Closing LIC policy before the maturity date is known as surrendering. To surrender your LIC policy you need to fill and submit the LIC surrender form, NEFT mandate form, and other documents like your bank passbook copy or cancelled cheque, PAN card copy, Aadhar copy, and original LIC bond.
LIC policyholders will become eligible to close their policy only after 3 years from the date of starting of the policy. Here you can know how to fill the LIC surrender form with an example of a sample-filled LIC surrender form.
How to Fill LIC Surrender Form
LIC surrender form consists of 4 pages. out of which the policyholder needs to fill two pages. The first consists of details like the name of the policyholder, policy number, date of submission of the form, maturity date, signature, and address of the policyholder.
On the second page, you need to mention the details of the witness along with the signature. ( witness can be your friend, family member, or LIC agent) And you should stick One rupee revenue stamp on the second page.
Finally fill NEFT mandate form, here mention your bank account details like bank name, bank a/c number, MICR code, IFSC code, your mobile number, and email id.
There is no need to fill the page 3 and page 4 of LIC surrender form.
Along with LIC surrender form you need to fill a surrender questionnaire form, here you can know how to fill it.
Sample Filled LIC Surrender Form
LIC Surrender Form Questionnaire
FAQs Regarding LIC Surrender Form
Where Can I Submit LIC Surrender Form
You should submit your LIC surrender form to your home LIC branch from where you got your policy. You can find those details on your LIC bond.
Can I surrender my LIC policy online
No, you can’t submit LIC policy online, till now there is no online facility to surrender LIC policy. You have to visit your home branch to surrender the LIC policy.
How much amount will I get if I surrender my LIC policy
LIC policyholders will get 30% of their premiums paid, which excludes first-year premiums and other premiums paid for accidental benefits and rider benefits.
When will I get the money if surrender my LIC policy
It will take 7-8 days to receive your money from the date of submitting the surrender form to your LIC branch office.