How to surrender New Bima Kiran LIC policy?

 

 

How to surrender New Bima Kiran LIC policy?

LIC's New Bima Kiran policy is a term assurance plan with return of premium at maturity feature. 

Buying a life insurance contract is a long-term commitment. However, surrender value is available on the plan on earlier termination of the contract. 

The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. However, LIC may pay a special surrender value, based on how long the policyholder has been paying premiums and the policy duration at the time of surrender.

To surrender the policy the following steps should be followed:

1. Visit your servicing LIC branch (the branch where you purchased the policy)
2. Carry the original policy documents
3. Carry ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
4. Ask for the relevant LIC policy surrender form
5. Submit all the necessary documents along with the form and get your receipt

For further help or queries write to us at support@oneinsure.com