Surrender Value:
Policy condition states that if policy premium is not paid within the grace period, the policy lapses. If a policy holder wants to discontinue within 3 years from date of commencement, no refund would be paid.
If the policy premium is paid for full 3 years then only after completion of 3rd i.e from 4th year beginning only , policy loan would be available. Surrender value or cash value is made available generally when the policy has remained in force for at least three years.
Documents to be submitted for surrender of policy:
1. Policy bond
2. Surrender forms duly stamped, signed and witnessed
3. Id proof like PAN or Aadhaar card copy
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR
Policy condition states that if policy premium is not paid within the grace period, the policy lapses. If a policy holder wants to discontinue within 3 years from date of commencement, no refund would be paid.
If the policy premium is paid for full 3 years then only after completion of 3rd i.e from 4th year beginning only , policy loan would be available. Surrender value or cash value is made available generally when the policy has remained in force for at least three years.
Documents to be submitted for surrender of policy:
1. Policy bond
2. Surrender forms duly stamped, signed and witnessed
3. Id proof like PAN or Aadhaar card copy
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR
