LIC always provides insurance policies for investors to protect their family and future. It is also possible to cancel a policy sometimes for one reason or another if you wish to do so. Earlier, for this, you had to visit the LIC office, and for that, it would take the company much time and energy.

But now they are not required to go through all such processes to get a loan because LIC has facilitated this process. Now online, you can complete and submit your LIC surrender form in India.

Therefore, due to the availability of a simple and convenient process, a lot of time and energy is saved. Now let’s see the procedure of how to fill up your LIC India policy surrender form online for surrendering your policy.

Understanding LIC Policy Surrender

Policy surrender refers to early cancellation of the policy by the policyholder before the termination date of the policy or the time of the policyholder’s death, whichever is earliest.

The policyholder who has made several premium payments on his LIC LIC surrender form uses the LIC of India policy surrender form to surrender the policy and get a proportionately proportionate part of the paid amount called the surrender value.

At this stage, it might be phrased that the insurance treaty is terminated while the policyholder is deprived of insurance protection under the mentioned policy. If you Want to save big on your utility bills? Check out our top tips and tricks to reduce your energy and water usage without sacrificing comfort or convenience!

Why can policyholders surrender their LIC policy?

• Financial emergencies: The major cases of policy surrender are related to the absence of funds that are required within the next 30 days, like medical bills, debts, or any other emergencies. In such situations, it is possible to surrender the policy by filling out the lic policy surrender form to access the money.
• Change in financial goals: The policyholder’s financial needs on the other hand may change with time due to the altering of his needs and the general growth and development. Lack of money for more extended periods may make those with LIC LIC surrender form realize that the particular policy is no longer ideal for their financial goals and needs which will compel them to fill out the LIC surrender form for better investment or savings plans.
• Policy not performing as expected: Also, if the policyholder feels that the policy is not yielding the desired returns or benefits, then the policyholder can surrender the policy and invest the money in a region or a project that has a higher probability of giving the policyholder good returns.
• Inability to pay premiums: If the policyholder falls in a spot of not being able to pay premiums because of job loss, less pay, or for any other reason, the LIC LIC surrender form should be filled.
• Need for better insurance coverage: The market is always full of better insurance products that policyholders can grab with more added benefits or maybe better coverage at the same or rather cheaper prices. This may lead them to fill out an LIC surrender form and surrender the existing LIC policy to the end.

Importance of LIC Policies

Life Insurance Corporation (LIC surrender form ) policies are extremely important for personal and family protection. These policies are important for several reasons:

• Financial Security: The LIC surrender form ensures that the financial needs of the family are taken care of should anything happen to the breadwinner. The benefits of such policies are given in case of death or critical illness to guarantee finances for a family in case of improper preparation for such mishaps. LIC surrender application form is available When you want to surrender your policy, there is a form that you can use for the process.
• Long-term savings: LIC surrender form as we all know is one of the best ways to invest and save money. They not only protect against any adverse events but offer also a single payment after several years of constant premium payment, which can help fulfil your goals, for example, children’s education, marriage, or retirement.
• Tax Benefits: Purchasing LIC LIC surrender form helps an investor enjoy the benefits of tax-saving under Section 80C of the Income Tax Act. Also, the maturity amount is tax-free as per section 10(10D) and hence, helps in cutting down your taxation part.
• Variety: LIC surrender form plans available for investment include term insurance, endowment assurance policies, money-back policies, unit-linked insurance policies (ULIPS), and many others.
• Riders and add-on covers: There are also some optional features of the LIC surrender form known as the riders namely: accident benefits, critical illness cover, and others.

As mentioned earlier, LIC policies not only protect important aspects of your life but also guarantee a future. If you ever feel that you no longer need it, you can always surrender your policy using the LIC surrender discharge form. LIC policy is the best investment plan for a better future for oneself and also for the family and hence it must be invested.

Traditional vs. Online LIC Surrender Form Process

 Traditional LIC surrender form Process

The conventional method of surrendering an LIC surrender form may take time as well as a lot of paperwork. The procedure, including the filled LIC surrender online form, is rigorous for the policyholders, particularly the ones who cannot afford time or distance to visit the LIC office.

Process Involved in the Traditional Surrender Process

• Visiting the LIC office: The policyholder has to visit the nearest branch office of the Life Insurance Corporation.
• Obtaining the surrender form: Applying for the surrender form known as the LIC of India surrender form (Form No. 5074) and completing it.
• Verification of documents: Uploading the necessary documents including the policy documents, any proof of identity, and bank details.
• Submission of the form: Hand over the completed form and necessary documents to the LIC officer.
• Verification of the form: Endorsement of the form and the documents by the LIC officer.
• Confirmation of the process: Determining and verifying the surrender value.
• Payment: Subsequently the surrender value is credited to the bank account of the policyholder.

Online LIC surrender form Process

LIC has introduced the Online LIC surrender form Process so that the process of surrendering policies becomes easier. This modern-styled solution means that policyholders can complete the LIC Future Plus surrender form without leaving their homes

How It Simplifies the Procedure

• Filling the Online Form: LIC Policyholders may download the LIC Health Plus Surrender Form from the website of LIC surrender form or they may also obtain the same from the company.
• Document uploading: You should then photograph the necessary documents and upload them through the electronic portal.
• Form submission: The customer should then complete and sign the LIC Health Plus Surrender Form with all necessary details and attach or upload the required documents.
• Process verification: If required- online verification and verification of the form and documents by the LIC official.
• Payment: Once the verification is complete, the surrender value is automatically debited from the policyholder’s bank account.

