Surrender of Policies

When you buy a LIC policy, the term of the policy is defined. You agree to all the terms and conditions of the policy and accept to hold the policy till the maturity date is reached. But, in times of emergency, one might need to withdraw the policy before its maturity to get financial help. Or it could be due to some other reasons too. When someone withdraws the LIC policy before maturity then it is called a surrender of the policy.

The Life Insurance Corporation of India offers a wide variety of policies to the people. It is one of the oldest and most renowned insurance companies in India. The majority of people invest some part of their money into various kinds of securities. While it is important to invest for higher returns, it is also important to save for the future. The future is uncertain, anything can happen at any time, and people should be prepared to save themselves and their families. For this, policies play a very crucial role as it saves the insured from unexpected events, in return for some payment called the premium. Generally, LIC policies are long-term investments. But, they offer you the option to cancel your LIC policy. This article covers everything that one needs to know about LIC policy surrender. In this article, you will learn what is LIC surrender, the surrender value of LIC policy, how to close LIC policy, the documents needed for LIC policy withdrawal, what happens when you opt for LIC policy cancellation, and the alternative to surrender of the policy.