lic policy assignment letter format

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13+ LIC Letter Format – Know How to Write & Check Examples Here

• Letter Format
• January 31, 2024
• Bank Letters , Cancellation Letters , Claim Letters , Credit Letters , Insurance Letters , Legal Letters , Loan Letters , Request Letters

LIC Letter Format : Life Insurance Corporation of India (LIC) is the largest life insurance company in India . It offers a range of life insurance policies to suit the needs of individuals, families, and businesses . As part of its communication with policyholders, LIC sends letters for various reasons. These letters are important as they contain valuable information related to policies, premium payments, claims, and other matters . In this article, we will discuss the LIC letter format and its various components.

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How to Write LIC Letter Format

Content in this article

• Header: The letterhead of LIC includes its logo, name, and address. This information is printed at the top of the letter.
• Date: The date of the Insurance letter is mentioned below the header, on the right-hand side. It is important to mention the date as it helps in record-keeping and tracking of communication.
• Subject: The subject of the letter is mentioned below the date, in bold letters. It provides an overview of the purpose of the letter. For example, the subject could be “Premium payment reminder” or “Claim settlement update.”
• Salutation: The salutation or greeting is used to address the policyholder. It is usually “Dear Policyholder” or “Dear Mr./Ms. Last Name.”
• Body: The body of the LIC Letter Format contains the main message. It provides details related to the subject of the letter. For example, if the subject is premium payment reminder, the body of the letter would provide information related to the due date, amount, and payment options. The body of the letter may also contain instructions, explanations, and other relevant details.
• Complimentary Close: The complimentary close is a polite way of ending the letter. Commonly used complimentary closes include “Sincerely,” “Regards,” or “Yours faithfully.”
• Signature: The letter is signed by the authorized signatory of LIC. The name, designation, and contact details of the signatory are usually mentioned below the signature.
• Enclosures : If the LIC Letter Format requires any documents or forms to be submitted by the policyholder, the list of enclosures is mentioned at the end of the letter. For example, if the letter is related to claim settlement, the list of enclosures could include the claim form, death certificate, and policy documents.

LIC Letter Format – sample format

Below is a sample format of LIC Letter Format:

[Your Name] [Your Address] [City, State, Zip Code] [Your Email Address] [Your Phone Number] [Date]

[Recipient’s Name] [Recipient’s Position, if applicable] [Name of LIC Office or Branch] [Office Address] [City, State, Zip Code]

Subject: Request for [Specific Purpose: e.g., Policy Surrender, Policy Renewal, Policy Enquiry, etc.]

Dear [Recipient’s Name],

I hope this letter finds you well. I am writing to request [specific purpose: e.g., surrender my policy, renew my policy, inquire about my policy status, etc.].

I hold a policy with LIC under policy number [Policy Number], which was issued to me on [Date of Policy Issuance]. [Provide any relevant details about the policy, such as the type of policy or any specific terms.]

[If surrendering policy:] I regret to inform you that I am facing financial difficulties and need to surrender my policy. Kindly provide me with the necessary forms and procedures to initiate this process.

[If renewing policy:] I would like to renew my policy and ensure its continuation. Please provide me with the renewal options available and any documents or payments required for the renewal process.

[If inquiring about policy status:] I would like to inquire about the current status of my policy. Specifically, I would appreciate information regarding [mention specific details you wish to inquire about, such as premium payments, maturity benefits, etc.].

I kindly request your assistance in this matter and would appreciate a prompt response to my request. If there are any forms or documents I need to fill out, please provide them to me at your earliest convenience.

Thank you for your attention to this matter. I look forward to your prompt response.

Warm regards,

[Your Name]

Customize this letter according to your specific request or purpose when contacting LIC.

LIC Letter Format – samples

Have a look at a few sample formats of the LIC Letter Format. You can use any format given below.

LIC Letter Format – Example

Here’s an Example of LIC Letter Format:

[Manager’s Name] LIC Branch Office [Office Address] [City, State, Zip Code]

Subject: Policy Surrender Request

Dear Mr./Ms. [Manager’s Last Name],

I hope this letter finds you in good health. I am writing to request the surrender of my LIC policy with policy number XYZ123456.

