how can i cancel lic policy after paying first premium amount with in seven days

POSTED BY Manish Saxena ON June 18, 2013 7:18 pm COMMENTS (69)

yesterday i paid premium for jeevan saral policy to agent and beacuse of false commitment of agent I want to cancel that policy, i have got the receipt of annual premium of Rs.4800/= .

Please let me know that any deduction is there and what is the process of cancellation and when we will get our money back.

Please advice…

69 replies on this article “how can i cancel lic policy after paying first premium amount with in seven days”

  1. Priyanka kaintuta says:

    What amount will I get back after surrendering a jeevan anand policy availed 3 days ago? I’ve paid 5594 as the first two premium amount.

    1. if you surrender it within 15 days, you will get full amount.

  2. Ashish says:

    I take lic policy yesterday and I give my first installment and I don’t think that policy is use ful for me
    So what I can do now

    1. You need to surrender the policy now .. No use talking to your agent, as he will not help.

      Its better to visit the branch and give them the request for cancellation

  3. I pay jeevan aanandh 16 term’s , yearly premium . first year with gst tax 38260 but assured sum values shown lic documents 1 lakh agent says one year bond after continued another year I can’t believe this documents

  4. Ajeet Singh says:

    meri lic ki yearly installment 12545/- hai aur maine abhi tk 7 kist jma kr di hai.Muje 5 years ke baad 40000 mil chuka hai.Abhi kuchh problem ki vajah se mai ye lic close karna chah rha hu.Muje kitne paise return mil sakte hai.Plz advice me soon

    1. Jagoinvestor Admin says:

      Hi Ajeet Singh

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  5. I have paid my 9 installment of lic bt now a days I am unable to give the installment so plz tell is there any process to stop my lic for some time whenever I will able to pay then I will get it restart

  6. Reshmi says:

    Maine apna jeevan anand policy 2 years premium paid how can i get my paid amount because of some personel problems i cannot continue the policy

    1. You cant get any money unless you pay for 3 yrs !

  7. Souvik says:

    Hello,

    Yesterday I have paid initial premium of Kotak Mahindra Premier Endowment plan through cheque. The cheque is still not encashed by Kotak. After enquiring about the policy I have understood that the policy has been missold to me. Now I want to come out of the process before the policy get issued. Can I stop the payment of the cheque to get out of the situation? If I stop the payment of the cheque, would I be in any legal problem?

    Regards,

    1. There wont be any issues. Just call your bank and tell them the cheque number and ask them to block it !

  8. Siddharth says:

    Hi I want to cancel my lic policy…

    I had applied in last month 28thmarch
    Now it’s 27april till now I don’t get my bond how to cancel help me….

    1. Just talk to your agent on this, or visit the LIC branch !

  9. Rajat says:

    I have paid my first lic premium in December but now i am feeling that it’s waste and want to discontinue it .. can anyone suggest how i can do ? And will i get any money or not ?

    1. You will not get any money back if you close it before 3 yrs !

  10. abinash says:

    Sir please suggest me how to change my agent.means i did policy by one agent i want to shift that policy to other agent

    1. Hi abinash

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

      Manish

  11. Alok says:

    I have applied for a lic policy through an agent on 15/02/2017, paid 3 months premium. But i have not received policy document till now(26/03/2017). Now i want to cancel my policy. will i get my money back? lic website shows that policy issued on 15/02/2017. what can i do? please help

    1. Whenever you get the policy document at your end, go to LIC office and apply for surrender of policy . You can return a policy within a 15 days time frame !

      1. Srikanth n says:

        Will I get my Money back?

      2. dineshkumar says:

        I paid 3 years ..Now I want surrender or cancel my policy …How much I will get ?? Means full amount or some deduction is there

        1. There will be heavy deduction. I think you will get 30% of what you paid . but just check on the exact amount through them.

  12. Nikhil says:

    Hi,

    I have paid an installment for Jeevan Anand 815 in December 2016.
    The next premium is in June. Though while starting the policy agent told that we cannot surrender before 3 years, but I don’t want to continue the policy and I want my money back.
    Can you suggest how to cancel the policy and get the amount that I have already paid?

    Thanks in advance.

    1. LIC policies cant be surrendered before 3 yrs. You will not get anything

      1. Sumit DUbey says:

        Hi, My case is similar. So, do we need to take some step to close the policy or it will be automatically closed if we stop paying further premiums? And does closing policy in such a way has any thing related to CIBIL rating?

        1. If you stop the premium, then you will get the money at maturity of policy. To get the money right now, you will have to surrender the policy by going to the branch !

  13. charles says:

    I have actually taken policy from Max life, I almost paid for 4 years, but know I m not able to pay Bcos of finical problem so I stop paying policy this years 2016 so I want surrender the policy to cancel it.
    Can any one help me how to go through it for my money back with I paid every year 1 lakh..

    1. You need to first check what kind of policy was that ! . Dont you have the documents paper with you ?

      1. charles says:

        Yes I have with me , what should I do to get my money back at least half of it.

  14. Prathamesh says:

    How much time will it take to complete the process of cancellation. I have paid close to 6 installments monthly (started these policies last year in august) & I’m not interested to continue this, due to financial issue. Please let me know the time duration as in How much time will it take?

    1. Unless you make payment for 3 yrs, you dont get any money back in this .

  15. Amarjeet says:

    I have taken the money back policy of Lic and paying 17000 half yearly and I continued for one year and suddenly I lose by job and unable to pay the premium.can you suggest me whether I can get my deposited Rs38000/-?

