How can I withdraw my Reliance life insurance policy?
You may surrender your policy after the completion of a lock-in period as specified in the terms and conditions of your policy by submission of a duly filled and signed Surrender Request Form, your savings bank account details, a cancelled cheque leaf from the account, policy document and self-attested copy of KYC …
How can I activate my lapsed LIC policy?
Revival of the LIC policy. Ordinary Revival- under this revival policy the insurance holder can revive his/her lapsed life insurance policy by paying all the unpaid premiums including the interests at one go. However, the policy holder can be asked for the declaration of good health and medical report under form no-680 …
What happens to life insurance policy if you stop paying?
Term: If you stop paying premiums, your coverage lapses. Permanent: If you have this type of policy, you will have the following choices: Cash out the policy. You will no longer be covered by life insurance, but you will at least save some of the proceeds of the policy.
Why do I need life insurance?
Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident. Life Insurance is needed : To ensure that your immediate family has some financial support in the event of your demise.
Can I just stop paying life insurance?
If you stop making payments on term life insurance, the policy will lapse and end after the grace period. If your payments stop on cash value life insurance, the insurer will generally use any cash value in the policy to cover the premiums. Once the cash value is exhausted, the policy will end.
How do I cancel my life insurance policy after free look period?
If you decide to cancel your policy, do not go by oral intimation to the agent. The agent could try to delay the process. There have been instances where agents have withheld documents so that the free-look period expires. Call up the insurer’s customer care to communicate your decision to cancel the policy.