Max life insurance surrender online 2025

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  1. Click ‘Get Form’ to open the max life insurance surrender form in our editor.
  2. Begin by entering your Policy Number, Name, and Contact Number. Ensure that the contact number is accurate as it will be used for future communications.
  3. Fill in your PAN Number and Email ID. This information is crucial for processing your request efficiently.
  4. Select the reason for cancellation from the options provided: Personal Reason, Financial Reason, or Other. If you choose 'Other', please detail your reason in the space provided.
  5. Indicate your desired mode of payment by selecting either Cheque (NRI only) or NEFT. Fill in your Bank Details including Account Holder Name, Bank Name, Account Number, and IFSC Code.
  6. Attach a cancelled cheque or a copy of your Bank Passbook as instructed to validate your bank details.
  7. Review the Declaration section carefully. By signing, you confirm that all information is accurate and acknowledge the implications of policy cancellation.
  8. Finally, sign and date the form before submitting it through our platform for processing.

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As well, policy surrender is typically allowed after 3 years of premium payments under the guaranteed surrender value. Surrendering after this period may result in a surrender value of approximately 30% of the premiums paid so far. For personalised advice, it is a good idea to consult a financial advisor.
Yes, you have the option to surrender your ongoing LIC policy via online, as LIC provides a fully digitalised surrender facility for better convenience.
Sample Surrender Charge Schedule Policy YearSurrender Charge First Year 10% Second Year 9% Third Year 8% Fourth Year 7%7 more rows Oct 24, 2024
Cash surrender value is the money you can receive if you choose to cancel or surrender your life insurance policy. It deducts surrender fees or any funds required to repay loans or premiums that havent been paid. Typically, surrender fees range between 10% to 35% of the policys cash value and decrease each year.
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