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India Form of Receipt for the Surrender Value of Policy 2001-2025 free printable template

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DIVISIONAL OFFICE FORM OF RECEIPT FOR THE SURRENDER VALUE OF POLICY NO. -------------------------------------------------------------------------------------------------------------------------------On
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How to fill out India Form of Receipt for the Surrender Value of Policy

01
Obtain the India Form of Receipt for the Surrender Value of Policy from your insurance provider.
02
Fill in your policy number in the designated field.
03
Provide your personal details including name, address, and contact information.
04
State the reason for surrendering the policy.
05
Indicate the date of surrender.
06
Sign the form to confirm your request.
07
Submit the completed form along with any required documentation to your insurance company.

Who needs India Form of Receipt for the Surrender Value of Policy?

01
Policyholders who wish to surrender their insurance policy to receive its surrender value.

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People Also Ask about lic surrender certificate

Guaranteed Surrender Value: As the name suggests, this is a portion of money that is payable to the policyholder if he/she volunteers to surrender the LIC policy. Guaranteed surrender value is essentially 30% of the overall premiums that you have paid so far.
Payment In Case Of Surrender If you surrender after 3 years, the surrender value will be around 30% of the premiums paid till date. However, this is excluding the premium paid in the first year and the premiums paid towards accidental benefit riders.
LIC only offers surrender value after you've been paying premiums for 3 years. If you've been paying premiums for less time than that, you can still surrender your policy, but you won't get any money for it. Find your original policy bond. You will need to send a copy of it with your request to surrender your policy.
You can download the surrender form from the official website of the company. Fill this form and submit it to the local branch of LIC along with the surrender or cancellation form, you must submit the following documents: Original documents of the policy. A canceled cheque.
How to Cancel LIC policy? Visit the nearest LIC branch and avail a surrender discharge voucher. Form 5074 is the surrender discharge voucher. Fill the form 5074 and submit it with the relevant documents. Or else, courier the filled form along with relevant documents to the LIC's head office. The process will begin.
Special Surrender Value If in case, the insurance holder has paid premiums for more than 4 years and less than 5 years, then 90% of the complete maturity sum is provided. If the policyholder is paying premiums for more than 5 years, then he/she receives 100% of the sum assured (maturity amount).
Total bonus accrued = ((50 x 10,00,000/1,000) x 10) which equals Rs. 5,00,000. The guaranteed surrender value factor for a policy term of 20 years and policy surrender in the 11th year is 60% (as mentioned in LIC New Jeevan Anand's brochure).
LIC's Rules About Policy Surrender You will not get any of the premium amounts paid in the first year in your surrender value. In general, the surrender value is returned to the policyholder at 30% of the premium amount.

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The India Form of Receipt for the Surrender Value of Policy is a document issued by an insurance company to acknowledge the receipt of the policyholder's request to surrender their insurance policy in exchange for its cash value.
The policyholder who wishes to surrender their insurance policy and claim the surrender value is required to file the India Form of Receipt.
To fill out the India Form of Receipt for the Surrender Value, the policyholder must provide their personal information, policy details, the reason for surrendering the policy, and sign the form to authorize the transaction.
The purpose of the India Form of Receipt for the Surrender Value of Policy is to provide a formal acknowledgment from the insurance company that the policyholder has surrendered their policy and to outline the surrender amount being processed.
The information that must be reported includes the policyholder's name and contact details, the policy number, the date of surrender, the amount of surrender value, and any specific terms or conditions associated with the transaction.
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