India Form of Receipt for the Surrender Value of Policy 2001-2024 free printable template

DIVISIONAL OFFICE FORM OF RECEIPT FOR THE SURRENDER VALUE OF POLICY NO. -------------------------------------------------------------------------------------------------------------------------------On

How to fill out lic surrender form form 5074

How to fill out LIC surrender form:

1. Obtain the LIC surrender form from the nearest LIC branch or download it from the official LIC website.
2. Fill in your personal details such as your name, address, policy number, and contact information in the designated fields on the form.
3. Provide accurate information about the policy for which you want to surrender.
4. Mention the reason for surrendering the policy.
5. If required, attach supporting documents along with the surrender form, such as identification proof, policy documents, and any other relevant papers.
6. Carefully read and understand the terms and conditions mentioned on the form.
7. Review the filled-out form for any errors or omissions before submitting it.
8. Submit the completed LIC surrender form along with any required documents to the LIC branch or through any other specified submission method.

Who needs LIC surrender form:

1. Individuals who wish to terminate their LIC policy and surrender it.
2. Policyholders who no longer require the insurance coverage or are unable to continue paying the premiums.
3. Those who have found more suitable insurance options or have changed their financial priorities.

Note: It is always advisable to consult with LIC representatives or financial advisors regarding the surrender of a policy to fully understand the implications and potential consequences.

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People Also Ask about lic surrender

How much money will I get if I surrender my LIC policy after 7 years?

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.

How much money will I get if I surrender my LIC policy?

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.

Can I close my LIC before maturity?

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.

Can I surrender LIC policy online?

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 can I surrender my LIC policy?

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.

How much money will I get if I surrender my LIC policy after 5 years?

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).

How much money will I get if I surrender my LIC policy after 10 years?

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).

How much money will I get if I surrender my LIC policy before 1 year?

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.

For pdfFiller’s FAQs

What is lic surrender form?

A life insurance surrender form is a document that is completed by policyholders when they decide to terminate their life insurance policy. The form is used to inform the life insurance company of the policyholder’s intention to terminate the policy and surrender the policy for a cash surrender value. The form also contains information about the policyholder’s current policy and the cash surrender value of the policy.

Who is required to file lic surrender form?

Anyone who has taken out a life insurance policy and wishes to terminate it before the end of the policy term is required to file a life insurance policy surrender form.

How to fill out lic surrender form?

1. Start by gathering the required documents. You will need your policy documents, a death certificate (if applicable), and any other documents required by your insurance company. 2. Fill in the surrender form with the necessary information. You will need to provide the name of the policyholder, the policy number, and the date of surrender. 3. Indicate your reason for surrendering the policy. You can choose from options such as “no longer need coverage,” “cannot afford premiums,” or “death of the policyholder.” 4. Sign and date the form. Make sure to provide a valid signature in order for the form to be accepted. 5. Submit the form to your insurance company. You can do this by mail, in person, or online.

What is the purpose of lic surrender form?

A Lic surrender form is used to surrender a life insurance policy. This form is usually used when a policyholder wants to cancel a policy and receive a refund of premiums paid. The form is used to initiate the surrender process and provide the necessary information to the insurer so that the policy can be cancelled and the refund can be paid.

What information must be reported on lic surrender form?

The information required on a life insurance surrender form typically includes: policyholder name, policy number, date of surrender, surrender value, name of the beneficiary, and the signature of the policyholder. Additional information may also be needed, depending on the specific policy and insurer.

When is the deadline to file lic surrender form in 2023?

The deadline for filing a LIC surrender form in 2023 will depend on the policies of the particular insurance company. It is best to contact the company directly for specific information.

What is the penalty for the late filing of lic surrender form?

There is generally no penalty for late filing of a LIC surrender form. However, if the policyholder has missed the deadline for the surrender value to be paid, then the policyholder could face a delayed refund of the surrender value or a reduced payment.

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