LIC Life Insurance Corporation of India i.e. Life Insurance Corporation of India is one of the oldest and trusted organization in India. Which provides protection to people by doing life insurance. Different types of life insurance are done under LIC.
By taking advantage of them according to your convenience, you can secure the future of yourself and your family, along with the help of Life Insurance, it also helps in fighting all kinds of troubles that come. You understand that it acts as a kind of protective shield. Many rules and regulations have been made related to LIC.
It is mandatory for every officer and policy holder to follow them. Sometimes such a situation also comes that we have to surrender our LIC policy even if we do not want to, but most of you do not have the right and right information about it. Because of which sometimes they are not able to take the right decision and they do their own harm.
So in today’s article, how can we Surrender you LIC Policy. Will share all the important information related to this. To get all the important information related to LIC Policy Surrender, definitely read this article of ours till the end. So let’s get started.
What is LIC Policy
Before knowing about LIC Policy Surrender, it is very important for you to know what is this LIC policy. As we have already told you that under LIC policy, people get their life insurance i.e. Life Insurance.
It completely depends on the budget of the insurer as to which scheme he wants to apply for. There are many types of insurance in all these given policies. Like a policy on a serious illness or a policy related to a road accident, similarly there are many other policies related to the vehicle and one’s own life.
For which the insurers have to deposit the Particular Ammount in the LIC’s office, agent or online on their own in the form of whatever is the favorable premium according to the prescribed months or years.
What is premium payment?
As we told you above that the policy taken by you, for which the insurers have a favorable premium according to the fixed months or years, in the form of which the Particular Amount is called Premium Payment.
If you want, you can also take two or more polices at the same time. Before taking a policy, make sure that whatever policy you are taking. Will you be able to give the installation related to it till the stipulated time.
Keep in mind that if you do not do this then you may have to bear heavy losses in future. Only after paying the premium till the end, the policy holder gets proper benefits. This benefit is decided only on the basis of the policy made by you.
But at the same time, if for some reason you want to get your policy surrendered in the middle, then you can get it done. For this, you have to follow all the Terms and Conditions implemented by the LIC Department. Only by following these Terms and Conditions you are able to get your LIC Policy Surrendered.
How is LIC Policy Surrender done?
LIC Policy Surrender is one such right. Which you can use in any kind of difficult situations. For example, to deal with difficult situations like a serious illness or any kind of accidental injury, etc., pays the premium under the LIC policy made for a long time.
By stopping it midway, you can apply in LIC’s office to withdraw your money. He can get his money on the basis of whatever price has been fixed and use it in his difficult situations. It is the right of the policy holder to break the middle of his LIC policy before it becomes mature.
Documents Required for LIC Policy Surrender
If you are willing to Surrender your LIC Policy then you will need the following documents –
1. Policy Bond :-
To Surrender LIC Policy, first of all you have to deposit your Original Policy Bond received while getting LIC Policy. If for some reason you have lost or misplaced this bond, then you will have to apply for a duplicate bond from the LIC branch itself.
There is a separate process for that. It can be found out through the bond itself that under which insurance policy you had insured. And for how long that policy was done.
2. Application Letter :-
While Surrendering LIC Policy, you also have to give an Application Letter. On this application letter, you have to give your personal information related to Surrender your LIC Policy. Under which you have to tell why you want to get LIC Policy Surrender.
3. Form Number 5074 :-
Form Number 5074 This is one of the very important documents. If you want, you can also get it from LIC Office. Along with this, it can also be downloaded online and removed.
On top of this, you have to fill all the important formal information asked correctly. Because this information given by you ensures that you will get the amount of Surrendered amount as soon as possible.
4. It is necessary to get NEFT done :-
Keep in mind that when you get your LIC Policy Surrender. At that time it is very important for you to get NEFT done. If for any reason you do not do so, your application may be rejected. Therefore, get NEFT done before LIC Policy Surrender.
5. Identity Proof :-
You also have to submit any document related to your Identity Proof at the time of LIC Policy Surrender. Such as your Aadhar Card, Driving License, etc. On which your name, address, age etc. have been shown correctly.
When you submit all these necessary documents to the officer related to LIC Policy Surrender. After a few days, your LIC Policy Surrendered amount will come in your bank account.
Should LIC Policy Surrender be done ahead of time?
You pay the premium continuously for a long time to get the benefit of your policy. But if you are thinking that the LIC policy taken by you should be surrendered now, then let us tell you for your information that by the way, it is your personal decision or any policy holder’s personal decision to take his policy. What do you think?
But if the opinion of experts on this subject is to be believed, then according to them it has been told that LIC Policy Surrender should not be done. Because if you consider or decide to do LIC policy Surrender in the middle, then you do not get the full benefit given by LIC. But if your LIC premium is going to end now, then all you should try is that you pay it in any way.
If you are not getting any other option, then you can also go to your LIC Agent or LIC Office to get information about the percentage of loan you are getting on your LIC at present. If you do this, then you will be able to pay the remaining installments of your LIC easily. And you will also be able to repay the loan loan easily. But if you are still not getting any other option, then at last you should get your LIC Policy Surrender.
Can Surrender LIC Policy Online?
By now you must have understood that what is LIC Policy Surrender. Now we tell you how you can Surrender your LIC Policy. Most of you are often in this confusion. Whether he can get his LIC Policy Surrendered sitting at home.
So we would like to tell for your information that you cannot get Online LIC Policy Surrender done by sitting at home. Because no such official announcement has been done by LIC yet. For which you can get online LIC Policy Surrender.
For this you will only need to go to your nearest LIC Office or contact your LIC Agent. By going there, you will have to meet the officer related to the LIC Policy Surrender Department. And only then the process of getting LIC Policy Surrender will be started. After this, you will have to follow the necessary procedure along with all the important documents mentioned by them.
FAQ
1. Do All Life Insurance Policies Get Surrender Value?
No, only those insurance policies get the Surrender Value which come with Investment Options. Pure protection insurance products such as Term Life Insurance do not offer a surrender value.
2. Other Options Before Surrendering Life Insurance Policy
Many Life Insurance policies provide Partial Withdrawal and Credit Facilities etc. under the Policy Surrender Rule. You can use these facilities to fulfill your financial needs without surrendering your policy.
