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Surrender of Komal Jeevan Policy

Please suggest me, I have Komal Jeevan Policy in LIC. Now would like surrender this policy?

Sep 2, 2015 by Raju, Hyderabad  |   Life Insurance

LIC’s Komal Jeevan is a money back child plan. The risk cover is on the life of the child. In our opinion, if the child is financially dependent on the parent(s), it makes more sense to have risk cover for the life of the parent(s), so that in the event of an untimely death of the parent the future of the child is secured.

If you want to surrender your LIC Komal Jeevan policy, please note that surrender is allowed only after the completion of 3 years of the policy. The surrender value before the date of commencement of risk is 90% of the premiums paid excluding the premiums paid during the first year and any extra premium. Please note in Komal Jeevan, the risk starts to commence after the completion of 2 years of the policy or the child is at least 7 years old, whichever is later. After the commencement of risk, the surrender value is 90% of the premiums paid before the commencement of risk and 30% of the premiums paid after the commencement of risk, excluding the premiums paid during the first year and any extra premium. Please read your policy bond carefully or discuss with your LIC agent to understand the surrender value.

To surrender your policy, you need the original policy bond, photocopy of your premium receipts, application for surrender value, relevant LIC forms (Form no. 3510/5074) and revenue stamp. You need to submit the documents and forms, duly filled, at the LIC office where the policy was issued. Please note that you can surrender your policy only at the office where the policy was issued. Upon receipt of the policy, you will get an acknowledgement slip from LIC. LIC takes about a month to process your surrender and send the surrender value cheque to your address.

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