How to surrender lic policy ? : If you want to surrender LIC policy, please follow the following :-
1. Check the status of your policy from LIC Branch or customer care.
2. Check the surrender value from LIC Branch or customer care.
3. In General a policy can be surrender after completion of three years.
4. Surrender value of a policy will be less compared to the premium you have paid.
5. Term Insurance policy do not have any surrender value.
6. Submit documents as follows :-
- Original policy certificate
- Photocopy of premium payment receipts
- Photocopy of latest unit balance (for ULIPs)
- Application for surrender value (S.V. Application) or LIC Surrender Request Letter
- LIC Form No. 3510/5074
- Fill-in the above forms and affix the revenue stamp
7. Submit all documents in your LIC office from where the policy has been issued.
8. Policy holder can apply for surrender the policy.
9. Get the acknowledgement slip for your surrendered policy.
10. You will receive surrender value in your bank after 20-30 days.