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The document provides detailed instructions for completing a Request for Policy Surrender form for life insurance policies issued by John Hancock. It outlines the necessary information required from the policy owner and insured, procedures for lost or destroyed policies, eligibility criteria for a Safe Access Account, tax withholding options, and signature requirements. Additionally, it includes a W-9 form for taxpayer identification purposes and emphasizes the importance of returning the policy with the surrender request.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a policy surrender request?

Essentially, surrendering a life insurance policy means that youre canceling it. You will no longer owe premiums and if you pass away, your beneficiary will not receive a death benefit payment.

What is the process of surrender in life insurance policy?

In insurance, surrender refers to the voluntary termination of a life insurance policy by the policyholder before its maturity or before the event it insures against has occurred. When a policy is surrendered, the policyholder is no longer obligated to pay premiums, and the insurance coverage ceases.

What is surrender process?

Full Surrender: This is when the policyholder chooses to completely cancel their ongoing policy. Hence, the policyholder wont need to pay premiums anymore and wont receive any policy benefits or claims in the future.

What is the process of policy surrender?

To start with, visit your nearest LIC branch and obtain Form 5074, also known as the Surrender Discharge Voucher. Upon completion, the form along with the necessary documents must be submitted. Following submission, LIC will process your policy surrender request.

How much money will I get if I surrender my policy?

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.

sample pdf

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What happens when a policy is surrendered?

This means functionally canceling your policy. If you do this, your life insurance coverage will end. Youll generally receive most or all of the cash value that has accumulated in your life insurance policy, but it may be subject to surrender fees and federal income taxes. Any unpaid premiums will also be collected.

How do I write a letter to surrender a policy?

Dear Sir/Madam, I am writing to request the surrender of my life insurance policy due to financial constraints, making it difficult for me to continue payments. I have decided to surrender the policy rather than allow it to lapse. Unfortunately, circumstances beyond my control have made this decision necessary.

Is it better to surrender or sell a life insurance policy?

In short, its not advisable to surrender a life insurance policy because selling it yields higher cash proceeds.