Are you looking to Download LIC Surrender Form 5074 and Surrender Your LIC Policy?
When it comes to life insurance, circumstances may change, leading the policyholders to consider surrendering their LIC policy. While LIC agents and LIC will never want you to surrender the plan before maturity, it is still possible to do it.
The Life Insurance Corporation of India or LIC provides a surrender form, namely LIC Form No. 5074, which is also the surrender discharge voucher. This form allows policyholders to initiate the policy surrender procedure. Then this will help you go ahead with surrendering your unwanted LIC policies in India (2024).
This article will offer you a Step-by-Step Guide on how to download LIC surrender application form 5074, also known as the LIC surrender form or the surrender form for LIC policy. It will also allow you to download LIC surrender form 5074 PDF format to help you surrender your policy using this surrender application form no. 5074 using the link below –
Download LIC Policy Surrender Form No. 5074 pdf
Here is how to go about it.
Step 1: Go to LIC’s Official Website
To begin, it is suggested to first check your LIC policy documents and heck the surrender terms and conditions. If you don’t have your policy handy, then open the official website of LIC (www.licindia.in), that offers a lot of details about policy and related requests that you may have.
Step 2: Look for LIC Surrender Form 5074
Once you are on LIC website, they have a dedicated section for all types of forms that a policyholder might need. You can access this section using the link. Upon entering the Forms page, you will find a list of various LIC forms categorized by their respective purposes.
Step 3: Downloading Form 5074 on LIC website
Within the Policy Surrender category, Look for the “Policy Servicing” or “Policy Surrender” category. Locate and click on Surrender Form 5074, also known as the LIC surrender form. This will initiate the download process for Surrender Form 5074. The form is generally available in PDF format for easy accessibility and printing.
Or if you can’t find the form on LIC website, use the below link to download the surrender form.
Download LIC Policy Surrender Application Form
Step 4: Fill Out the Surrender Form
Once you have downloaded the form, open it using a PDF reader software on your device. Take a moment to carefully read the instructions and provide the necessary details in the designated fields. The form typically requires information such as policyholder name, policy number, contact details, and reason for surrendering the policy. You can refer to the LIC surrender form filled sample for guidance on how to complete the form.
Step 5: Submitting the Surrender Form No. 5074 to LIC
After filling out all the necessary information, make sure to double-check the form for accuracy and completeness. Ensure that you have signed the form in the specified areas. Additionally, if required, attach any supporting documents mentioned in the instructions. It is crucial to note that the exact submission process may vary based on LIC’s guidelines. Therefore, kindly refer to the instructions mentioned on the form or contact the LIC customer support for further clarification. After the form is duly filled and signed, submit it to the nearest LIC branch office or any authorized collection center. You may also be required to provide additional documents like your original policy document, identity proof, and address proof (ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID) for verification purposes. It is advisable to carry photocopies of all the documents for your reference.
Download LIC Form 5074 (in PDF) for Surrender
I have already written about How to Surrender LIC Policy Before Maturity so you can read that as well to understand why most traditional LIC policies neither offer large life insurance cover nor decent investment returns. And it is for this reason that many LIC policyholders want to know How to Surrender LIC policies.
To remind you, there are 2 types of surrender values for LIC policies –
- Guaranteed Surrender Value (GSV) – Once you have completed 2-3 years of premium payment and your LIC policy is eligible for a surrender value, then the first type of surrender value of such policy is the Guaranteed Surrender Value. Generally, the Guaranteed Surrender Value (or GSV) for LIC plans is 30% of the premiums paid, excluding the 1st year premium. It also excludes any additional premium paid for riders, taxes, etc. However, the actual percentage of this Guaranteed Surrender Value depends on the LIC Policy Term and the policy year in which the policy is being surrendered. Let us say you decide to surrender your LIC New Jeevan Anand policy. Your LIC policy term is 30 years but you now want to surrender it in say 12th year.
- Special Surrender Value (SSV) – The Special Surrender Value is the % of Total Paid-up Value of the policy. It is calculated as = (Sum Assured * (No. of premiums paid / No. of premiums payable) + total bonuses received) * Special Surrender Factor or SSF. To put it simply, the Special surrender value is calculated by simply adding paid up sum assured and all the accrued bonuses and the multiplying the sum with special surrender factor. This Surrender Value Factor changes based on the type of LIC policy, term of the policy and several other factors.
Related Reading (Detailed Analysis) – Should I surrender my LIC New Jeevan AnandPolicy before maturity?
That’s about it. Surrendering an LIC policy can be a significant decision, and having a clear understanding of the process is crucial. By following the steps outlined in this article, you can easily download LIC Surrender Form 5074, also known as the LIC surrender form. Remember to carefully fill out the form, adhere to the submission guidelines, and provide any additional documentation required by LIC.
I hope you now have a good understanding of How to download LIC Surrender Form No. 5074 in India in 2024 to surrender your LIC policy.
Disclaimer – The views expressed above should not be considered professional investment advice or advertisement or otherwise. The article is for general educational purposes only. The readers are requested to take into consideration all the risk factors including their financial condition, suitability to risk-return profile and the likes and take professional investment advice before taking any financial decisions or actions which may have financial implications now or in future.