Loc: India mumbai
Need help understanding SBI Life ULIP lapse situation
I have an SBI Life Smart Wealth Builder ULIP policy.
Timeline:
– Policy started in Nov 2023
– Paid ₹50,000 in 2023
– Paid another ₹50,000 in 2024
– Did NOT pay the next premium after that
Now I can’t log into Smart Care because my mobile number apparently isn’t linked to the policy, though my email receives premium reminders.
The policy document says:
“Policies which lapse without payment of minimum stipulated premiums will not acquire any surrender value and premiums paid will get forfeited.”
I’m confused and stressed because:
– Does this mean my ₹1 lakh is gone?
– Or does a ULIP still retain some fund value after lapse/discontinuation?
– Can the policy still be revived?
– Is inability to log in normal for lapsed policies?
Would appreciate advice from anyone familiar with SBI Life ULIPs or insurance policies.
Posted by ApprehensiveDog2871