How can i close my lic policy ?

To close your LIC (Life Insurance Corporation) policy, you have a few options, depending on the type of policy and its status. Here are the general steps to follow:

1. Contact LIC Branch: Reach out to your nearest LIC branch or the branch where you purchased the policy. You can find the contact details on the LIC website or through their customer service helpline.

2. Obtain Surrender Form: Request a surrender form from the LIC branch. This form is used to initiate the closure of your policy. You may also be able to download the form from the LIC website.

3. Fill out the Surrender Form: Complete the surrender form with accurate and up-to-date information. You might need to provide your policy number, personal details, and reasons for surrendering the policy.

4. Submit Documents: Along with the surrender form, you will likely need to submit some supporting documents, such as your policy document, a copy of your identity proof (e.g., Aadhar card, passport, or PAN card), and your bank account details for processing the surrender value.

5. Receive Surrender Value: Once you submit the necessary documents, LIC will calculate the surrender value of your policy. This value will be paid to you, and the policy will be closed. However, it's essential to note that the surrender value may be less than the total premium paid, as it factors in various costs and deductions.

6. Cancel Automatic Payment: If you have set up an automatic payment system (e.g., ECS) for premium deductions, ensure you cancel it to avoid any unnecessary charges.

7. Obtain Acknowledgment: After the policy is surrendered, ensure you receive an acknowledgment from LIC confirming the closure of your policy.

Important Points to Consider:

Surrendering a policy should be the last resort, as you may lose out on potential benefits, especially if you've paid premiums for an extended period.
If you're surrendering due to financial difficulties, consider discussing other options with your LIC branch, such as a paid-up policy or a loan against the policy.
Policies often have a lock-in period (usually 3 years) during which they cannot be surrendered. After this period, you can consider surrendering if it aligns with your financial goals.

Keep in mind that different policies may have specific rules and conditions for surrender, so it's essential to clarify the process with your LIC branch or customer service. Before making any decisions, it may be helpful to consult a financial advisor to understand the potential implications of closing your policy.

[Note: This is not lic orginal website.This is the only thing to shear information about lic]

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