Due to unforeseen financial circumstances, I find it necessary to surrender my policy. I understand the implications of this decision but believe it is the best course of action for my current situation.

I kindly request your assistance in guiding me through the surrender process and providing me with the necessary forms and instructions to proceed. Additionally, I would appreciate any information regarding the surrender value of my policy.

Please let me know if there are any documents I need to fill out or any other requirements for initiating the surrender process. Your prompt attention to this matter would be greatly appreciated.

Thank you for your understanding and assistance. I look forward to your prompt response.

This example is tailored specifically for a policy surrender request. Adjust the details and content as per your specific requirement when writing to LIC.

LIC Letter Format for Premium Payment Reminder

This is a LIC Letter Format For Premium Payment Reminder:

[Header: Logo, Name, and Address of LIC]

[Date: May 5, 2023]

[Subject: Premium Payment Reminder]

Dear Policyholder,

We would like to remind you that your premium payment for Policy No. 1234567 is due on May 31, 2023. The total premium amount due is INR 10,000.

To ensure the continuity of your policy benefits, we request you to make the payment on or before the due date. You can make the payment online through our website or mobile app or visit any of our nearest branches.

In case you have already made the payment, please ignore this letter.

Thank you for your continued trust in LIC.

[Signature]

Branch Manager

Enclosures: None

LIC Letter Format for Claim Settlement Update

Here is a LIC Letter Format for Claim Settlement Update:

[Subject: Claim Settlement Update]

Dear Mr. Sharma,

We would like to inform you that the claim submitted for Policy No. 7654321 has been processed and settled. The claim amount of INR 5,00,000 has been credited to your registered bank account on May 3, 2023.

We appreciate your cooperation and patience during the claim settlement process. If you have any further queries or concerns, please feel free to contact our customer care team at 1800-XXX-XXXX or visit our nearest branch.

Thank you for choosing LIC for your insurance needs.

Customer Service Manager

Enclosures:

• Copy of the settlement advice

LIC Letter format – Template

Here’s a Template of LIC Letter format:

[Recipient’s Name] LIC Branch Office [Office Address] [City, State, Zip Code]

Subject: [Brief Description of Purpose]

I am writing to [briefly explain the purpose of your letter, e.g., request information about a policy, update personal details, surrender a policy, etc.]. I hold a policy with LIC under policy number [Policy Number], and I require [mention specific requirements or information needed].

[Provide any relevant details or explanations related to your request.]

I kindly request your assistance in this matter and would appreciate your prompt attention to my request. If there are any forms or documents I need to fill out, please provide them to me at your earliest convenience.

This template can be used for various purposes when writing to LIC. Adjust the subject and content according to your specific request or inquiry.

LIC letter format for policy inquiry

This is a LIC letter format for policy inquiry:

[Your Address]

[City, State, Zip Code]

[Your Email Address]

[Your Phone Number]

[Manager’s Name]

LIC Branch Office

[Office Address]

Subject: Policy Inquiry

I hope this letter finds you well. I am writing to inquire about the status of my LIC policy with policy number XYZ123456.

I would like to request information regarding the following:

• Premium payment status and due dates.
• Policy benefits and coverage details.
• Maturity date and maturity benefits, if applicable.
• Any other relevant updates or changes to the policy.

I would appreciate it if you could provide me with the necessary details and updates regarding my policy. Additionally, if there are any documents or forms I need to fill out, please let me know.

LIC letter format for policy surrender

Here’s a LIC letter format for policy surrender:

LIC letter format for policy renewal

Here is a LIC letter format for policy renewal:

Subject: Policy Renewal Request

I hope this letter finds you well. I am writing to request the renewal of my LIC policy with policy number XYZ123456.

As my policy approaches its expiration date, I would like to ensure its continuation. Therefore, I kindly request your assistance in guiding me through the renewal process.

