For whatsoever reasons, if you wish to cancel your LIC Policy, the below may be of some help. Not much information is available online that helps, and so we thought to share.
Note: This is based on our experience
You must have completed a minimum of three years of payment tenure. (Depends on policy, so be aware of terms and conditions)
You can only cancel/surrender a policy offline by visiting the policy Branch particularly. Make sure to transfer the policy to your nearby location in case you relocated due to the pandemic.
(Unless you know someone personally or by luck, don’t expect decent treatment or experience in the office. If you ever had an experience of visiting a BSNL office, the experience would be more or less the same. Infact we treat our helpers with much respect and dignity)
There is no way to cancel it online.
You would need your Policy Bond Certificate (Original) for cancellation. If you lost or misplaced the certificate, you can seek the help of an LIC agent on further steps.
Visit the Policy branch and request surrender forms.
a)Surrender Application Form
b)Surrender Feedback Form
b)Amount Receipt/Bank Details Form - You also need a 100p Revenue Stamp affixed on this form.
- Documents Required from Policy Holder :
c)Cancelled Cheque - Should contain your Name as per policy, else a copy of the passbook containing your name and details is required.
d)Original Policy Bond Certificate
Fill up all the documents, self attest every document and every document needs to be stamped and attested by an LIC agent as well.
Make sure your proofs and policy contain the same name and details. Else be prepared for unexpected experiences.
If all goes fine, the amount would be credited to your account within ten working days.
You can even call customer care and check the details of the surrender value and the amount you would receive.
Hope this helps someone!