Are You Eligible to Withdraw Your LIC Policy?
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As stated above, it is generally not recommended to surrender or withdraw a?LIC policy, but should the need arise, it is important to keep in mind the criteria for eligibility for this will be three years. This means you need to pay the premiums of your LIC policy constantly for its initial three years before surrendering or withdrawing. In your case (if you are looking to withdraw your LIC policy after 5 years), you are eligible to withdraw the policy.?
After you've surrendered the?LIC?coverage, the insurance company will give you the amount referred to as ‘surrender value’ that may contain 'accumulated bonus' along with the premiums you paid for the period after deducting some charges.
How to Do LIC Withdrawal After 5 Years?
If 5 years have passed after you purchased your LIC policy, you are eligible for policy withdrawal. However, keep in mind that currently, the facility of surrendering LIC policy is not available online. So, it would be best if you surrendered the LIC policy through the service branch of LIC.?
Ideally, this would be the place from where you have bought your LIC policy. Additionally, suppose you have switched branches, and it is the new branch. In that case, that LIC branch will be the service center that you can use to surrender your policy. The reason to approach a service branch for policy surrender is that all your policy documents, including proposals forms, loan information, and other information will be accessible at the service branch only.?
Remember that you need to personally visit the branch to request to surrender your LIC policy if it's over 5 years.
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Documents Required for LIC Withdrawal After 5 Years
Failing to submit the exact documents needed to withdraw your LIC policy after 5 years can either extend the process or lead to the termination of your application.?
Here is the list of important documents you would need to proceed with the application:
·???????? A canceled cheque
·???????? Original copy of the policy contract
·???????? Identity proof such as PAN card or Aadhar card
·???????? Form number 5074?
·???????? LIC NEFT form (if Form 5074 is not available)
Note that LIC typically examines the conditions and terms surrounding the surrender value based on factors like experience, economic environment, etc.
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