Procedure for policy surrender
procedure for policy surrender You had decided to buy an insurance policy for the protection of yourself and your loved ones.
After the surrender, the policy loses all the benefits and facilities and your risk coverage ceases. Hence for the benefit of yours and your loved ones,
we suggest you change your mind about surrendering this policy.
If you have some acute financial exigencies, you can meet them by availing loan against your policy.
If you have finally decided to surrender your policy, u will come to our zonal office where is ur policy take the surrender calculation sheet verified ur bank account on this sheet and also complete ur surrender application form with the copy of id card and policy bond also attached.
state life may grant a loan to the policyholder on his/her written request, against the net surrender value of the policy. the amount of loan shall not exceed 80% of the said net surrender value. the rate of profit or return and the other terms and conditions will be determined by state life at the time of granting the loan.loans of less then RS will not be given.
the amount of loan together with accrued profit or return will be the first charge on the policy, prior to all other claims.
Procedure for policy surrender:
The policy will acquire a surrender value after it has been in force for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by state life on request of the policyholder. the surrender value is guaranteed to be not less than 30% aggregate premiums.
State Life insurance policies provide a wide range of benefits in case of death of the persons covered against them. If your loved one covered under any of State Life has expired, you should lodge a death claim with us. All you have to do is to send a written intimation to the zonal office of State Life servicing the policy against which you are lodging a death claim.
It is a matter of great pleasure that your policy has matured. It is a time to fulfill the goals that you had set years back. For collecting maturity benefits, please send a written request alongwith following documents to your servicing State Life zonal office: