Cancel the LIC Policy Within Grace Period: When we buy a life insurance policy for us it’s a good thing. We will stay covered by that insurance policy. But sometimes we end up doing the things which are not good for us. Like if we purchase or buy an insurance policy which is not fit for us or it is not a good policy for us. What next now what can you do to save the money which you have poured in to buy it? But my answer to this question is don’t worry you can get your money back by canceling the policy.
There is no way to get the whole money back which you have invested in buying the insurance policy. But you can get the most of the money back. Now you may be thinking why will you not receive the whole money back? Let me tell you while buying the policy we undergo a medical test and also some stamp paper works have to be done. So the company will deduct the amount of money which is equivalent to the cost of paperwork and medical test.
If you are looking for an article which will help you to cancel the LIC policy within Grace period. According to the rules and regulations, the policyholder reserves the rights to cancel the LIC policy within grace period of 15 days.
In this article of mine, I will tell you the complete procedure which you need to follow to cancel the LIC policy within grace period.
How to Cancel the LIC Policy Within Grace Period?
So now let us get started with this guide and check out the procedure to cancel the LIC policy which you have purchased.
You have to submit certain documents to the company in order to cancel the LIC policy within grace period. I have listed those documents below.
- Self-attested photocopy of PAN card and address proof document of the insured person.
- Original LIC policy bond which you received when you purchased the policy.
- The payment receipt of your first policy premium.
- Signed letter of cancellation from the insured person.
- And duly filled freelook cancellation form from the insured person.
Once you have collected all the above-listed documents you are now all set to cancel the policy and get the refund of your money. You have to note one thing and that is if any representative of insured person goes to cancel the policy. He or she will not be entertained by the company, the presence of insured is very important. The changes to the policy can be done only from the home branch.
- Now visit the home branch from where you have purchased the policy.
- Tell the officials working there that you want to cancel the policy.
- Submit all the above-listed document to the home branch.
- The branch will not verify the documents. And once the verification gets completed the refund will be given to you.
This is how you can cancel the LIC Policy within grace period. I hope you are clear with all the steps mentioned in this guide. In case you have any doubts then comment below. The verification process normally takes about 20 to 25 working days. For more information, you can contact your home branch.