Insurance Blog

How to surrender a LIC Policy

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:

1.       Original LIC policy bond

2.       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.

3.       LIC’s NEFT form which shall be downloaded here.

4.       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.

Comments (37) -

  • Kashyap Shah

    10/27/2017 11:06:07 AM | Reply

    Dear Sir,

    if we surrender the policy then the surrender value will include the bonus added to the policy.

    • PolicyTray

      2/11/2019 10:52:54 AM | Reply

      Yes. When you surrender the policy, you will get the bonus till date added to your policy.

  • Vikas Gurgaon

    8/29/2019 10:51:46 AM | Reply

    What is the form number required? Where can I download the form?

    • fayaz

      10/3/2019 5:34:12 PM | Reply

           you can download the form from above blog.
           link has been provided refer it

  • kayalvizhi m

    10/3/2019 3:17:35 PM | Reply

       i have the completed the process before a month, but still i didnt receive the surrender amount

    • fayaz

      10/3/2019 5:12:23 PM | Reply

      it will take around 10 to 20 days ,if it is not done within this period of time you can contact your branch for more details
      thank you

  • Ashik A.M

    10/4/2019 11:18:41 AM | Reply

      i have lost my original lic policy bond ,how can i get the  surrender amount

    • sampath

      10/4/2019 12:41:36 PM | Reply

      kindly reach the nearby branch to make sure that they have the copy of your policy bond and write a letter about this issue to the manager
      they will resolve it
      and then you can apply for the surrender    

  • Venkatesan

    10/5/2019 3:57:05 PM | Reply

    I have completed my three years of premium payment now i wish to surrender the policy,what is the form number?? and what are the procedures to be followed???

  • Ibrahim

    10/9/2019 11:10:53 AM | Reply

    I wish to know my surrender value.how can i know it?
    please help me.

    • Jegan

      10/9/2019 11:37:47 AM | Reply

      Hi Ibrahim,

        If you have completed the 3 years of policy premium payment you can apply for  surrender value .At sometimes your surrender may be even less than the premium paid.

      Thank You

  • Adam

    10/11/2019 1:53:37 PM | Reply

    How can I calculate my estimated surrender amount for my policy
    policy number is 93679338

  • Mohan Raja

    10/12/2019 12:00:38 PM | Reply

    I have already availed the loan from the surrender currently Iam repaying it.
    can I apply for the remaining surrender amount now?

    • Kesavan A

      10/12/2019 4:20:09 PM | Reply

      In order to apply for the surrender you need to complete the repayment of loan  for your policy

      Thank You

  • Kevin Charles

    10/14/2019 2:07:37 PM | Reply

      When can I apply for a surrender if my policy premium term is more than 10years?

    • Annamalai

      10/14/2019 6:09:15 PM | Reply


      You need to complete the three years of premium payment to avail the surrender options

      Thank You

  • Ramya

    10/15/2019 6:27:15 PM | Reply

    My husband policy premium is around 10 lakhs what will be his total surrender amount?how can I calculate it??

    • Karthik Raja

      10/16/2019 11:43:23 AM | Reply

          If the premium policy term is of 10 years you should complete the 2 yrs of premium policy payment to apply for the surrender and surrender amount can be calculated by referring this link policytray.com/.../how-to-surrender-a-lic-policy

      Thank You

  • Preethi sushma

    10/19/2019 3:04:20 PM | Reply

    I met with an sudden accident so could not able to continue with my policy can I apply for total surrender?

    • Hepzibah

      10/22/2019 11:37:47 AM | Reply

      Hi Preethi,
               Yes you can apply for surrender but before that you need to submit the medical reports for the accident and also you must complete the 3 years of premium payment.

      Thank You

  • Keerthan

    10/24/2019 11:37:44 AM | Reply

    Help me to calculate my total surrender value
    policy no 9867983470837

  • Venkatesh

    10/29/2019 6:22:06 PM | Reply

    I have completed three years of premium payment help me to apply for a a surrender

  • Akshay

    10/31/2019 5:05:15 PM | Reply

    what will be the total surrender amount if i have completed the three years of premium payment? my policy term is 10years

  • Jeganathan

    11/2/2019 6:15:12 PM | Reply

    I have applied for surrender a month before but still I didn't receive the amount
    help me

  • Mahath

    11/5/2019 3:13:49 PM | Reply

       kindly reach the branch or write a formal letter to the branch manager regarding this issue

  • Shivam Gupta

    12/27/2019 5:28:43 PM | Reply

    I was unable to pay the premium after 2 years and my policy term was of 15 years .
    What amount will I get back? And how?