Please provide me with the necessary information regarding the renewal options available and any documents or payments required for the renewal process. Additionally, if there are any changes or updates to the policy terms, I would appreciate clarification on those as well.

Thank you for your attention to this matter. I look forward to your prompt response and assistance in renewing my policy.

Email Format about LIC Letter format

Here’s an Email Format of LIC Letter format:

Subject: [Policy No. or Subject of the Letter] – LIC Letter

Dear [Policyholder’s Name],

Greetings from Life Insurance Corporation of India (LIC)!

We hope this email finds you in good health and high spirits. This email is in reference to the letter sent to you by LIC regarding [Subject of the Letter], dated [Date of the Letter].

We would like to inform you that the letter has been dispatched to your registered mailing address on [Date of Dispatch]. In case you have not received the letter, please do let us know, and we will arrange for a copy of the same to be sent to you.

As the letter contains important information related to your policy, we request you to go through it carefully and take appropriate action, if required. In case you have any doubts or queries, please feel free to contact our customer care team at 1800-XXX-XXXX or visit our nearest branch.

Thank you for your continued trust in LIC. We look forward to serving you in the future.

[Your Name] Customer Service Representative Life Insurance Corporation of India

Enclosure: None

LIC letter format for updating nominee details

Here is a LIC letter format for updating nominee details:

Subject: Update of Nominee Details for Policy Number [Policy Number]

I hope this letter finds you well. I am writing to request the update of nominee details for my LIC policy with policy number XYZ123456.

I would like to make the following changes to the nominee details:

Old Nominee Details:

• Name: [Old Nominee Name]
• Relationship: [Old Nominee Relationship]
• Address: [Old Nominee Address]

New Nominee Details:

• Name: [New Nominee Name]
• Relationship: [New Nominee Relationship]
• Address: [New Nominee Address]

Please update the records accordingly and provide me with confirmation of the changes made. If there are any forms or documents that need to be filled out for this purpose, kindly provide them to me along with the necessary instructions.

Thank you for your attention to this matter. I appreciate your assistance in updating the nominee details for my policy.

LIC letter format for maturity benefits

This is a LIC letter format for maturity benefits:

Subject: Inquiry Regarding Maturity Benefits for Policy Number [Policy Number]

I hope this letter finds you well. I am writing to inquire about the maturity benefits for my LIC policy with policy number XYZ123456.

My policy is due to mature soon, and I would like to obtain information regarding the benefits that will be available to me upon maturity. Specifically, I would appreciate details regarding the maturity amount, any additional bonuses or benefits, and the process for receiving the maturity proceeds.

Furthermore, if there are any documents or forms that I need to complete to facilitate the maturity process, please provide me with guidance on how to proceed.

Thank you for your attention to this matter. I look forward to receiving the necessary information regarding the maturity benefits of my policy.

FAQS About LIC Letter Format – Know How to Write & Check Examples Here

How do i write a letter to lic for policy surrender.

To write a letter for policy surrender to LIC, start with your details, mention your policy number, state your intention to surrender the policy due to specific reasons, and request assistance from LIC for the surrender process.

What should be included in a letter to LIC for policy renewal?

In a letter to LIC for policy renewal, include your details, policy number, express your intention to renew the policy, request information about renewal options, and ask for guidance on the renewal process.

How do I inquire about my LIC policy through a letter?

To inquire about your LIC policy through a letter, include your details, policy number, state your inquiry regarding policy status or specific details, and request LIC to provide relevant information.

How can I request a change of address in my LIC policy through a letter?

When requesting a change of address in your LIC policy, include your details, policy number, state the current and new address, and request LIC to update their records accordingly.

What should I mention in a letter to LIC for updating nominee details?

In a letter to LIC for updating nominee details, include your details, policy number, mention the old and new nominee details, and request LIC to update their records with the new nominee information.

How do I inquire about maturity benefits for my LIC policy through a letter?

When inquiring about maturity benefits for your LIC policy through a letter, include your details, policy number, state your inquiry regarding maturity benefits, and request LIC to provide details about the benefits available upon maturity.

