SBI Life Insurance Complaints & Reviews

SBI Life management has been spending crores on its officers by way o[censored]nnecessary bonuses, salary hikes, conferences and foreign tours. It is a company floated by SBI with BNP but it's regional managers are paid more than the M.D.of SBI. This year the seniors officers travelled to Switzerland to do what? Can't they hold their sales meet in India so that their stakeholders do not have to pay for their extravaganza? They spend money on conferences where they give costly gifts to each other. Now the officers are going on a cruise with family to Maldives. Have anyone heard SBI holding its meetings overseas? Policy holders invest in SBI Life for better returns and not for the extravagant and wasteful expenses of its officers.
Please lodge a strong protest with the company on behalf of Policy holders and shareholders.

Hello,

As i am located in us and i have sent all the documents related to sbi smart privilege policy to bank. But agent vinayak dwivedi from sbi life insurance after sending all the document to him he is telling to send additional documents and after that too no updates yet from agent. And my money is already debited from my nre account.

So, can anyone please let me know what can be done and as my money is debited from my account since a month ago; will sbi life insurance pay the interest amount till date as i haven't received any policy number nor any details?

Logically money should be debited from the account only when the policy starts if i am not wrong. This seems to be an issue with the agent as if he was knowing without all the document received; till then he should have not debited my money.

Respected sir,

My name is ajay kumar shrama. I have joined sbi life insurance as a agent before 8 years back. I have not doing any work in the company. My license validity also expired but my pan no looked up in irda portal.
Applicant name - ajay kumar shrama
Fathers name -
Dob -02/07/1981
License no -
Agency code[protected]
Pan no - cjips2438b
Date of appointment -01/04/2015
I ajay kumar shrama requested to deleat my pan number from irda portal.
Mobile no -[protected]
E-mail - ajay. [protected]@gmail.com

Dear concern.,
I have taken money back policy from your company policy no. 1n[protected] for 12 years of term and i was about to recieve my 1st money back in the month of dec 2017 but i have not yet received any amount for the same. As i have enquired about it in your nearest sbi life branch they have said that cheque was issued regarding the same but i have no information related to that.

Kindly resolve the issue as...

I have received a phone call regarding the sbi insurance policy. Sbi agent (Ramesh kumar pal) misguided me about the insurance policy & did fake commitments regarding the policy. Now i come to know all his cheatings.
I want to cancel my policy with the sbi. My policy no. Is 1b[protected]. This policy is five year old. I have paid premiums for 5 years. Please help me in this matter. Please call me at [protected] for more information.

Dear sir,
I am suri babu mypala,
I am not the policy holder on sbilife but amount debited in my account without any intimation and dont have the transaction number on bank statement please check and refund my amount to the account.
My account number : [protected]
Transaction date :[protected]
Debited : sbi life - rs.6000/-...

सेवा मे
महोदय हम ने sbilife smart weaith builder करवा जो कि पिता का नाम गलत हो गया मै ने लिखित शिकायत यस बी आई शाखा प्रबंधक पट्टी को दो तीन बार लिखित मे दिया लेकिन कोई कार्य वाही नही किया अतः आप से निवेदन है कि पिता का नाम मे शंशोधन करने का कष्ट करे
गलत नाम रमाकांत मिश्रा
सही नाम रमाशंकर मिश्रा
सुनील कुमार मिश्रा %रमाशंकर मिश्रा
गांव मोलनापुर बडारी पट्टी प्रतापगढ़ उत्तर प्रदेश
पिन नम्बर 230134
मोबाइल नंबर [protected],[protected]
A/c no.[protected]
Customer no.[protected]
Policy no.1k[protected]
Product name sbilife smart weaith builder
Uin no. 111L095V01

My loan a/c no. [protected]. I opted for SBI Rinnraksha (A/c [protected]), Valued for 20lac coverage of which the premium amounting 33080/-. After my 1st installment payment(6616/-) for the policy it has been stopped without informing me the particular reason. The agent Mr Prasanta and SBI Life person Mr Partha of burdwan branch pressurized me to reopen the policy with higher amount premium for the same coverage.
Can you answer me if anything went wrong for me in between, what steps, SBI LIFE could do for my family for their mistakes? I informed them several times, but they showed lack interested. Now pressurising for reopening my policy so that they can grab a healthy commission out of it, isn't so?
Help me out soon.

