Surrender your insurance policy
If your insurance policy’s free look period (FLP) is over and you don’t wish to continue with the policy, you can surrender it. Your free look period last for 15 to 30 days from the day you receive the insurance policy. However, when you surrender it, the membership fee/ premium amount will be refunded on a pro-rata basis. If you have an insurance linked to your loan account, it will be adjusted towards the outstanding loan amount (if any). The refund will be processed within seven business days from the date of request.
If you wish to surrender your policy, you can easily do it by visiting our service portal and raising a service request.
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Raise a request to surrender your insurance policy
- Visit our service portal by clicking on the Sign-in button on this page.
- Sign-in with your registered mobile number and the OTP.
- Verify your details with your date of birth and proceed.
- Go to ‘Menu.’
- Scroll down to the ‘Help & Support’ section.
- Raise a request to surrender your insurance.
- Select ‘Insurance Cancellation’ as ‘Query type.’
- Select ‘Cancel/Surrender’ as the ‘Sub query type.’
- Enter the additional information, upload documents, and submit your request.
Alternatively, you can click on the ‘Surrender your insurance policy’ option to go to the service portal. Once signed-in, you can select the insurance policy, select the relevant query and sub-query, and proceed to raise a request.
Once your request is raised, our representative will connect with you within 48 business hours who will guide you on further steps.
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You can also check the details of your policy by visiting our service portal. Click on the respective link at the top of this page for more details.In case you don’t wish to continue the insurance policy, you can raise a request to surrender it. All you have to sign-in to the service portal. Once signed-in, select your policy from ‘Relations’ and proceed to surrender.
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Check your insurance policy
Visit our service portal to view and update your policy details.
Frequently asked questions
Surrendering an insurance policy happens for cash needs, changing circumstances, unaffordable premiums, altered investment plans, or for better opportunities.
Surrendering an insurance policy entail terminating the coverage, receiving its accrued cash value, but forfeiting future benefits. It's a voluntary decision by the policyholder due to financial needs, changing circumstances, or better options. Surrendering may incur tax consequences and the loss of insurance protection.
If you surrender your policy, you will receive the surrender value, which is typically the accumulated savings or investment portion of the policy minus any applicable surrender charges. The amount depends on the type of policy, how long you have held it, and the premiums paid. It is often less than the total premiums paid.
Surrendering a policy results in losing the insurance coverage and benefits associated with it. You may receive a reduced payout due to surrender charges, and the amount could be significantly lower than the total premiums paid. There could also be tax implications on the surrender value, and obtaining future insurance could become more challenging.