The LIC letter format is designed to provide clear and concise communication to policyholders . The various components of the letter, such as the header, date, subject, salutation, body, complimentary close, signature, and enclosures, ensure that the message is conveyed effectively. LIC Letter Format important for policyholders to read the letters carefully and take appropriate action, if required .

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How to Write a letter to LIC to revive your policy

Dear Sir/Madam,

I am writing this letter to request the revival of my LIC policy that has lapsed due to non-payment of premiums. My policy number is _____________ and the policy lapsed on _____________ due to unforeseen financial circumstances.

I am aware that the revival of the policy is subject to certain terms and conditions and I am willing to comply with them. I understand that I have to pay the outstanding premium along with the interest and the revival fee to revive my policy.

I assure you that I am committed to continuing my policy and making regular payments towards it. I have attached all the necessary documents required for reviving the policy.

I request you to kindly consider my request and revive my policy at the earliest possible. I would be grateful if you could provide me with the necessary details regarding the revival process and the amount to be paid.

Thank you for your time and consideration.

Yours sincerely,

[Your Name]

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Policy condition, policy conditions, various type of policy condition and their implication.

We welcome you as a policyholder and as a prospective customer to our customer service section. This section will guide you through the various intricacies of a life insurance contract and the facts that you must know to make the best out of your life insurance policy. Please read our guidelines immediately.

● Payment of Premiums

● non-forfeiture regulations, ● forfeiture in certain events, ● guaranteed surrender value, ● salary saving scheme, ● alterations, ● duplicate policy, ● age proof accepted by lic, ● alternative age proofs which are accepted, ● nomination, ● assignment, ● re-assignment, ● concessions for claims during the lapsed period, ● policy loans, ● claims settlement procedure, ● maturity claims, ● death claims, ● double accident benefit claims, ● disability benefit claims, ● claims review committees, ● insurance ombudsman, payment of premiums:.

A grace period of one month but not less than 30 days is allowed where the mode of payment is yearly, half-yearly or quarterly and 15 days for monthly payments. If death occurs within this period, the life assured is covered for full sum assured.

Non-forfeiture regulations: 

If the policy has run for atleast 3 full years and subsequent premiums have not been paid the policy shall not be void but the sum assured will be reduced to a sum which will bear the same ratio as to the number of premiums paid bear to the total number of premiums payable.The concessions regarding claim in the above case is explained in the appropriate section.

Forfeiture in certain events:

In case of untrue or incorrect statement contained in the proposal, personal statement, declaration and connected documents or any material information with held, subject to the provision of Section 45 of the Insurance Act 1938, wherever applicable, the policy shall be declared void and all claims to any benefits in virtue thereof shall cease. 

The policy shall be void, if the Life Assured commits suicide (whether sane or insane at the time) at any time or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of the policy.

Guaranteed Surrender Value: 

After payment of premiums for at least three years, the Surrender Value allowed under the policy is equal to 30% of the total premiums paid excluding premiums for the 1st year and all extra premiums.

Salary Saving Scheme:

The rate of installment premium shown in the schedule of the policy will remain constant as long as the employee continues with the employer given in the proposal. On leaving the employment of said employer the policyholder should intimate the Corporation. In case of the Salary Saving Scheme being withdrawn by the said employer, the Corporation will intimate the same to the policyholder. Thereafter the 5% rebate given under Salary Saving Scheme will be withdrawn.

Alterations:

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions. The following alterations are allowed.

• ● Alteration in class or term.
• ● Reduction in the Sum Assured
• ● Alteration in the mode of payment of premiums
• ● Removal of an extra premium
• ● Alteration from without profit plan to with profit plan
• ● Alternation in name
• ● Correction in policies
• ● Settlement option of payment of sum assured by installments
• ● Grant of accident benefit
• ● Grant of premium waiver benefit under CDA policies
• ● Alteration in currency and place of payment of policy monies

A fee for the change or alteration in the policy is charged by the Corporation called quotation fee and no additional fee is charged for giving effect to the alteration.