I take a policy of sbi life. I was told a 70 perc guaranteed return in 7 years but after 1 year i came to know it was fake. They give a bonus of 4 perc which is vested. On total investment of 3.5 lakh for 7 year i will be getting a max of 3.8
When i am asking for withdrawal after 5 year they are deducting 30 percent
Being a risk free policy they have no right to deduct after the locking period
This is a big fraudulous company just to loot the customers

Their customer service is more bad you will never get a proper response from them they don't have any escalation matrix so you cant do anything

Sbi life shub nivesh whole life plan (111n055v01).

In above mentioned policy there is no life covered. They are only providing the sum assured at the end of maturity/death. There is no death benefits and policy has been sold in the name of whole life plan life insurance. Interestingly irda approves such a policies! Is irda concerned of indian citizens security or is actively regulates the all the insurance policies india. Its seriously doubts the credibility of irda here.
Let me explain the scenario policy holder opted 6 year insurance plan with half yearly payment. Policy holder has paid all the premium religiously 11 premiums and unfortunately policy holder death happened during the policy term. When policy holder family approaches the sbi life they claims that in above mentioned policy only sum assured are there.in general concept whatever the policy some % of the amount should be invested for life cover, here no such a thing. Policy holder has paid around premium of 1, 10, 000inr but his family has received only 89, 000inr. Sbi life is claiming only sum assured is guaranteed. But sum assured only make sense when policy term ends and customer is alive.in this case policy holder death happened and it was running policy and policy holder has paid huge premium which is lesser than the sum assured value. For your further information non of the sbi life branch (Kumta) people are able to explain the policy settlement. Please review and acknowledge so that i can reach out irda for the further assistance.

Policy number: [protected]
Contact details: [protected]

I have taken the above said policy..this policy was given with complete false information, i have enquired regarding this policy and came to know because of advisor benfit, policy was given to me..Then i opted for FLC on 17-08-18, as per FLC, i have to get my money back with in 15 working days, but still now i have not received the money and there is no proper communication channel for this, after opting for FLC received acknowlegement, when i call customer care they say still my policy is in force..I have mailed to sbilife many times..But still now i have not got any single info..twice i received mails saying that 'we are in recipt of your FLC, we will communicate soon once it is processed..There after i have not received any mail or anycommunication from sbilife..i have mailed to [protected]@sbilife.co.in, still no use..no reply from them..i do not know what process is going behind..if i want to complain this who can help me in sorting out the issue

Is money safe with the custody of sbi group of companies? This crucial point now comes ahead following an incident may be had as here-in-under:
Mr. Nipun sharma of sbi life sent an e-mail to me that as per my request id 9301795, the refund for cancellation of proposal no.1har109048 has been deposited into the a/c no. Sbin[protected] which is not at all of mine, as such your esteemed institution usually transit one's deposit into other's a/c which is not at all concerned. Alas!!! What i experienced???
Notwithstanding, you are, fervently, requested to deposit the sum including interest accrued therein into my a/c within today positively wherefrom the aforesaid proposal sum was deducted on the 10th day of june, 2018.
Naba gopal sinha [protected]

Dear Concern,

Captioned Consigment no. sent on date-05.07.2018 to below address:-

Usha Parivallal
Senior Associate - Claims
SBI Life Insurance Co. Ltd.
8th Level, Seawoods Grand Central, Tower 2, D wing,
Sector 40, Plot No.R-1, Seawoods, Nerul Node,
Navi Mumbai- 400706.

But on the delivery status is reflecting as delivered name- Omprakash, location-Mahape, Navi Mumbai.

Please note that document pertaining to high value as official.
Request for look into the matter on very priority basis and sought out the case at earliest.

