What is surrendering the LIC policy?

“Surrendering of LIC policy” refers to the act of ending a life insurance policy before the specified policy period has passed. When purchasing insurance from LIC.

What is the surrender value?

The sum owed to the policyholder upon policy discontinuation is known as the “surrender value.” 

When can you surrender your LIC policy?

They can usually renounce the policy after a minimum of two or three years of purchase, depending on the kind of LIC insurance plan and premium payment term.

Reasons to surrender the LIC policy

1) Lack of comprehension of the terms and conditions 2) Inadequate Coverage 3) Found a Better Plan 4) Financial Problem 5) Hidden Expense

How to surrender the LIC policy ?

You can simply surrender your policy or ULIPs well in advance of the maturity date by going to the company’s website or LIC’s closest office location.

Documents required for surrendering the LIC policy

1) A copy of the original LIC policy 2) Form 5074 3) Bank account details. 4) Form for Mandatory LIC NEFT 5) Application for surrender to LIC.