Duplicate Policy:

A duplicate policy confers on its owner the same rights and privileges as the original policy. The following are the requirements for issuing a duplicate policy: 1. Indemnity bond duly notarized as per requisite stamp value AND 2. Any one of the photo identity proof: Passport, PAN card, Voter’s identity card, Driving  License, Personal identification card issued by Govt. organization or reputed commercial  organization AND 3. Any one of the residence proof: Telephone bill, Bank A/C statement, Letter from any  recognized public authority, Electricity Bill, ration Card, Valid lease agreement along  with rent receipt which is not more than 3 months old, Certificate from employer as a  proof of residence. 4. Requisite fee towards policy preparation charges to be paid at the Branch Cash counter.

However, in following cases Policyholder has to visit to Branch Office to know the requirements: 1. Policies under which absolute assignment is operational or 2. In death claim cases where the title is open and waiver of strict legal evidence of title is to be considered.

Age Proof accepted by LIC:

The Proofs of age, which are generally acceptable to the Corporation, are as under:

• ● Certified extract from Municipal or other records made at the time of birth.
• ● Certificate of Baptism or certified extract from family Bible if it contains age or date of birth.
• ● Certified extract from School or College if age or date of birth is stated therein.
• ● Certified extract from Service Register in case of Govt. employees and employees of Quasi-Govt. institutions including Public Limited Companies and Pass port issued by the Pass port Authorities in India.

Alternative Age Proofs which are accepted:

• ● Marriage certificate in the case of Roman Catholics issued by Roman Catholic Church.
• ● Certified extracts from the Service Registers of Commercial Institutions or Industrial Undertakings provided it is specifically mentioned in such extracts that conclusive evidence of age was produced at the time of recruitment of the employee. 
• ● Certificate of Birth granted by Syedna v. Molana Badruddin Sahib of Baroda 
• ● Identity Cards issued by Defence Department. 
• ● A true copy of the University Certificate or of Matriculation/Higher Secondary Education, S.S.L. Certificate issued by a Board set up by a State/Central Government. 
• ● Non- standard age proof like Horoscope, Service Record where age is not verified at the time of entry, E.S.I.S. Card, Marriage Certificate in case of Muslim Proposer, Elder’s Declaration, Self-declaration and Certificate by Village Panchayats are accepted subject to certain rules.

Nomination:

The nominee is statutorily recognized as a payee who can give a valid discharge to the Corporation for the payment of policy monies. Nomination will be incorporated in the text of the policy at the time of its issue. After the policy is prepared and issued and if no Nomination has been incorporated the assured can ordinarily affect the nomination only by an endorsement on the policy itself. A nomination made in this manner is required to be notified to the Corporation and registered by it in its records. A nomination is not required to be stamped. Any change or cancellation of nomination should be given in writing only by the Life Assured. Nomination under Joint Life Policy can only be a joint nomination. Nomination in favour of a stranger cannot be made as there is no insurable interest and moral hazard may be involved. Nomination in favour of wife and children as a class is not valid. Specific names of the existing wife and children should be mentioned. Where nomination is made in favour of successive nominees, i.e., nominee “A” failing him to nominee “B” failing whom nominee “C”, the nomination in favour of one individual in the order mentioned will be considered. Where the nominee is a minor, an appointee has to be appointed to receive the monies in the event of the assured’s death during the minority of the nominee. No nomination can be made under a policy financed from HUF funds. In the case of first endorsement of nomination the date of registration of nomination will be the date of receipt of the policy by the servicing office and in case of any other nomination or cancellation or change thereof, the date of receipt of the policy and/or of notice whichever is later, will be the date of registration.

