SBI, one of India’s leading Public Sector Banks, has been receiving complaints from its customers on social media regarding the misselling of insurance plans. While the bank emphasizes that opting for insurance or investment-related products is entirely voluntary, customers have expressed dissatisfaction with the constant persuasion to purchase insurance policies at SBI branches. This article aims to shed light on the issue and provide a helpful guide for customers facing such concerns.

The Online Complaint Solution

Recognizing the gravity of the situation, SBI has introduced a convenient solution for customers who feel compelled to buy insurance plans at any branch. If you find yourself in such a situation, you can register an online complaint by filling out the Customer Request and Complaint Form available at https://crcf.sbi.co.in/ccf. This user-friendly portal offers options to raise a complaint or request, streamlining the process for customers seeking resolution.

Filing a Complaint for Insurance Misselling

To report a complaint related to insurance misselling, select the category “Personal Segment/Individual Customer” under ‘General banking>>Operation of Accounts > Changes in terms not advised.’ By providing specific details in the last column, you allow the concerned team to investigate the matter thoroughly.

SBI’s Response to Customer Concerns

In response to a customer’s complaint on Twitter, SBI stated that opting for insurance and investment-related products is voluntary, and their branches offer information for the benefit and awareness of valued customers. Nevertheless, the bank is proactive in addressing grievances related to this matter. If any customer faces issues at SBI branches concerning insurance, the complaint can be registered at https://crcf.sbi.co.in/ccf under the category “Personal Segment/Individual Customer > General Banking>>Operation of Accounts > Changes in terms not advised,” with a brief explanation of the problem.

Avoiding Unnecessary Insurance Plans

Customers must be cautious about purchasing unnecessary insurance plans from agents, as they may come with financial costs. If you do decide to buy a plan, thoroughly read the policy document to ensure it aligns with your future financial and life goals.

SBI acknowledges the concerns raised by customers regarding insurance misselling and provides a practical solution to address these complaints through an online portal. As a responsible bank, SBI prioritizes customer satisfaction and strives to maintain transparency in its offerings. Customers are encouraged to exercise their autonomy when considering insurance or investment products and to voice their concerns freely, knowing that the bank is attentive to their feedback.