In any case if the insured / policyholder would like to cancel his sbi general insurance policy, then the Below given procedure needs to be followed:-

Toll free number: 1800 22 1111/ 1800 102 1111

Email id: Customer.care@sbigeneral.in

Fax: 1800 22 7244/ 1800 102 7244

Customer can also contact at the nearest Sbi general insurance branch.

Queries & suggestions log-in - http://www.Sbigeneral.in/

Freelook Period:-the customer has a period of 15days from the date of receipt of the new policy document to review the terms and condition of this policy. If the insured has any objections to any of the terms and conditions, he has the option to cancel the policy stating the reason for cancellation. The insured is Entitled for a refund of premium subject to

• A deduction of the expenses incurred on the medical examination, Stamp duty Charges, if the risk has not commenced
• A deduction of the stamp duty charges, medical examination charges & proportionate risk premium for period on cover, of the Risk has commenced
• A deduction of such proportionate risk premium commensuration with the risk covered during such period, where only a part of risk has commenced.
• Free look period shall not be applicable For renewal policies.

Hospital cash/ health insurance/ critical illness:

Ordinarily renewal will not be refused/cancellation will not be invoked by insurer except on Ground of fraud, moral hazard or misrepresentation.

Every renewal premium (which shall be paid and accepted in respect of this policy) shall be so paid and accepted upon the distinct understanding that no alteration has taken place in the facts contained in the proposal or declaration herein before mentioned and that nothing is known to the insured that may increase the risk to the insurer under the coverage hereby given. No renewal receipt shall be valid unless it is on the printed form of insurer and signed by an Authorized official of insurer. In case any disease /illness is contracted during the last 12 months (whether a claim is made or not with the insurers), the information on the same needs to be provided to insurance company at the time of renewal, in the event of failure to inform or suppression of details about any change in medical condition the policy shall be void on the ground of suppression of material fact in the event of a claim. Insurer may require that an additional premium be paid for the enhanced risk profile arising out of such diseases contracted by the insured and policy would only be renewed upon collection of premium and such additional premium.

The premium at the time of the renewal of the policy would be as per the premium rates prevalent at the time of renewal and as approved by irda.

The policy will automatically terminate at the end of the policy period and we are under no obligation to give notice that it is due for renewal.

In Case of a policy that has expired/ not renewed with insurer before the end date of Period of insurance and being renewed upon specific acceptance by the insurer within 15 days from the date of expiry, the cover would be without loss of continuity benefits of waiting period and coverage of pre-existing diseases. However, coverage is not available for the period for which no premium is received and any complications/liability contracted/arising from any illness/disease/accident during such period of break in insurance is not covered under the policy.

Any renewal of a lapsed policy after 15 days from the expiry of the policy will be treated as a fresh policy and the insured needs to undergo Medical examination for acceptance of the Proposal, if required by the insurer. All the terms and conditions of the standard hospital daily cash policy of the insurer will be applicable.

Insurer may cancel this insurance by giving insured at least 15 days written Notice and shall refund a pro-rata premium for the unexpired policy period. Insured may cancel the policy by giving insurer at least 15 days written notice, and if no claim has been made then the insurer shall refund premium on Short term rates for the unexpired policy period as per the rates detailed below:-

Home insurance:

This insurance may be terminated at any time at the request of the insured, in which case the company will retain the premium at Customary short period rate for the time the policy has been in force. This insurance may also at any time be terminated at the option of the company, on 15 days' notice to that effect being given to the insured, in which case the company shall be liable to repay on demand a Rateable proportion of the premium for the unexpired term from the date of the cancellation.

Refund on cancellation of long term policy at the request of the insured may be allowed subject to the following conditions:

1. No refund shall be allowed if there has been a claim under the policy.
2. If the policy is cancelled within 3 years of inception, the premium to be retained shall be worked out as per normal rates applicable, that is without allowing any discount.
3. If the policy is cancelled after 3 years of inception, the discount slab shall be reworked for the number of years the policy was actually in force. For this purpose fraction of a year shall be rounded to the next higher year. For example, if the policy has run for 3 years and 3 months, Premium shall be retained for 4 years.
4. Refund, if any, shall be subject to the retention of minimum premium of rs.250/-

Travel insurance:

Cancellation by insured:

1. Single trip insurance: cancellation of the policy may be done only in cases where a journey is not undertaken and only on production of the insured person's passport as a proof that the journey has not been undertaken. Any request for cancellation will be entertained not less than 14 days after the first day of insurance as indicated in the policy schedule. Such cancellation will be subject to deduction of rs 250/-. No refund of premium or part thereof will be allowed once the journey has commenced.

Policy can be cancelled in full and cannot be cancelled with respect to only some of insured persons. Once any of insured person starts Journey, Policy will not be cancelled with respect to remaining insured persons.

2. Multi trip insurance: the insurance may be cancelled at any time at the request of the insured person, in which case the insurer will refund the premium as per the table given below, provided that no claim has been made during the period of insurance

Cancellation by insurer:

The insurance may also at any time be cancelled at the option of the insurer, on 15 days' notice to that effect being given to the insured person, in which case the insurer shall be liable to repay on demand a Rateable proportion of the premium for the unexpired term from the date of the cancellation. Such cancellation will be on grounds of Mis-representation, fraud, non-disclosure of material facts or non-cooperation of the insured person.

Also read- How do i surrender my sbi life insurance policy?