SBI Smart Shield policy with Home loan

POSTED BY Jagdish Gahlot ON February 9, 2013 3:20 pm COMMENTS (2)

Hi,

I have taken home loan from SBI and also to cover this SBI Smart Shield plan. But 2 months after getting disbursal of the home loan still I have not received any document which states about the policy as well as any document which says that I am insurred for so and so amount for so and so years and these are the terms and condition.

Now I do not want to get into this policy and will look for another private insurance company, but before that just want to know whether I can get my premium amount returned. Which is a one time payment and also have been part of my loan amount, which means in my loan amount the premium amount already added for the policy.

I enquired in SBI but no one gives satisfactory answer. I think there is a rule that within 15 days you can surrender the policy, because in my case the policy even has not started. I do not know whether this is apply to SBI Smart Shield plan?

2 replies on this article “SBI Smart Shield policy with Home loan”

  1. Credexpert says:

    Dear Mr. Gahlot,

    Contact the bank immediately and insist on a firm reply regarding the status of your SBI Smart Shield plan. Also as the premium amount is a part of your loan amount (which is already disbursed), we assume it is unlikely that you will be allowed to surrender your premium. In either case, ensure that you get the papers of your insurance.

    Regards,
    Credexpert

  2. Dear Jagdish, please write a written complaint to your branch manager first & wait for 7 days for his reply on the matter. if there is no answer, please contact the AGM RACPC of your area & lodge your written complaint there.

    Your matter ‘ll be resolved on urgent basis. Either you ‘ll get the policy or the money ‘ll be refunded to your loan account.

    I do have an example with me where the prem. was never paid to SBI life ins. co. & the person as well as the family was in impression that Insurance cover is running. The untimely death of the borrower opened the box of problems to the family & now the family is running from pillar to post to prove that prem. was charged from that & it was bank employees’ fault that payment was never made to insurance co. Strange but true incident.

    Thanks

    Ashal

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