A Life Insurance policy is a long term agreement or contract and must be taken after due diligence and thorough investigations.
Most of the LIC policies can be surrender without any difficulty. There are certain basic rules that are need to be followed in case a policy holder wants to surrender a policy.
The surrender value, amount that you will receive if you surrender the policy before its term / maturity is calculated as policy terms. The surrender value of each policy is different and can only be calculated by the LIC branch.
How to Surrender LIC Policy
The process to surrender the policy is pretty simple. The complete process can be seen at our post How to surrender LIC policy.
You need to fill in the policy surrender form that is available o the LIC site, branch and can be downloaded from this link below.
Visit your LIC branch with the filled and signed LIC policy surrender form, our id proof and bank details (if it is not there in the policy or has changed)
How to fill LIC surrender form?
The form is simple and requires just your basic information. Along with the form you also need to submit id proof, address proof and bank details. The surrender value will be directly sent to your bank account.