LIC surrender at serving branch only?

POSTED BY Ramz ON May 17, 2012 3:44 pm COMMENTS (7)

Hi,
I want to surrender my jeevan anand policy. However I heard that we have to go all the way to serving branch to request for cancellation(surrender) of policy. I am staying in Hyderabad and my serving branch is far away.

Is there any other option for me to apply for surrender in the city where I am living. Thanks in advance

7 replies on this article “LIC surrender at serving branch only?”

  1. Hi, I have taken a loan against my policy. Can I still change the branch and surrender

  2. Ramz says:

    Dear Prasoon , ashal and Jassi, thank you very much for the valuable inputs. Will sort out the options and go ahead 🙂

  3. Jassi says:

    Yes, the option mentioned by Prasoon can also be done.
    In fact, one of my policies was LIC Money plus – ULIPS taken from Chennai. I was informed that the serving branch of a ULIPS poliy cannot be changed. 🙁

    Therefore, I sent a registered post with my original policy documents, surrender form etc etc,. Again followed with them and got it surrendered. Recieved the cheque in 10 days.

    Also, LIC had a new option of paying directly through NEFT in your bank account. If you fill in NEFT form, submit the same with a cancelled cheque, then whenever the policy is surrendered, the money comes directly to your account. This was very useful for us for some policies where the branch had this payment feature enabled.

    Rgds,
    Jassi

  4. Prasoon says:

    Around four years back I was facing same problem. I was in Hyderabad and my servicing branch in Delhi. First I took the e-mail id of servicing branch and wrote a letter. They replied (yes, they did!) same day stating that I could surrender the policy by sending it by post as well. Also, they mentioned surrender amount and several reasons that why should not I surrender the policy. I sent the policy with an application by speed-post and e-mailed them the tracking number. Within a week, I received a confirmation from them on my e-mail id. After 10 days my policy was closed. I received the cheque on my postal address in around 45 days.

    Please make sure that before doing all above you change your mailing address to the current one. Address can be changed by visiting any branch (or by sending a letter to your servicing branch) and by submitting current address proof.

    E-mail and postal addresses are available at LIC website.

    1. Dear Prasoon, thanks for providing the updated info.

      Thanks

      Ashal

  5. Dear Ramz, first of all please visit the nearest LIC office in your current city. Ask for the branch code. Go back home, write an application to the branch manager of the serving branch & in the application, specifically mention that Branch code where the policy is to be transferred.

    Post the application to the LIC branch (old one). Keep following up & within a month or 45 days, the change ‘ll take place & you ‘ll also get the intimation from the local branch.

    Once the change is there, you may surrender the same.

    Thanks

    Ashal

  6. Jassi says:

    Hi Ramz,
    we were in the same dilemma a month back.
    The policy can be surrendered ONLY at the branch where itis currently being served.

    So you can change the policy serving branch to one nearest to your place in Hyderabad.
    Please write a letter to the current branch for change of branch, mentioning the new branch details. And then kindly follow up with them till the change is done (I had to make some 10-12 calls 🙂 )

    After the change is done, you can submit the surrender documents to the new branch near your place. You can see the branch change online too when you register your policy in LIC website.

    PS: my policy branch was in chennai, I got it transferred to bangalore and then surrendered the same here in bangalore.

    Rgds,
    Jassi

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