What it means to surrender LIC Policy?
When a policy buyer is fed up with the scheme of the policy and makes a mind to get it dump then the only way is to surrender the LIC policy in the office where it was purchased. Surrendering of the policy means you are no longer covered under the benefits that are given to the particular policy holders by the company. So those liking for LIC policy closure can follow the format step required to shut a policy before the maturity time. Follow the following guidelines to successfully finish this task of surrendering your LIC policy easily.
Need of surrendering LIC Policy
Like said many times earlier as well when the customer is not happy with what policy offer then he makes a mind to drop the policy. There are different reasons which are responsible for the customers or policy buyers to not take much interest in the policy. For example we can include the poor benefits as compared to other policy providers in the list due to which a policy is surrendered. So if you are also in the process to take any such initiative then have a look on the following steps and guidance that how to surrender LIC policy before maturity. That is how you will be able to become successful in the termination of your policy without any trouble.
Is it possible to surrender a LIC Policy online before maturity?
If you are thinking to terminate your LIC policy online then you might feel bas to hear that it is not possible to do so. Nobody is going to be able to guide you about how to surrender LIC policy online because there is no such freedom provided by the policy provider. You have to carry some important documents along with the paper that shows you are having a policy from LIC. That is how you can surrender the LIC policy before maturity only by visiting the home branch from where you have started your policy. Do not even try to do the termination of your policy by entering your personal details it can be unauthentic and pay put you in serious troubles of online data robbery.
How to Surrender a LIC policy before maturity?
There are different steps that you are supposed to follow for the successful submission of your premature LIC policy and its termination. Here is a step by step guide for LIC policy surrender before maturity to those who do not want to continue with their policy any longer. Go through these steps before carefully if you do not want any delay in the refund of the amount of policy in your account.
1. First of all you have to manage a LIC policy surrender form before maturity closure.
2. The next part of the job is to keep the policy document with the above form which is a proof of having a LIC policy that you want to surrender.
3. Now one most important thing that you cannot forget to carry is the identity card with your photograph on it. It will ensure the LIC employees and officers to recognize you.
These are the main primary documents that are required for the closure of a LIC policy before it gets mature. If you are also trying to end a policy then follow these steps easily to get your objective without making much effort. You just have to submit these documents in the office and they will initiate your refund within minimum possible time as per the legal and official protocol of the policy provider.
Drawbacks of surrendering LIC Policy before maturity
There are many people who do not want to lose the benefits that are given to the policy bearer after surrendering three years of period. So if you are also one of them and want to know about how to surrender LIC policy after 3 years then follow the same steps like mentioned above in case of surrendering it before three years period. The only thing is that you will get some extra money in your account in this case. Those who get involved in the pursuit of surrendering their policy before maturity period have to go through the loss of profit or benefits like high value of return from the payment figure. So try to not get such polices which you have to terminate in between for no reasons. Make wise decision in the beginning only so that such issues do not arise in later part once you become policy holder.
So there were some important points that were related to the surrendering of a LIC policy before its maturity period of time. Those who are trapped in the mire of taking wrong LIC policy can only surrender it to rectify their decision at the best. Every single description is given here about how to close a policy and its drawbacks etc. So make sure that you are able to surrender it on your own by visiting the office of the LIC from where you have switched to this policy. They will also let you know about the amount of balance that you will get and what penalty will be charged for premature submission or surrender.