Hi Friends,Previously I have written a blog about that eligibility for surrender value and now if you have decided that you want to surrender your policy,than below i have describe the process of Getting Surrender Value For Your Policy.
1. You need following documents –
– Original policy certificate
– Photocopy of premium payment receipts
– Photocopy of latest unit balance (for ULIPs)
– Application for surrender value (S.V. Application) or LIC Surrender Request Letter
– LIC Form No. 3510/5074
– Fill-in the above forms and affix the revenue stamp
2. Submit the application in your LIC office. You can only surrender your policy in the office where the policy is issued. You can find your policy issuing office in policy certificate or premium receipts.
3. Only policy holder can surrender the policy.
4. After verification of your policy details the LIC officer will issue you an acknowledgment receipt. Take the acknowledgement slip for your surrendered policies.
5. Once surrendered it would take approximately 20-30 days for you to receive the check at your address.
6. Surrender value cheque will only be sent to the address on your policy. If the address is not your current address, you may get it updated by giving address change request form. The address change will be done immediately and you will be given an acknowledgement.
Thinks to keep in mind, while surrendering insurance policy
1- Surrender value is payable only after three full annual premiums are paid to LIC.
2- Surrender of policy is not recommended since the surrender value would always be proportionately low.
3- Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
1. You need following documents –
– Original policy certificate
– Photocopy of premium payment receipts
– Photocopy of latest unit balance (for ULIPs)
– Application for surrender value (S.V. Application) or LIC Surrender Request Letter
– LIC Form No. 3510/5074
– Fill-in the above forms and affix the revenue stamp
2. Submit the application in your LIC office. You can only surrender your policy in the office where the policy is issued. You can find your policy issuing office in policy certificate or premium receipts.
3. Only policy holder can surrender the policy.
4. After verification of your policy details the LIC officer will issue you an acknowledgment receipt. Take the acknowledgement slip for your surrendered policies.
5. Once surrendered it would take approximately 20-30 days for you to receive the check at your address.
6. Surrender value cheque will only be sent to the address on your policy. If the address is not your current address, you may get it updated by giving address change request form. The address change will be done immediately and you will be given an acknowledgement.
Thinks to keep in mind, while surrendering insurance policy
1- Surrender value is payable only after three full annual premiums are paid to LIC.
2- Surrender of policy is not recommended since the surrender value would always be proportionately low.
3- Should you decide to go in for another insurance at this stage further insurance would be available to you at a much higher premium because your age would have advanced since taking out the earlier policy.
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