LIC Surrender Form

ByRaj Kumar

Life Insurance Corporation (LIC) is one of the most trusted and popular insurance providers in India. However, there may be times when you may need to surrender your LIC policy due to various reasons such as financial constraints, changes in financial goals, or other personal reasons. In such cases, you can surrender your LIC policy by filling out the LIC surrender form. In this article, we will guide you on how to surrender your LIC policy and fill out the LIC surrender form.

LIC surrender form
LIC surrender form

What is a LIC Surrender Form?

An LIC surrender form is a document that you need to fill out and submit to surrender your LIC policy. This form is available on the official website of LIC or at any LIC branch office.

Steps to Fill Out the LIC Surrender Form:

Step 1: Download the LIC surrender form from the official website of LIC or collect it from any LIC branch office.

Step 2: Fill out the policyholder details such as name, policy number, and contact information.

Step 3: Mention the reason for surrendering the policy in the reason for surrender column.

Step 4: Fill out the bank details such as bank account number, IFSC code, and account holder name to receive the surrender value.

Step 5: Sign the form and affix your photograph.

Step 6: Submit the filled-out form along with the original policy document, identity proof, and address proof to the nearest LIC branch office.

Things to Keep in Mind While Surrendering Your LIC Policy:

  1. Surrendering your LIC policy before maturity may result in lower returns as you may have to pay surrender charges.
  2. Surrendering your policy means that you will no longer be eligible for any benefits such as life cover or bonus.
  3. Surrendering your policy may have tax implications, and you may have to pay tax on the surrender value.

In conclusion, surrendering your LIC policy is a crucial decision that requires careful consideration. By following the steps mentioned above and keeping the things to keep in mind in mind, you can surrender your LIC policy smoothly and efficiently. If you have any doubts or queries regarding the surrender process, you can contact your nearest LIC branch office for assistance.

Consider reading: Types of Insurance in India

Download LIC surrender Form from Here

LIC-surrender-formDownload

For all the latest LIC forms, you can refer LIC website.

Hello, I am Raj an investor in Stock Market, Mutual Funds, Gold, PPF, FD instruments since 2005. I have a passion for helping others make sound and profitable investment decisions. With years of experience in the world of finance.

In the past, I have helped many new investors by guiding them to better understand the basics of stock investing, helping them understand mutual funds and general personal finance topics.

As the founder and primary author of "We Invest Smart," I am dedicated to sharing their wealth of knowledge and expertise with readers from all walks of life.

With a deep understanding of market trends, investment strategies, and financial planning, I am committed to helping readers navigate the complex and ever-changing world of investments. From the latest updates on the stock market to insider tips on mutual funds and gold investments, I have you covered.

So, join me on a journey to financial success and security, and discover the power of smart investing with We Invest Smart.

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