If you want to surrender the policy of LIC, then you can surrender the policy of LIC only after at least 3 years. If you do it before 3 years then you will not get any money. On surrendering the policy, you get the surrender value as per the rules of LIC.
New Delhi . There are many people who take LIC’s policy but due to some reason they are not able to continue it. The termination of the LIC policy in the middle is called surrendering the policy. Now the question comes that after how many days the policy can be surrendered. So you can surrender the LIC policy only after at least 3 years. If you do it before 3 years you will not get any money.
On surrendering the policy, you get the surrender value as per the rules of LIC. This means that if you decide to discontinue the policy or withdraw money from LIC, then the amount you get back equal to its value is called surrender value. If you have paid LIC premium for full three years only then you will be eligible for surrender value.
You must know how much money you get back
Surrendering the policy can lead to a lot of loss. If you are thinking of surrendering the policy, then at least your premiums should be paid for 3 consecutive years, then only you will be eligible for the surrender value. After that, you get only 30 per cent of the premium paid but excluding the premium for the first year. Meaning the premium you have paid in the first year also becomes zero. In this way, 30 percent will be available for the remaining two years. This does not include any additional premium paid for the riders, taxes and any bonus received from LIC.
LIC Surrender Form and NEFT Form will be required to surrender the policy. Along with these forms, you will have to attach a copy of your PAN card and original policy documents. Along with a hand written letter, it is also necessary to explain why you are leaving the policy.
which papers should be
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.
Note – It is mandatory to have all these documents