Assignment:

An assignment has an effect of directly transferring the rights of the transferor in respect of the property transferred. Immediately on execution of an assignment of the Policy of life assurance the assignor forgoes all his rights, title and interest in the Policy to the assignee. The premium/loan interest notices etc. in such cases will be sent to the assignee. In case the assignment is made in favor of public bodies, institutions, trust etc., premium notices/receipts will be addressed to the official who has been designated by the institutions as a person to receive such notice  An assignment of a life insurance policy once validly executed, cannot be cancelled or rendered in effectual by the assignor. Scoring of such assignments or super scribing words like 'cancelled' on such assignment does not annul the assignment. And the only way to cancel such assignment would be to get it re-assigned by the assignee in favor of the assignor. There are two types of assignments: 1. Conditional Assignment  whereby the assignor and the assignee may agree that on the happening of a specified event which does not depend on the will of the assignor, the assignment will be suspended or revoked wholly or in part.  2. Absolute Assignment  whereby all the rights, title and interest which the assignor has in the policy passes on to the assignee without reversion to the assignor or his estate in any event.

Re-assignment:

An assignee may during the term of policy reassign the interest in the policy to the assignor. Such reassignment would have the effect of cancelling the assignment in favour of assignee and after the reassignment is executed on policy document, the right, title and interest under the policy would revert to the assignor.

Concessions for claims during the lapsed period:

1. If the policyholder has paid premiums for atleast 3 full years and subsequently discontinued paying premiums, and in the event of death of the life assured within six months from the due date of the first unpaid premium, the policy money will be paid in full after deduction of the unpaid premiums, with interest upto date of the death.  2. If the policyholder has paid premiums for atleast 5 full years and subsequently discontinued paying premiums and in the event of death of the life assured within 12 months from the due date of first unpaid premium, the policy money will be paid in full after deducting the unpaid premiums, with interest upto date of the death. 

If premiums under a policy are not paid within Days of Grace, the policy lapses. A lapsed policy can be revived as per the plan conditions on submission of proof of continued insurability to the satisfaction of the Corporation and payment of all arrears of premiums together with interest at such rate as fixed by the Corporation from time to time. The Corporation however reserves the right to accept at original terms, accept with modified terms or decline revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation. The cost of Medical Reports, including Special Reports, if any, required for the purpose of Revival of the policy shall be borne by the Life Assured.

Policy Loans:

The Corporation can grant a loan to the policyholder against his policy as per the terms and conditions applicable to the policy. The requirements for granting a loan are as under : a) Application for loan with an endorsement of terms and conditions of the loan being placed on the policy. b) Policy to be assigned absolutely in favour of the Corporation  c) A receipt for the loan amount The maximum loan amount available under the policy is 90% of the Surrender Value of the policy (85% in case of paid up policies) including cash value of bonus.

"Provision has also been made on Customer Portal for registration of request for Loan for the policyholders registered for Premier Services. After registration of request, the Loan documents can be submitted to any nearby LIC Branch Office."

• ● Loans are granted on policies as per Conditions and Privileges printed on the back of the Policy Bond.
• ● It is mentioned in the policy whether a particular policy is with or without loan facility.
• ● The rate of interest charged on policy loan is declared by the Corporation every year and they are plan specific.
• ● Interest on loan is payable half yearly.

The minimum period for which a loan can be granted is six months from the date of its payment. If repayment of loan is desired within this period the interest for the minimum period of six months will have to be paid.  In case the policy becomes a claim either by maturity or death within six months from the date of loan interest will be charged only upto the date of maturity/death.

Claims settlement procedure:

The settlement of claims is a very important aspect of service to the policyholders. Hence, the Corporation has laid great emphasis on expeditious settlement of Maturity as well as Death Claims. The procedure for settlement of maturity and death claims is detailed below :

Maturity Claims:

1) In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting proof), KYC requirements etc. . On receipt of these documents payment is processed in advance so that maturity amount gets credited to the policyholder’s bank A/C on the due date. 2) Some Plans like Money Back Policies provide for periodical payments to the policyholders provided premium due under the policies are paid up to the anniversary due for Survival Benefit. In these cases where amount payable is up to Rs.500,000/-,payments are released without calling for the Discharge Receipt or Policy Document. Survival Benefit under Jeevan Anand policies up to Sum assured Rs. 200000/- is also released without calling for policy bond or discharge form. However, in case of higher amounts these two requirements are insisted upon.  

