How To Surrender LIC Policy -The Surrender Value
Find out if your policy has a surrender value. The policy document you received at the time of buying the policy will let you know the surrender value. If you bought a money back or an endowment plan, it will have a surrender value after some time has passed. Usually, if you’ve completed 3 years after the buying of the policy, your policy will have a surrender value.
How To Surrender LIC Policy- Documents You’ll Need
- Keep the following documents ready
- The original copy of the policy
- Photocopies of all the premium receipts
- A copy of the LIC surrender request or application for surrender value
- A copy of the LIC form no.
Fill in the forms and make sure you stick a revenue stamp onto them.
- Find out the office where you policy was issued. You can find out this detail from your premium receipts or the policy certificate.
- Remember- only the policy owner can submit this surrender form. Once your details have been verified, the officer will provide you a receipt stating acknowledgement of the form.
- It shouldn’t take you more than a month to receive the check for the surrender value at your registered address. If you want to change this address, you’ll need to get an address change form. It makes sense to go for an address change immediately. If you put in the application, the officer will give you an acknowledgment of the same.
Surrendering Your Policy? Remember These Tips
- You can only receive your surrender value after you’ve paid 3 annual premiums.
- If you can ,try and avoid surrendering your policy-because you always end up getting less than you should
- If you want to go for a fresh insurance after this surrender, you would have to go for higher premiums- simply because you’ve aged more.
If you’re wondering how to surrender LIC policy online, you can’t. You will have to be present at the office when you’re surrendering the form.