Is the agent required to surrender the LIC policy?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

What if LIC policy is surrendered?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Can I remove LIC agent?

No, you cannot change your LIC agent. Basically, LIC agent is a salesman who just acts as an intermediate between the customer and LIC of India.

Can I surrender LIC policy anywhere in India?

First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. The reason for this is, your all policy documents like proposal forms, loan details and all other details will be available at servicing branch only.

How can I surrender my LIC agency?

Meet the Branch Manager who got you the license. Just give a written application to them that you want to cancel your IRDA license. Get the letter signed and stamped by the concerned authority . Keep the original with you and send the photocopy to the IRDA office.

How can I restart my LIC agency?

It’s Very Simple! First Collect 3 or 6 fresh proposals along with Premium, Approach through Your Development Officer, Submit a Request Letter for Reinstatement of Your Agency with the Reasons for not done MBG. Assure the Concerned Branch Manager, along with Development Officer’s Recommendation.

How much time does it take to surrender LIC policy?

Guaranteed Surrender Value: A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.