptance of
the insurance proposal.
What should I do to reduce the Sum Assured / Cover in order to compensate for the additional premium due to be paid by me, due to my health condition ?
If you agree for the additional premium charged you can either pay the additional
premium or reduce the cover to such an extent that you need not pay the additional
premium. For reducing the Sum Assured, you only have to send an email to us, from
the email ID registered with us on your proposal form, stating your consent for
both the additional premium and reduction in Sum Assured.
Is the additional premium due to my health condition, a onetime payment?
No. The additional premium charged is not a onetime payment. This premium will be
added to your basic premium and this will constitute the revised premium which you
have to pay for the remaining term of your policy.
If premium is not paid on time, how will it affect the policy?
If premiums are not paid within the grace period the policy will lapse. The policy
may be reinstated for full benefits within two years from the date of the first
unpaid premium. However, the life cover during the lapsed period would not be available.
What are the different premium payment modes under SBI Life - eWealth?
The premiums can be paid in monthly as well as annual mode.
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