LIC Policy: If you want to surrender the policy of LIC i.e. want to close it, then definitely read this news. Actually, on surrendering the policy, you get the surrender value based on the rules of LIC. Let us know the step-by-step process.
LIC Policy: If you also want to close the policy of LIC i.e. ask to surrender the policy, then this news is of great use to you. Today we are telling you here how you can surrender your policy. First of all, you should know that you can surrender the policy of LIC only after at least 3 years. If you surrender it before 3 years then you will not get any money.
If you surrender the LIC policy under the rules, then you get the surrender value. Actually, when the money back equal to its value is received on discontinuation of the policy, it is called surrender value. According to the information given by LIC, if you have paid the premium of LIC for the whole three years, then you will get the surrender value.
What will be the surrender value
On surrendering the policy, the policyholder has to bear the loss. But if you have paid premium for 3 consecutive years then you will get surrender value. After that, the premium amount that you have paid for the first year also becomes zero, but for the remaining two years, you will get 30 percent money. Not only this, it also does not include any additional premium paid for the riders, taxes and any bonus received from LIC.
Surrender policy like this
If you also want to surrender the policy, then for this you will need LIC Surrender Form and NEFT Form. Along with this, you have to attach the copy of your PAN card and the original documents of the policy. Also, in a handwritten letter, you will have to explain why you are leaving the policy.
Documents required for policy surrender
1. Original Policy Bond Document
2. LIC Policy Surrender Form No. 5074. (Form can be downloaded).
3. Bank account details
4. LIC’s NEFT form (if you are not using surrender form).
5. Original ID proof like Aadhar card, Driving license or PAN card.
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