    1. Not easy ! .. most of the LIC policies have very less surrender value !

  16. Selvakumar says:

    Hello sir i paid 18 month, i want to cancel the policy and what i will get back the what i paid or what? plz tell what is the procedure?

  17. Jigar says:

    Hi,

    I have purchased the policy on 10.July.2016.
    Also I have paid my first premium.
    Now I want to cancel my policy. Is it possible some how?? If yes can you please suggest what are the required actions I have to take?

    1. Hi Jigar

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

      1. Sri Rama Chaitanya says:

        HI Manish,

        Good MOrning!!

        I have taken a LIC policy 6 months back and i paid one half early premium. But now i feel not so worthy and unable to pay the premiums. Kindly let me know what happens if i stop paying premiums from now on instead of opting to cancel the policy.

        What will happen if user stops paying premium before initial 3 years of period.? Will it automatically gets cancelled?
        Do i need to go to LIC branch and cancel it?

        I know now, I am not going to get my money back if i cancel it before 3 years and also will get very less amount even if i surrender it after 3 years.

        Kindly clarify me on the above queries please.

        Thanks,
        Chaitanya

        1. Jagoinvestor Admin says:

          You cant cancel it before 3 yrs, if you dont pay for all 3 yrs , you dont get anything ..

          1. Sri Rama Chaitanya says:

            Thank you!! So Policy will automatically gets cancelled if we stop paying for all 3 years. Please confirm.

            1. Not cancelled, but it will be stopped ! . You will then get your money at maturity of policy !

          2. Chaitanya says:

            Hi Admin,

            Please confirm if policy gets automatically cancelled if we stop paying premiums nor go to LIC organization to surrender it?

            Please replay

            1. If you stop making payments of premiums, then it gets into paid up mode, in which case you will get your money on maturity.

              If you specifically want the money RIGHT NOW , then you need to visit the LIC branch and surrender it with a written request

              Manish

  18. ALEEM says:

    Hello sir
    I want to cancel the policy.. all though I have paid 3 to 4 installments.. but now I’m not able to pay the amount. .due to my financial status.. let them deduct whatever the charges for the cancellation. .but I need the remaining amount.. pls help me out sir.. it’s my humble request.

    1. Unless you complete 3 yrs, you dont get anything

  19. vani says:

    how can i cancel the my lic policy

    1. Go to LIC branch and give them the cancellation request. But this can be done only within 15 days of getting policy!

      1. vani says:

        then i will the money to at present so that money will back or ……

      2. vani says:

        I want to cancel the policy.. I have 4 policies all though I have paid 6 installments for each but now I’m not able to pay the amount. .due to my financial status.. let them deduct whatever the charges for the cancellation. .but I need the remaining amount.. pls help me out sir.. its my request plz suggest me
        den wt is the steps to cancel my policies

        1. You just have to stop payment premium and also ask for surrender of the policy. However if you have not paid for 3 yrs, then you wont get anything

  20. SANTHOSH says:

    I WANT TO CANCEK MY POLICY AFTER PAID FIRST PREMIUM

    1. Just visit the company and apply for surrender !

  21. Devika says:

    Hello sir,
    I want to know about the jeevan suraksha policy. If I take this policy, when I have to pay my first premium. Can I have any other policy in which I can pay quarterly around 5 to 6 thousand.

    1. Hi Devika

      The best answer you can get only from the agent you invested through or just contact the company. The thing is your case is a bit personalised and other than company, no one can give accurate information

      Manish

  22. kiran says:

    Hi,

    I have actually taken LIC Jeevan Anand Policy in the last week and I have paid just the 1st premium. However now i have made my mind to invest the same amount in the other policy and i want to withdraw my LIC application of Jeevan Anand.

    Kindly let me know the withdrawal process of my LIC Jeevan Anand policy.

    Regards,
    Kiran.

    1. Its suggested that you go to LIC office nearby and do the surrender asap.

  23. Dattatray says:

    i have cancelled my pru guaranteed wealth protector Lp policy in 7 days after 1st premium. can i claim this policy amount for tax deduction purpose under 80C?

  24. Deepak says:

    Can someone please let me know is this applicable even to child plans ?

    1. Deepak says:

      Hello – I approached the branch manager on cancellation – its not even 7 days – he is asking me to get the agent to the branch! is this correct ? I have a question : If I want to surrender the policy or retrieve the maturity amount , is the agent required , this is weird stuff , If this is not true, please help me how this can be escalated and resolved .

    2. What is applicable ? PLease post full query here

      1. Deepak says:

        For the cancellation of the policy from LIC – the branch manager asked to fetch the agent and did not acknowledge the letter of cancellation – now is agent required in this case at all ? I am apprehensive that for maturity retrieval as well , they would mention the the same ?

        1. No agent is required here. Tell the manager that he should process it asap , if he does not want the complain with Insurance ombudsman and lose his job !

  25. Thank, Genoa & Ashal,

    I went to the branch with application on very next day after login, but they told that you have to wait till policy come and then after you can submit your cancellation application along with original policy document and payment receipt with in 15 days.
    Please advice…..

  26. Dear Manish, as you have just paid the first prem. & policy is yet to be assigned to you, please contact your serving branch immediately to cancel the proposal & return back your money.

    Thanks

    Ashal

  27. Genoa says:

    As per Sec 6 (2) of IRDA regulations, all life insurance companies offer 15 day free look period

    Take your original policy document(s), fill up some forms and you’ll get your money back

    Premium paid will be refunded after deductions for expenses like medical examination, cost of proportionate risk cover, stamp duty etc.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today