How do I cancel my LIC policy?

1. Original policy bond documents.
2. Request for surrender value payment.
3. LIC Surrender form- form 5074.
4. LIC NEFT form.
5. Bank account details.
6. Original ID proof like Aadhar card, pan card or driving license.
7. A cancelled cheque.
8. Hand-written letter to LIC stating the reason to discontinue.

What are the documents required to surrender LIC policy?

Physical copy of LIC Policy Surrender Form No. 5074. Bank account information of the policyholder will be required. Proof of identification such as voter's ID, PAN, or driving license will be required when surrendering LIC policy.

What if I close LIC policy before maturity?

If you surrender after 3 years, the surrender value will be around 30% of the premiums paid till date. However, this is excluding the premium paid in the first year and the premiums paid towards accidental benefit riders. So, the later the policy is surrendered, the higher will be the LIC surrender value.

Can we cancel LIC policy after 1 year?

Why It Is Not Ideal To Cancel The Policy After 1 Year? You can cancel the LIC policy after paying the premiums for a minimum of three years. If you (the policyholder) give up the policy within three years, there will not be any surrender value applicable.

Can I close my LIC policy after 5 years?

If 5 years have passed after you purchased your LIC policy, you are eligible for policy withdrawal. However, keep in mind that currently, the facility of surrendering LIC policy is not available online. So, it would be best if you surrendered the LIC policy through the service branch of LIC.

What happens if I don't pay LIC premium?

The insurer will charge him a renewal fee, late fee plus interest charges for the premiums due for the last two years. The total cost might add up to a total of ₹22,000-25,000.

Can I withdraw LIC before maturity?

It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.

Where can I surrender my LIC policy?

The policyholder should visit the nearest branch of LIC and avail a surrender discharge voucher. The Surrender Discharge Voucher is called Form 5074. The form should be filled and submitted with the relevant documents. Once the form and the documents are submitted, the company would process the surrender of the policy.

Which form is used for LIC surrender?

LIC form no. 3510 is used to surrender a policy before maturity. Premature close of policy will always be a loss to the policy holder. Term insurance policies give out zero surrender value no matter when you surrender.

How can I check my LIC maturity amount?

The maturity amount is calculated by adding the sum assured, which is decided upon by the customer and the company at the time of purchasing the plan, the bonus amounts or profits received throughout the plan's tenure, and additional bonuses if mentioned by the Corporation.

How can I get my LIC maturity amount?

Maturity Claims:

1) In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment.

What happens if LIC premium is not paying after 3 years?

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

What is surrender benefit?

Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. Description: A mid-term surrender would result in the policyholder getting a sum of what has been allocated towards savings and the earnings thereon.

How do you avoid surrender charges?

Can I check LIC policy status online?

Step 1: Go to the official LIC website, fill in your credentials like username and password. Step 2: Login to your account and select the option 'View Enrolled Policies'. Step 3: You will be directed to a page where you can see all the listed enrolled policies.

Can we get LIC maturity amount online?

Due to lockdown and policy restrictions, LIC allowed its policyholders to submit maturity claim related documents online. The required documents were required to be scanned and then submitted via email to the servicing branch.

Can I close my LIC before maturity?

Under the guaranteed surrender value, the policyholder can surrender their policy only after the completion of 3 years. This means that the premium has to be paid for a minimum period of 3 years. If you surrender after 3 years, the surrender value will be around 30% of the premiums paid till date.

Can we cancel LIC policy one year?

LIC's Rules About Policy Surrender

If you are sure that you want to cancel the LIC policy, here is what you need to know: You will not get any of the premium amounts paid in the first year in your surrender value. In general, the surrender value is returned to the policyholder at 30% of the premium amount.

What happens if I don't pay LIC premium?

The insurer will charge him a renewal fee, late fee plus interest charges for the premiums due for the last two years. The total cost might add up to a total of ₹22,000-25,000.

Can we close LIC policy after 5 years?

If 5 years have passed after you purchased your LIC policy, you are eligible for policy withdrawal. However, keep in mind that currently, the facility of surrendering LIC policy is not available online. So, it would be best if you surrendered the LIC policy through the service branch of LIC.