PROBLEM WHILE CLOSING POLICY

Steps or procedures to close the insurance policy

•      To close the policy you had taken already, Policy bond is needed.
•      One written letter requesting that policy you like to close.
•      Bank account number is also needed to close policy.

After processing your policy bond amount will be transferred to your account through cheque. You can collect the amount through that cheque.

Some time policy holder may miss the policy bond. In that case they can take the duplicate policy bond easily by contacting your home branch or Contact us.


Problem Faced While Closing The Policy

     Policy bond may be missed. Policy number also you may not know.

     Sign may be differs.

     If you unable to pay premium amount continuously , then you can close the policy after the particular period. [You should have paid premium amount for atleast 3 years continuously to close the policy].

     If you paid the premium amount for one or two year only. Then you can not close the policy. you should pay the premium amount for three years continuously. Then only you can close the policy.

     You may miss to pay the premium amount one or two times for 15 years policy. All other premium amount you paid correctly . One or two premium amount only you didn't pay. It may lead to some problem while closing the policy. No need to worry. For that some procedure is available. Contact us or Contact your home branch.

     If you unable to pay all the premium amount that is if you paid the premium amount for 3 years only for 15 years policy. After 15 years only you came to know that you paid premium for 3 years. In that situation policy may be lapsed. To reactivate this type of policy some procedure is available. All the policy we cannot reactivate. If you reactivate, then only you can close the policy.

     overdue policy.  That is you didn't close the policy after the maturity period. Then your money is secured in LIC. If you didn't close the policy long period after maturity , loss to you only.

     You cannot close the policy online itself  nowadays.

Policy closing is not possible in the following situation.

     Without continuously paying premium amount for 3 years.

     You have paid minimum 3 years correctly. After that you are eligible to close the policy if you unable to pay premium amount. But you didn't close the policy and you didn't pay the premium amount also for long period. The most of the policy may be lapsed. In this case we unable to close some of the policy.


For any type of help related to insurance policy closing you can contact our Development officer or Contact us.