LIC Policy Surrender 2023: Life Insurance Corporation of India i.e. LIC’s life insurance policy is India’s largest and famous insurance company! From the beginning till now, the company has done the work of removing many types of LIC policies. But sometimes people buy LIC without knowing its benefits and features properly and keep repenting later!
lic policy surrender 2023
However, there is also an option to exit the Life Insurance Corporation of India policy before maturity! If you own the policy, you can surrender before maturity if you are not happy with it! For this, customers have to take care of some things. One Time LIC Policy Surrender After this, the life insurance cover ends after the contract between the company and the customer expires!
This is how you can surrender the policy
Surrender before maturity reduces the value of the policy amount. The policy can be surrendered only after paying the insurance premium for at least 3 consecutive years. Whereas no value is given for surrender before three years (LIC Policy Surrender)! Guaranteed Surrender Value (Guaranteed Surrender Value) Under this plan,
customers will get 30 percent of the money from the company, excluding the premium paid and the premium paid for the contingent benefit. Policy Surrender is done late, more money is received! To know more about this, you can visit LIC Life Insurance Corporation of India (Life Insurance Corporation of India) you can visit the website!
How to Check LIC Policy Status: LIC Policy Surrender 2023
To know the status of the policy, you have to know the Life Insurance Corporation of India i.e. you have to visit the official website of LIC.
For this you can use https://!www.licindia.in/ continue! Here you have to register yourself first!
Website link to register
Go to https://ebiz.licindia.in/D2CPM/#Register!
Here you enter your name, policy number and date of birth. Once the registration is done, you can check the status anytime by opening your LIC account.
For more information, you can also get special information directly on the phone! For this you can call 022 6827 6827!
You can call this number LICHELP . You can also send it by writing to 9222492224! There is no cost for this!
Documents Required for Policy Surrender
LIC Policy There are several documents that the policyholder has to submit at the time of surrender
- Original policy bond document for discontinuance of the policy
- Request for payment of surrender value
- LIC Surrender Form
- lic neft form
- Bank account statement
- ID proof like Aadhaar or PAN and canceled checks are included.
- Apart from this, the policyholder also has to submit an application for discontinuance of the policy.
What happens on LIC policy surrender?
LIC Policy Surrender After doing this, your life insurance cover ends! Because there is already an agreement between you and the insurance company to surrender the LIC policy! You stop getting tax benefits under Section 80C of the IT Act! Life Insurance Corporation of India (Life Insurance Corporation of India) If you surrender the policy before it operates for the full term, you get back a part of the premium paid! The fee is deducted in this! This amount is called surrender value.
Documents required to surrender LIC policy
- original policy bond document
- LIC Policy Surrender Form No. 5074. (Form can be downloaded)!
- Bank account statement
- NEFT form of LIC (if you are not using the surrender form)!
Original ID Proof like Aadhaar Card, Driving License or PAN Card.
How much money do you get on surrendering the policy
Life Insurance Corporation of India Premium paid in the first year of taking the policy will not be refunded! After this only 30 percent of the premium paid is returned! Suppose if you decide to surrender the policy (LIC Policy Surrender) after paying the premium for 3 years! So except for the first year’s premium, 30% of the premium paid for the remaining 2 years will be refunded! This does not include extra premium, taxes etc.
Surrender policy like this: LIC Policy Surrender 2023
If you also want to surrender policy (LIC Policy Surrender), then for this you will need Life Insurance Corporation of India surrender form and NEFT form! Along with this, you will have to attach a copy of your PAN card and the original documents of the policy. Also you have to tell this in a handwritten letter! Why are you leaving the policy?