Request Letter for Surrender of Insurance Policy

When drafting a request letter for surrendering an insurance policy, it's essential to maintain clarity and politeness throughout the communication. Clearly state the policy details including the policy number, date of inception, and maturity date. Provide a valid reason for surrendering the policy and include all necessary documentation such as the insurance policy bond paper and bank account details for the surrender amount transfer. Express appreciation for prompt action.

Table of Contents:

• Sample Letter
• Live Editing Assistance
• How to Use Live Assistant
• Additional Template Options
• Download Options
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• Print Letter
• FAQs

Surrender Request Letter for Insurance policy

To,

The Manager,
__________ (Name of Insurance Company),
__________ (Insurance Company Address)

Date: __/__/____ (Date)

Subject: Surrender request for Insurance policy number ________ (policy number).

Sir/Madam,

Respectfully, I _________ (Your Name) am holding insurance policy from your insurance company ______________ (Insurance company name) taken on _______(Date of Insurance Policy Taken) and having policy number __________ (Policy Number). The same is due for  maturity on _______(Policy Maturity Date). I want to surrender the policy due to ___________ (reason for surrender)

I request you to kindly complete the formalities of the claim of policy and transfer the surrender policy amount of this policy to my account no. ____________ (account number), which is already updated in records and terminate the aforesaid policy.

I am enclosing _________ (insurance policy bond paper/policy surrender request/ (bank account statement/cancelled cheque/bank passbook copy), photo, insurance application form) along with the application.

Your immediate action will be highly appreciated.

Thank you,

Signature: _____________
Your Name: __________
Policy Number: __________
Mobile number: _________

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FAQs

1. What is an insurance policy surrender?
   • An insurance policy surrender refers to the process where the policyholder terminates their insurance policy before its maturity date and receives the surrender value, which is the amount accumulated in the policy until the surrender date.
2. What are common reasons for surrendering an insurance policy?
   • Common reasons for surrendering an insurance policy include financial difficulties, changes in financial goals, dissatisfaction with the policy terms or returns, or the availability of better investment opportunities.
3. Can I surrender my insurance policy before its maturity date?
   • Yes, policyholders have the option to surrender their insurance policies before the maturity date. However, surrendering a policy may lead to a loss of benefits, and the surrender value received may be less than the premiums paid, especially in the early years of the policy.
4. What documents are required for surrendering an insurance policy?
   • Documents required for surrendering an insurance policy typically include the original insurance policy document, a duly filled surrender request form, identification proof, and bank account details for surrender value transfer.
5. How long does it take for an insurance company to process a policy surrender request?
   • The processing time for a policy surrender request varies among insurance companies. However, insurers generally aim to process such requests promptly, and the surrender value is usually disbursed to the policyholder's bank account within a few weeks of the request submission.

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