You can take back the surrender value amount after surrendering the policy. This can be done when you have already completed paying your full 3 years premium. If you wish to calculate your estimated surrender value, click here. It is also advisable to not always surrender your LIC policy, since the surrender value will be less at times than the premium amount paid till date.
What are the documents required to surrender your LIC policy?
- Original copy of LIC policy bond.
- A cancelled bank cheque with your name printed on it or a photocopy of your bank passbook.
- LIC will credit the amount directly to your account required the cancelled cheque.
- NEFT form of LIC can be downloaded. Neft_Mandate_Form_format(1)
- Your identity proof both original and a photocopy.
So, reach out to the respective LIC branch where you have the policy and request for a surrender form (LIC form number – 5074), which can only be surrendered from your home branch. As soon as you receive your surrender form, fill in up the details asked and submit it along with above-mentioned documents. After completing all the process and submitting the required information, the process will take place and you will receive your surrender value in your bank account and it will take around 5 to 20 working days.