I am policy holder no 1N[protected] as i have misleaded by agent and initially primum debited from my account by ECS for 6 months after that I have blocked my Ecs of Rs 3929/_ in SEPTEMBER 2018 by the written application . After that no deduction was done from SEPTEMBER to FEBRUARY. Now SBI LIFE has forcefully debited the amount of Rs 24218 on 3rd March 2018, Rs 3945 on 24th April 2018 & Rs 7922/- 6 June 2018_ without any ECS MANDATE or any Information about that . Who has authorised them for this forced debit?
After i reported this to SBI LIFE KOLKATA JEEVANDEEP, They told me- (this deduction was not done by them)...This was done on SBI BANK by FIBU DEBIT VOUCHER...But i don't Signed on this...And Bank Allow this deduction without my concern...
I am jut fed up with this...
plzzz help me...

I am policy holder no 1P[protected] as i have misleaded by agent and initially primum debited from my account by ECS for 3 months after that I have blocked my Ecs of Rs 5240/_ in march 2018 by the written application . After that no deduction was done from April to June. Now SBI LIFE has forcefully debited the amount of Rs 15717/_ without any ECS MANDATE or any Information about that . Who has authorised them for this forced debit ?

Sir, i was a member of swadhan yojana since 2008 i have applied for surrender value of same on feb 2018 to sbi life farrukhabad through mr amit kumar mob no [protected] who works at your sbi life farrukhabad. But till now no resonce after three month he directed me to mr. Praveen dubey mob. No.[protected]. Before three days he wrang me and said that he send my payment twice but it is returned back because i have given the details of my bank, the cooperative bank of farrukhabad[up]now he suggest that please open the account in sbi, i have tried for the same but manager said that aapko sbi life mein bema karna hoga. Please help me to get surrender value of swadhan yojana as early as possible.

Sir, My SBI Life policy No.[protected] and [protected]. I am intimated about excess refund and requested to submit required douments for direct credit into my bank account. IN compliance with their letters I submitted required documents to the nerest SBI Life Branch, i.e Tuticorin SBI Life Branch on 26.4.2018. They informed me that the excess refund would be credited into bank account within 15 days. But not yet credited till date. It is brought to SBI Life complaint mail. They replied me you amount would be credited shortly Case ID09128141 and Case ID 09151481 dated 14.6.2018. Till date my excess refund not credited. SBI Life serice is very much disappointing me. Unfortunately I have taken one short term policy from SBI Life recently. Kindly request you to take necessary action to give direct credit the excess amount into my bank account.

My email id registered with u is incorrect it should be virendr. [protected]@gmail.com instead of grendra. [protected]@gmail.com

My policy no [protected]& customer id is 44213882 i want to know that whether my policy is related to my home lone which i borrowed from sbi kota or it is a purely term plan. No one is able to answer on toll free no [protected] plz reply at the earliest
Presently my life cover is up 2026 i would like to extend it to 2048 is it possible in this policy

I have been regularly paying my Policy premium against SBI Policy number [protected] till around Feb 2017 via ECS from my Citi Bank account.

Since i had to change my job, i had requested for a bank account change from CitiBank to HDFC bank via SBI defined process ( filled forms and submitted all required documents, cancell cheques etc...) I had also submitted cheque of Rs.60, 000/ at the time of Bank change as asked by SBI .

My bank account got changed in the month of March 2017 already but they had not started my ECS with no communication / intimation to me. I had started my follow up since than and have not been getting any response from them. Now my policy has lapsed and i am asked to pay all the balance amount in on shot which is around 1.6 L and that is not possible for me.

There is no mistake of lags from my side but there was a mistake and lapse from SBI, i am now in a situation where i had to pay such a huge amount for no fault of mine. I would like to raise a compliant against SBI to get my money back or get some relaxed payment options.

I took sbi life insurance few years back.

Once wanted to change mode of emi from monthly to half-yearly. Went to their office in bangalore and given the request. It was not resolved for 2 months.

Wrote mail to customer care, called them in personal. Final answer is - backend team has to fix it but they are not fixing. So no coordination with in front and back end team of sbi life.

Asked them to close my insure who said it can done after 3 years.

Went to their office after 3 years, they said "it can closed only after 3 years and 1 month"

Totally useless insurance company in terms of service.