What Is a LIC Surrender Form?
LIC or Life Insurance Corporation is an insurance and investment company that offers various insurance policies to the public. People can take an insurance policy with LIC for a certain time and avail themselves of its benefits based on the policy agreement.
Sometimes, if the policyholder needs to stop the policy midway due to certain emergencies or other reasons, then the LIC policy can be closed or surrendered. The LIC surrender form will be used in such cases to request for surrendering the policy. When this form is approved, the policy will be surrendered and a partial amount will be refunded to the beneficiary depending on the policy agreement.
Information Included in LIC Surrender Form
The LIC surrender form needs to be filled with all the policy-related information, the policy holder's personal and banking details, in order to request a refund. The information to be included in this form are as follows:
- Name of the person for whom the life insurance policy is taken
- Policy value
- Date of taking the policy
- Acknowledgment to confirm that the policyholder wants to cancel the policy
- Name, place, and date of applying the form
- The surrender value of the policy
- Premium details, loan, debt, and other amount information
- Signature and acknowledgment of a witness who knows English
- If the amount exceeds Rs. 500, an 1 Rupee revenue stamp is to be pasted
- Authorities details that include name, title, position, and signature authorizing the policy refund value
How to Fill the LIC Surrender Form?
The below step-by-step instructions can help you fill the LIC surrender form with ease.
Step 1 - Get the LIC surrender form free of cost from CocoDoc on this page.
Step 2 - Use the text box sections to fill in the information like name, address, policy value, etc.
Step 3 - Date fields can be filled in by clicking on the calendar icon and selecting the appropriate dates from the calendar that drops down.
Step 4 - Signature can be uploaded online by using the digital signature feature available on CocoDoc.
Who Needs to Fill in the LIC Surrender Form?
The policyholders, who want to cancel or surrender the LIC policy they have taken, must fill the LIC surrender form to initiate the cancellation request. The LIC surrender form will be used by the authorities to process the surrender request.
This form will have the surrender value of the policy, the premium details, and other important information regarding the policy which is to be canceled. These details will be considered while approving the surrender value of the policy and the calculating refund amount.