Death Claims:

The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. On receipt of intimation of death of the Life Assured the Branch Office calls for the following requirements: a) Claim form A – Claimant’s Statement giving details of the deceased and the claimant.  b) Certified extract from Death Register  c) Documentary proof of age, if age is not admitted  d) Evidence of title to the deceased’s estate if the policy is not nominated, assigned or  issued under M.W.P. Act.  e) Original Policy Document  The following additional forms are called for if death occurs within three years from the date of risk or from date of revival/reinstatement. a) Claim Form B – Medical Attendant’s Certificate to be completed by the Medical Attendant of the deceased during his/her last illness  b) Claim Form B1 – if the life assured received treatment in a hospital  c) Claim form B2 – to be completed by the Medical Attendant who treated the deceased life assured prior to his last illness.  d) Claim Form C – Certificate of Identity and burial or cremation to be completed and signed by a person of known character and responsibility  e) Claim form E – Certificate by Employer if the assured was employed person.  f) Certified copies of the First Information Report, the Post-mortem report and Police Investigation Report if death was due to accident or unnatural cause.  These additional forms are required to satisfy ourselves on the genuineness of the claim, i.e., no material information that would have affected our acceptance of proposal has been withheld by the deceased at the time of proposal. Further, these forms also help us at the time of investigation by the officials of the Corporation.

Double Accident Benefit Claims:

Double Accident Benefit is provided as an additional benefit to the life insurance cover. For this purpose an extra premium of Rs.1/- per Rs.1000/- S.A is charged. For claiming the benefits under the Accident Benefit the claimant has to produce the proof to the satisfaction of the Corporation that the accident is defined as per the policy conditions. Normally for claiming this benefit documents like FIR, Post-mortem Report are insisted upon.

Disability Benefit Claims:

Disability benefit claims consist of waiver of future premiums under the policy and extended disability benefit consisting in addition of a monthly benefit payment as per policy conditions. The essential condition for claiming this benefit is that the disability is total and permanent so as to preclude him from earning any wage/compensation or profit as a result of the accident 

Claims Review Committees:

The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

Insurance Ombudsman

• ● The  Grievance Redressal Machinery  has been further expanded with the appointment of Insurance Ombudsman at different centers by the Government of India. At present there are 12 centres operating all over the country.
• ● Following type of complaints fall within the purview of the Ombdusman 

a) any partial or total repudiation of claims by an insurer; b) any dispute in regard to premiums paid if payable in terms of the policy; c) any dispute on the legal construction of the policies in so far as such disputes relate to claims; d) delay in settlement of claims; e)non-issue of any insurance document to customers after receipt of premium.

• ● Policyholder can approach the Insurance Ombudsman for the redressal of their complaints free of cost.
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Letter Format for Surrender of Life Insurance Policy

Life Insurance Policy has become very important for a secured future. But sometimes, due to urgent need of money, some people have to surrender it. For that, letter to surrender the LIC policy has to be written. Sample insurance surrender letter has to be written to formally submit this request. If you also wish to write a letter to surrender the LIC policy , you can use the sample Insurance letter of application to the branch manager for surrendering of LIC policy.

In this post, we have come up with LIC policy surrender value request letter format. With this letter format for surrender of life insurance policy , you can officially submit your request just by downloading this template in PDF or Word format .

Sample Insurance Surrender Letter for LIC Policy

Rakesh Sharma 54 Gandhi Path Karol Bagh Delhi

Date: 25.02.19

The Manager Life Insurance Corporation of India Delhi

Sub: Surrendering LIC Policy No. 123456

On February 5 th , 2005, I had opened a Life Insurance Policy with your branch. My LIC policy number is 123456 and till present date, all the premium stands clear for this policy. Due to some financial issues at my personal end, I am compelled to surrender this policy because I will not be able to manage this policy and moreover, I will have handsome amount of money which I will be able to use for handling the economic situations I am facing at the present.

Therefore, I request you to please consider this application as formal request for surrendering the LIC policy. Please feel free to contact me in case of any other formalities that are required to be completed in this process.

