How can I close my LIC policy

POSTED BY ashish ON August 17, 2011 7:22 pm COMMENTS (4)

Dear Sir,

I have two LIC Policy which I have enrolled in July 2006.

 One is money back for 20 yrs(in which getting money back on every 5th yrs) paying 50000 per year.

and other is Pension Policy for 25 yrs paying 30k per year.

 

Can you please suggest me how can I close the not so useful LIC policy so that same amount I can invest in SIP. 

4 replies on this article “How can I close my LIC policy”

  1. ashal jauhari says:

    Dear Ashish, to close your policy issued by Noida Branch, you w’d have to contact there itself. Alternatively first get your policy transferred to Banglore office & then surrender in Banglore.

    Take your own pick in either of the 2 ways given above.

    Regarding the surrender value, please confirm the branch office itself just before surrendering.

    Thanks

    Ashal

  2. ashish says:

    Thanks for your valuable suggestion.
    Can I close the policy at any branch of LIC as I am in Bangalore or I need to surrender it to same branch where I filed(Noida)?
    Also please suggest what are the documents required during termination of LIC Policy and The Form 5704 (Surrender Value).pdf (Sr No 30) is the correct one which is mentioned in this website http://agentlic.org/Pages/Forms.aspx ?

  3. Dominic Prakash says:

    If these policies invest in stocks it is NOT the right time to surrender. In fact you should pump more money into it.

    If it is non ULIP policy close it and move the money in to mutual fund and it is THE right time.

  4. ashal jauhari says:

    Dear Ashish, as you have completed around 5Y in both policies, you can close these 2 easily, the only thing important for you ‘ll be the surrender amount. It ‘ll be very less than what you have paid till date. If you are ready to bite that bullet, simply go ahead & contact your policy issuing office & surrender the policies.

    LIC people ‘ll help you to close & return the surrender amount.

    Actual calculation of surrender amount ‘ll be done by LIC people, hence I can’t predict actual amount that you ‘ll receive after surrender.

    Thanks

    Ashal

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