You should check with a local LIC office directly. Anonymous December 31, at I see the form is having Bangalore Division. Neeraj Sinha February 21, at Only a cancelled cheque is needed along with the mandate form, can be sent through any reliable courier or Postal department. Surrender form for Delhi can be downloaded from link below. Bhaskar Reddy September 2, at 8: Can we use the form in any state? Fintotal Downloads Get your Documents Or is the agent not being true to me?
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Why surrender LIC policy. Instead you can… Skip a premium and later revive your policy Policy surrender from LIC is very simple, requires no approvals and it is very quick. LIC does revival drives from time to time wherein the late fee and other charges are reduced hugely and the policy holder can get the policy revived easily at a very discounted price. Get in touch with you LIC agent and he will tell you if there are any revival drives going on currently or are expected in near future.
To get exact dates, consult your agent. Take loan on the policy Almost all policies of LIC come with built in feature of taking loan against the policy. Check your loan eligibility on the policy and if required you can take a loan and avoid the surrender of the policy. The loan process is instant and without any paper work. Still want to surrender the policy? The process to surrender the LIC policy is quite simple and requires very less documentation. There are no approvals required. Frequently asked questions regarding surrender What is surrender of policy?
When a policy holder does not wish to continue to run the policy, they have an option of surrendering the policy. Once the policy is surrendered the life cover ceases to exist. Why is the surrender value so less? A life insurance policy is a long term contract that the policyholder and the insurance company agree to. The insurance company have to give the claim and also the returns to the policy holder which they can only do if they get the premiums in time and invest the premium amount into some business.
If the policyholders withdraws the policy and does not pay the future premiums the insurance company is at a major loss in the agreement. Still instead of forfeiting the whole amount LIC tries hard to give out the maximum surrender value to the customer. Does LIC allow surrender in all policies? Yes, each and every policy can be surrendered.
The surrender value of policies varies from policy to policy. This is again one reason the poly-holders prefer LIC over any other private insurer. If you have a policy and you are in Gurgaon, do comment below and we will let you know the surrender value and the process to surrender the policy.
How to surrender LIC policy
Download LIC Surrender, Neft Mandate, Maturity & Death Claim Forms