Some of the challenges that policyholders encounter regularly are as follows:

• Long Queues and Time Constraints: LIC policyholders may spend a lot of time in queues due to their busy schedules in LIC offices especially when they are to submit certificates such as the Jeevan Akshay surrender form.
• Geographical Distance: Sometimes people insured under an LIC policy may not easily be in a position to attend the branch especially those from rural areas or remote areas.
• The complexity of Paperwork: The process of completing forms and submissions like the lic jeevan Akshay surrender form may be tedious and puzzling for the policyholder.
• Delay in Process: At times, verification or payment might take time which may inconvenience some policyholders.

Step-by-step guide to LIC Surrender Form policy online

Step 1: Visit the official LIC Surrender Form Website

• Click on the correct tab for policy surrender
• Open your web browser and visit the official LIC website, LIC India.
• Look for the “Customer Portal” or “Online Services” section on the top part of the website.
• Select the “Policy Surrender” option or any other related link that you find under the “Online Services” tab.

Step 2: Login to your account

• How to access structure if you do not have an account
• If you are a new user, simply click the account that says “New User” or “Register”.
• Enter some basic information about yourself including your policy number, date of birth, email address, and mobile number.
• Open your account and set the username and password that you want to use.
• Check your registered email ID, as well as the registered mobile number using the OTP provided.

The Importance of keeping your login information secure

• Ensure that your username and password do not resemble other familiar and easily identifiable strings of characters.
• Do not disclose your password to anyone.
• Choose a password that is complex, and is composed of both alphabets and numbers, and special characters.

Step 3: Fill out the surrender form

Detailed instructions to complete the form:

• After login, navigate to the drop-down menu and select the “Policy Surrender” tab.
• Click on the “Lic of India Surrender Form” link so that you can have access to the form on the website.
• Complete all the fields as personal details, policy number, policies to be surrendered, etc., should be filled very cautiously.

Required information and documents

Keep the following information and documents ready:

• Policy number
• Date of birth
• PAN card or other identity proof
• Bank account details (to receive the surrender value)
• Scanned copies of the original policy document, identity proof, and a cancelled cheque or bank passbook.
• Upload scanned copies of these documents as directed.

Step 4: Submit the form

Guidelines to review the form before submission:

• Ensure that all the information that you have keyed in the form is accurate.
• Check whether all the documents have been uploaded properly and if the images are clear.
• Ensure that your details are current so that you will be informed of any changes regarding the surrender.

Confirmation of submission and next steps

• Click on the “Submit” button when you are content with the details.
• Once you submit the documents, an acknowledgement or confirmation receipt is sent to the registered email ID and mobile number.
• The LIC team will study your submission and the documents submitted.
• If all the details are correct and verified, then the Lic surrender value will be transferred to your given bank account within the given time frame.
• It is also possible to receive a confirmation or completion notification of the surrender process.

Therefore, based on the above steps, you can surrender your LIC policy easily and without having to go to the LIC office. The online process is greatly convenient and effective in that the policyholders can manage their policies.

Customer Support and Resources

• Visit LIC’s official website
• Visit LIC’s official website www.licindia.in.
• Click on the “Contact Us” or “Customer Service” link on the homepage.
• Online Help Desk
• Under “Customer Portal”, go to the Online Help Desk section.

Email Support

LIC also provides support to its customers through email. You can send your problems and queries to customerzone@licindia.com.

Phone Support

Call LIC’s customer service helpline: 022-6827 6827 (8 AM to 8 PM, Monday to Saturday).

Conclusion

Surrendering policies have been made easier through the use of the online LIC surrender form which is easily accessible. It is secure with a guarantee and very quick. This service is offered by the Live Insurance Corporation of India (LIC).

LIC Jeevan Anand’s surrender form is also available online from which you can surrender your policy and get all the requirements and support from LIC if needed. By so doing people can opt to surrender the policy according to their financial needs provided this is within this new simple process.

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FAQ’s

1. What is policy surrender?

Policy surrender means that you close your life insurance policy and do not pay any premium on it for a stipulated period.

2. What are the reasons for surrendering a life insurance policy?

People can surrender their policy if they have a change in their financial situation, or if they cannot pay the premium of their policy.

3. How can LIC policy be surrendered online?

For the online LIC surrender form, you have to apply by visiting the official website of LIC and following the instructions given there.

4. In how much time is the surrender process completed?

The surrender process is usually completed within 15 to 30 days, but this time may vary according to the policies and procedures of LIC.

5. What happens after policy surrender?

After policy surrender, you get the surrender value, which is deposited in your bank account. This amount is as per the terms of the policy.

6. Can I surrender the LIC Policy Online?

Yes, you can submit your LIC Policy online through the LIC e-Services portal. To complete the surrender process, you must log in, fill out the required documents and upload the required documents. Check the official LIC website for detailed steps.