The Life Insurance Corporation (LIC) is one of the most trusted and popular insurance providers in India. However, there may be times when you 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.
Consider reading: How to Download LIC Premium Paid Certificate Online
What is a LIC Surrender Form?
A 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
For all the latest LIC forms, you can refer LIC website.
FAQs on LIC Surrender Form Online: Download PDF
Can I surrender my LIC policy online?
Yes, you can surrender your LIC policy online through our portal. Surrendering your policy allows you to receive the surrender value, which is the amount of premium refunded to you after several years of payment. The surrender value is paid out when you choose to surrender the policy.
How do I surrender my LIC policy?
To surrender your LIC policy, you need to visit your nearest LIC branch and fill out the surrender form. Attach the required documents, including the original policy documents, identity proof, and bank details. After verification, the surrender value will be credited to your bank account. Make sure to follow LIC’s surrender rules and consult a LIC agent for assistance if needed.
How can I surrender my LIC policy after 4 years?
To surrender your LIC policy after 4 years, you need to submit a surrender request form along with your original policy document and KYC documents (ID proof, address proof, and PAN card). Make sure to mention your policy number and bank details for the refund. Follow LIC’s guidelines for a smooth surrender process.
How long does it take to surrender the LIC policy?
It usually takes 7-10 business days to receive the cash from surrendering your LIC policy. To surrender, gather your ID proofs, Aadhar card, PAN card, and a canceled cheque with your name on it. Submit these documents and complete all the required formalities. The money will be transferred to your registered bank account within the specified timeframe.