If you hold a LIC policy, for which you had already completed
paying 3 full year premium, you shall surrender the policy and take back the
surrender value amount. You shall calculate the estimated surrender value of
your policy here. It is not always recommended to surrender a LIC policy, as
the surrender value will be at times even less than the total premium you have
paid till date.
Below are the documents required to surrender a LIC policy:
Original LIC policy bond
Cancelled bank cheque leaf with your name
printed on the cheque or bank passbook photocopy. Cancelled cheque is required,
as LIC will credit the money directly to your bank account.
LIC’s NEFT form which shall be downloaded here.
Original and a photocopy of your identity proof.
You shall reach out to the home branch of your LIC policy
and request for a surrender form (LIC Form No - 5074). Your policy can only be
surrendered at your home branch. You shall fill up the surrender form and
submit it along with the above mentioned documents. The surrender of your
policy will be processed and the surrender value would be credited to your bank
account in 5 – 20 working days.