SURRENDER
This is the amount that you will be liable for if you decide to end the policy or cash it from LIC. Surrender value can only be paid after three years of premiums have been paid. If it is a participating insurance policy, the Bonus will be attached to it according to applicable rules.
It is not recommended to surrender a policy, as the surrender value will always be proportionately high.
If you choose to purchase additional insurance at this point, you will be charged a higher premium due to the fact that your age has increased since you took out the previous policy.
For life insurance protection, it is important to keep all existing policies intact and continue with all policies.
What documents are required to surrender LIC policy?
These are the documents you must have in order to surrender your LIC policy
- Original policy bond document
- LIC Policy Surrender Form
- Bank Account details
- NEFT Form
- Original ID Proof such as Aadhaar Card or Driving License, or PAN Card.
The Surrender Value will be transferred to the account of the policyholder within 7-15 days after all required documents and forms have been submitted.
How FinSukh.com works?
There may be instances when you would like to make alterations in your policy like change of premium payment mode, address, nominee or policy status, loan status and revival of policy etc. Our customer service is considered the best in the business and will handle your request proficiently and promptly.
- Tell us what you’re looking for
- We find the best advisor in your area
- You connect with the local advisor of your area
- Free Consultation & Guidance on Policy Servicing Matters
- Handling of all your queries and filing all required forms along with necessary documents
- Customer or Policyholder need to pay pre fixed administrative and service charges to the advisor
- Personal visit to respected branch for alteration related work and get it done in required manner
- Delivery of altered documents at home address once completed
- Support system for post service queries and difficulties, if any
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Benefits of Niveshkaro
Every car insurance policy must be renewed to enjoy continuous insurance benefits. You can apply for car insurance renewal online as well as offline. However, renewing car insurance policy online can give you several advantages. These benefits are:
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