Please acknowledge the receipt of this letter. It is a humble request to please consider this matter and have the process completed at the earliest.

Thanking in anticipation.

Sincerely, Rakesh Sharma

You May Also Like Other Sample Insurance Letters

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Request Letter for Name Correction in Life Insurance Policy

[These are sample applications and letters for name corrections on Life Insurance Policy paper or documents. Any types of wrong information can occur in Life Insurance Policy, it will be a huge problem in future. You can modify this format as your requirement.]

Date …

The Manager,

Branch Name…

Institute Address…

Sub: Change of name in Life Insurance policy

Dear Sir/Madam,

I am writing this to hereby request a change of name in Life Insurance policy with a new name after marriage. (show your actual problem and situation).

I hold two policies (xx-yy-zz) and (aa-bb-cc) in your branch, copies of which are attached to this letter. The policies are under the name of (Name) which I request you to change to the new name (required Name) I am also attaching a copy of marriage certificate and affidavit of the name change as proof for your reference.

Kindly do the needful.

Thanking you,

Name…

Address…

Signature and contact no…

Attachments:

• Marriage certificate copy,
• Name change affidavit copy,
• Policy copy.

Another format,

Sub: Letter for Change of the name in Life Insurance policy

Dear insurance company,

I am writing to you because I would like to request that you correct my name on my life insurance. I recently came into your office and sorted out my life insurance for my whole family. I was very happy with the service that you provided and especially the professionalism you showed when my husband got angry and verbally abusive.

However with this in mind, I was very disappointed to see that one of the names was written wrong. My name is spelled (Name) and on my life insurance certificate, it is spelled like this (Name). (show your actual problem and situation). I hope that you can sort this out soon as I need this for some very important documents. I look forward to your reply.

Kind regards,

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Home » Letters » Insurance Letters » Request Letter for Surrender of Insurance Policy

Request Letter for Surrender of Insurance Policy

Table of Contents:

• Sample Letter

Live Editing Assistance

How to use live assistant, additional template options, download options, share via email, share via whatsapp, copy to clipboard, print letter, surrender request letter for insurance policy.

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

Date: __/__/____ (Date)

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

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.

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

Live Preview

The Live Assistant feature is represented by a real-time preview functionality. Here’s how to use it:

• Start Typing: Enter your letter content in the "Letter Input" textarea.
• Live Preview: As you type, the content of your letter will be displayed in the "Live Preview" section below the textarea. This feature converts newline characters in the textarea into <br> tags in HTML for better readability.

The letter writing editor allows you to start with predefined templates for drafting your letters:

• Choose a Template: Click one of the template buttons ("Start with Sample Template 1", "Start with Sample Template 2", or "Start with Sample Template 3").
• Auto-Fill Textarea: The chosen template's content will automatically fill the textarea, which you can then modify or use as is.

Click the "Download Letter" button after composing your letter. This triggers a download of a file containing the content of your letter.

Click the "Share via Email" button after composing your letter. Your default email client will open a new message window with the subject "Sharing My Draft Letter" and the content of your letter in the body.

Click the "Share via WhatsApp" button after you've composed your letter. Your default browser will open a new tab prompting you to send the letter as a message to a contact on WhatsApp.

If you want to copy the text of your letter to the clipboard:

• Copy to Clipboard: Click the "Copy to Clipboard" button after composing your letter.
• Paste Anywhere: You can then paste the copied text anywhere you need, such as into another application or document.

For printing the letter directly from the browser:

• Print Letter: Click the "Print Letter" button after composing your letter.
• Print Preview: A new browser window will open showing your letter formatted for printing.
• Print: Use the print dialog in the browser to complete printing.
• 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.
• 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.
• 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.
• 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.
• 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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Related post, request letter for change of life insurance policy ownership – sample letter requesting change of life insurance policy ownership due to death of previous policy holder, request letter for changing beneficiary on insurance policy – sample letter to insurance company for changing beneficiary, inquiry letter about package insurance options – sample letter inquiring about package insurance options.

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