The Life Insurance Corporation of India (LIC) offers a dedicated form for policy surrender, known as LIC Policy Surrender Form 5074. In this guide, we’ll take you through a step-by-step process on how to download, complete, and submit the LIC surrender form, ensuring a hassle-free experience. If you’re considering surrendering your LIC policy due to changing circumstances, it’s important to know that the process can be more straightforward than you might think.
Download LIC Surrender form 5074
Annexure-1 Exit Interview
Annexure-2 Exit Interview
Introduction
Life is unpredictable, and sometimes circumstances may lead you to consider surrendering your LIC policy. While LIC encourages policyholders to maintain their policies until maturity, surrendering your policy is still an option. LIC provides a designated LIC Policy Surrender Form 5074, that streamlines the process.
Understanding LIC Policy Surrender
Policy surrender involves discontinuing your LIC policy before its original term. It’s important to make an informed decision after understanding the potential impact on your financial goals. You need to download LIC surrender form 5074 to apply for the surrender.
Step-by-Step Guide: Downloading and Completing LIC Policy Surrender Form 5074
1. Visit LIC’s Official Website
Before initiating the surrender process, visit LIC’s official website (www.licindia.in) to gather information about the surrender terms and conditions.
2. Locate LIC Surrender Form 5074
Navigate to the “Forms” section on LIC’s website, which provides a variety of forms for different purposes. Look for the “Policy Servicing” or “Policy Surrender” category to find Form No. 5074.
3. Download LIC Surrender Form 5074 and Fill Out the Form
Click on Form 5074 to download it in PDF format. Use a PDF reader to open the form and carefully read the instructions. Provide accurate details, including your policyholder information, policy number, contact details, and reasons for surrender.
4. Review and Submit the Form
Review the completed form for accuracy and ensure you’ve signed it where required. If additional documents are mentioned in the instructions, attach them. Follow LIC’s submission guidelines, which may involve submitting the form at an LIC branch office or authorized collection center.
Download LIC Surrender form 5074
Types of Surrender Values for LIC Policies
1. Guaranteed Surrender Value (GSV)
Once you’ve paid premiums for a certain period, your LIC policy may be eligible for GSV. The GSV is typically 30% of the premiums paid (excluding the first-year premium and additional charges).
2. Special Surrender Value (SSV)
SSV is calculated based on the total paid-up value of the policy, considering factors like sum assured, premium payments, bonuses received, and a special surrender factor (SSF). SSV varies based on the policy type and duration.
Conclusion
Surrendering a LIC policy is a significant decision that requires careful consideration. By following these steps, you can effortlessly download, complete, and submit LIC surrender Form No. 5074 for a smooth surrender process. Remember to adhere to LIC’s guidelines and provide accurate information to ensure a hassle-free experience.
To learn more about LIC policy surrender and make an informed decision, consider consulting a LIC representative or financial advisor. Remember, understanding your options is essential to securing your financial future.