LIC Surrender Form
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.
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:
- Surrendering your LIC policy before maturity may result in lower returns as you may have to pay surrender charges.
- Surrendering your policy means that you will no longer be eligible for any benefits such as life cover or bonus.
- 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
For all the latest LIC forms, you can refer LIC website.