Can I surrender reduced paid-up policy?

If you have whole life insurance and no longer want to pay premiums for your policy, you can either opt to surrender it and receive the cash value or use the accumulated cash value to fund reduced paid-up insurance coverage.

When a reduced paid-up policy is purchased?

Reduced paid-up insurance is a nonforfeiture option that allows the policy owner to receive a lower amount of fully paid whole life insurance, excluding commissions and expenses. 1 The attained age of the insured will determine the face value of the new policy.

How do I surrender my Maxlife policy?

In case of NEFT, a cancelled cheque with pre-printed name/copy of bank passbook with banker’s attestation/banker’s attestation on account details in surrender request. You may submit the surrender request with the above documents at nearby Max Life branch. Alternately, you may Click Here to submit your request online.

How can I redeem my LIC policy online?

a. If already registered on LIC Portal:

1. Click on e-Services, login with your user-id and password.
2. Register your policies for availing the e-services by filling up the form provided.
3. Print the form, sign it and upload the scanned image of the form.
4. Upload the scanned image of PAN Card or Aadhaar Card or Passport.

Can paid up policy be revived?

An insurance policy is considered ‘lapsed’ if the premium is not paid within the grace period, which is 30 days in case of annual, half-yearly and quarterly renewals and 15 days for monthly renewals. It can be revived any time within 5 years from the date of first unpaid premium.

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

The guaranteed surrender value is payable to the policyholder only after the completion of three years. This value makes up to only 30\% of the premiums paid towards the plan.