"How to cancel the policy after 1 year?" This is a common question that many people don't have an answer to. The truth is, many people purchase LIC policies online without fully understanding the terms. This causes the policy to be canceled before it matures. Resultantly, it reduces the surrender value - the policy amount refunded after policy cancellation (or surrender). If you are thinking to cancel a LIC policy after one year of buying it, due to any reason, we have an answer for you. Find out everything about canceling your LIC policy after 1 year in this article.Read more
Generally, there is a certain tenure after which you can surrender your LIC policy. The policy's purchase date determines this tenure. There can be different minimum periods for various situations. These are:
Under this type of plan, you can surrender your policy from the second year of your policy. You cannot do it in the first year.
The policy term matters here. If it is less than ten years, you can surrender your LIC policy after two years. However, you must wait till the third year to surrender the policy for a tenure longer than ten years.
You can cancel the LIC policy after paying the premiums for a minimum of three years. If you (the policyholder) give up the policy within three years, there will not be any surrender value applicable.
If you are sure that you want to cancel the LIC policy, here is what you need to know:
There can be situations where you may need to cancel the LIC policy after one year. In that case, you should not expect any refund (surrender value) to be paid. We hope we have answered your question, "How to cancel the policy after one year."
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