SBI Rinn Raksha Plan given forcibly while taken home loan

POSTED BY ndebjani ON October 5, 2013 7:30 pm COMMENTS (7)

SBI Rinn Raksha plan was forcibly given while taking home loan from SBI for which they add the SA amount to the loan principal amount and add on to the EMI.

My question is can someone cancel the policy within freelook period? Then will the principal amount be lowered or the policy cannot be cancelled as its connected to the loan? As per SBI, the policy can only be cancelled if the loan is paid off not before that.

7 replies on this article “SBI Rinn Raksha Plan given forcibly while taken home loan”

  1. ashalanshu says:

    Dear Ndebjani, have you signed on attachment consent? Please contact your loan serving branch for your welcome KIT.

    Thanks

    Ashal

  2. ndebjani says:

    Have checked with a manager in Sbi life, according to him as the policy is attached to my loan, I need to take NOC from the bank and then only will they cancel my policy. So do you think bank will provide the NOC as it was given by them in the 1st place, also my welcome kit is not yet dispatched?

  3. ashalanshu says:

    Dear Ndebjani, in that case, you are very much right to cancel the policy sold to you forcibly.

    Thanks

    Ashal

  4. ndebjani says:

    I already have a term policy of 25 lakhs and my home loan is around 16 lakhs…

  5. ashalanshu says:

    Dear Ndebjani, you as a policy holder can cancel the policy. Please do not listen to SBi officials and cancel the same. By the way, if this policy is not there, who ‘ll pay the loan in case you are no more?

    Thanks

    Ashal

  6. ndebjani says:

    It’s SBI Rinn Raksha policy not Maxgain account. Also as per SBI, it cannot be cancelled as it’s linked to the home loan, is it correct? Pls confirm.

  7. ashalanshu says:

    Dear NDebjani, please cancel the policy infreelook period and park the refunded amount in your Max Gain account. Act Fast.

    Thanks

    Ashal

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