How much amount will be deducted, if I cancel my LIC policy within 15 days

POSTED BY rahul.p ON September 14, 2013 9:47 am COMMENTS (27)

Hi All

Unfortunatly i took  LIC Jeevan Anand policy 10 days back, however fortunately i’ve gone thhrough the reviews about this policy and have decided to cancel the policy, as I am still with in that cooling off period and my agent is not giving me exact details and often not responding.

I would like to know the process to cancel that policy and hw much amount will exactly be deducted from my premium (paid Rs  76292 as a single premium for sum assured 10 lacs for 15yrs)

27 replies on this article “How much amount will be deducted, if I cancel my LIC policy within 15 days”

  1. Umar says:

    Hello sir.
    Policy was accepted at 3rd Aug 2017 and paymnt was also deducted on the same day. Now I want to cancel the policy due to I need money for my Father treatment. How to cancel the policy in correct way. And how much amount I will get back. Please suggest.

    1. You can cancel the policy within 15 days of getting the documents in your hand.

      Please talk to your agent or the company on this matter

      Manish

  2. saurav says:

    hello sir
    i have given premium on 19.5.17
    and my agent misguide me and handed me policy yesterday ie 3.7.17
    i want to discontinue policy and wants my refund
    whts the procedure

    1. You need to talk to the company for that. Go to the branch and apply for closing the policy !

  3. devika says:

    Pls cancel with in 15 days soon

  4. Devika says:

    Hi!iam devika
    I will be submit the surrender form to close the.policy of bima gold and new raksha plan…please check it policy closed or not?
    PolicyNo:716923123
    PolicyNo:717644306

    1. Hi Devika

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

    2. Akshay says:

      Never post personal information like your policy numbers in a public forum. Site admin, please remove the numbers.

  5. Wahida khatoon says:

    Sir,maine 26.05.17 ko lic ka policy liya tha yearly 28150 bhi pay kiya tha but unfortunatlly 2 din bad hi mari noukri chali gayee ab mai job less hu so mai 29.05.17 ko ye policy cencell karna chahti hu kyunki mai age ka premium nhi pay kar sakti to mujhe mere paise kitne din mai mil jayenge?

    1. Please check with your agent on this. I guess as you have not got the policy in hand, you can give it back under 15 days period

      Manish

  6. Devendhar says:

    Sir.. Unfortunately I took LIC Jeevan Anand policy 10 days back, however, fortunately, i’ve gone through the reviews about this policy and have decided to cancel the policy, as I am still within that cooling off period and my agent is not giving me exact details and often not responding.

    1. In that case you should walk into LIC office and make a scene, What else can be done ?

  7. sir i want to cancel my jivan labh policy within 15 days. premium has been debited from my account. but as i am jobless i am unable to pay more premiums further. can i cancel this nonsense policy ? its bought on 10 jan 17.

    1. Yes, you can close it .. but I am not sure if you will get money immediately !

  8. Anup Kumar Gupta says:

    Sir I want to surrender my lic policy
    Our date of commencement is 24/03/2014
    When I can surrender my policy

    ONE more Sir I have been discontinued my last two premium can I eligible for surrender
    Pse help me

    1. No, you cant get any money if you didnt pay for 3 yrs

  9. Ramadevi says:

    I have applied for Jeevan Akshay Policy VI from LIC on 17th November 2016. I got a confirmation from LIC that the proposal is accepted; also, my bank account has been debited with the premium amount. I have not yet received the policy. Now I want to cancel this policy. Is it possible to cancel – is there any cooling off period. I have applied through LIC agent; does this mean I have to also cancel through agent only. How to go about cancellation if at all it is permitted?

    1. Yes, there is a 15 days of cool off period, by when you can cancel the policy !

      1. a says:

        go fast to branch and do cool off ,,and be smart in asking for a cool off as branch manager would not like a cool off but as you are a policy holder and its your right to get cooling off and in this Jeevan Akshay policy there is no surrender also as its a single premium.get everything in writing

        1. Thanks for your comment a

  10. abhishek says:

    Sir .i want to close my policy one is one year old and another is 8 month older i had asked my agent for surrender process. He told me that i cant surrender my policy before 3 years . Is it true sir and also i wil not get a single rupee.pls give me your advice ……

    1. Yes thats correct. Any traditional insurance policy acquires a paid up value only after 3 yrs. Thats the biggest issue with these policies. So YES – agent is 100% correct. You will not get any money unless you pay for 3 yrs and even if you pay for 3 yrs, you will get peanuts after that

      Manish

  11. Basavaraj says:

    He ask money for deduction in my salary that he want to stay in lodge and bus fare for deduction in salary

    1. Hi Basavaraj

      I am not clear on what is your question. Please repeat it with more clarity

      Manish

  12. ashalanshu says:

    Dear Rahul, please contact the policy issue branch. fill up the surrender form. the cancelation charges ‘ll be very lower.

    Thanks

    Ashal

    1. pandit says:

      What’s the documents needed for cancellation?

  13. A very small amount should get deducted, but forget that for now and cancel it if you want. Directly contact LIC customer care or go to LIC branch and get this done . You dont need an agent presence for this to happen .

    Manish

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