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LIC Surrender Form PDF Free Dwonload
LIC Surrender Form
LIC Surrender Form is a document used by policyholders to request the surrender of their life insurance policy. Surrendering a policy means terminating it before its maturity date and receiving the surrender value, which is the accumulated cash value of the policy less any applicable fees or penalties.
The form usually requires policyholders to provide their personal details, policy numbers, and other relevant policy information. Additionally, it may include a section where the policyholder can specify his preferred surrender options, such as receiving the surrender value as a lump sum payment or in installments.
Once completed, the surrender form should be submitted to the nearest LIC branch office or sent to the specified address provided by LIC. On receipt of the form, LIC will process the surrender request and initiate payment of the surrender value to the policyholder.
It is important for policyholders to carefully review the terms and conditions of surrendering their policy, as surrendering a policy may have financial implications, such as loss of insurance coverage and potential tax consequences. Therefore, policyholders are advised to consult LIC or a financial advisor before deciding to surrender their policy.
When you decide to terminate your policy before its maturity date, it is called surrendering the policy, and the amount you receive at that time is known as LIC Policy Surrender Value.
Generally, for a regular policy, the surrender value can be calculated only if the policyholder has paid premiums continuously for at least three years. However, surrendering a policy is generally not recommended as the surrender value offered by LIC is often quite low.
Additionally, if you surrender the policy before the completion of three years of premium payments, no surrender value is usually paid. Therefore, it is important for policyholders to carefully consider the implications and explore alternative options before deciding to surrender their LIC policy.
Surrender Policy
Original policy document Canceled check bearing the name of the policyholder.
If the canceled check does not have a pre-printed name, or account number, or a new account is mentioned on the cheque, a passbook copy/bank statement with a pre-printed name and account number is required ID proof (PAN card, Aadhar Card, Passport, Driving License, Voter ID Card) Policy Surrender or Cancellation Form Latest Contact Details NRE Bank Statement showing any premium paid from the NRE account.
Contact Details
The following options can be used to connect with LIC of India:
Call: 022 6827 6827 / 18004259876 for Health Insurance policies
SMS: LICHELP to 9222492224 or SMS LICHELP to 56767877
Mailing Address: Corporate Office, Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021
| Language | English |
| No. of Pages | 4 |
| PDF Size | 0.6 MB |
| Category | General |
| Source/Credits | www.basunivesh.com |
LIC Surrender Form PDF Free Dwonload