Bajaj Life Insurance Policy Surrender Process

How to Surrender a Bajaj Life Insurance Policy?

Are you thinking of surrendering your Bajaj Life Insurance Policy? It is essential to understand all terms and charges related to surrendering your policy.

Life insurance covers you and your family in tough times. It's essential to protect your loved ones and their future under life insurance and be prepared for any unforeseen circumstances. However, there might be instances where you don't wish to continue with a policy. Reasons can vary from person to person, but it generally occurs due to financial inability to pay premiums, or there may be an instance of not having a beneficiary anymore to transfer your death benefit to. Whatever the reason for surrendering your Bajaj Life Insurance Policy, this article will guide you extensively to understand the process thoroughly.

Bajaj Life Insurance Surrender Value

The surrender value is an amount that life insurance companies guarantee to pay to the policyholder upon policy termination or surrender without completing its maturity period. For Bajaj Life Insurance, the surrender value can be claimed only after paying premiums continuously for 3 years from the policy purchase.

Bajaj Life Insurance Policy Surrender Value Calculator

Bajaj Life Insurance Policy surrender value generally depends on the policy plan you've purchased. Moreover, it also depends on the year of policy surrender.

The formula used to calculate the surrender value is:

Guaranteed Surrender Value = 30% X Total Paid Premiums

However, the first-year premium, premiums for accidental death or disability benefit riders, and additional riders shall not be included in the surrender value. This means the insured individual will incur a significant deduction if they surrender their policy.

How to Surrender Your Bajaj Life Insurance Policy Online

If you wish to surrender your Bajaj Life Insurance policy after the free-look period, follow these guidelines:

• Visit Bajaj's customer portal by clicking on the 'Sign In' option.
• Proceed to sign in to your account by filling in your contact number and date of birth, then submitting the OTP.
• Select 'Insurance' as the product, then choose the policy you wish to surrender.
• Choose 'Insurance Cancellation' as the Query Type and 'Cancel/Surrender' as the Sub-query Type.
• Enter further details and upload the supporting documents. Then submit your request.
• After submitting your surrender request, Bajaj Life Insurance representatives will contact you for further procedures.

Documents Required to Surrender a Bajaj Life Insurance Policy

Documents for Policy Surrender

• Original copy of policy documents.
• A cancelled cheque of the policyholder with their name printed on it.
• If the policyholder does not have a cheque, they can attach a printout of their bank account passbook.
• PAN Card, Aadhaar Card, Voter ID, Driver's License, Passport, or any valid ID Card.
• Cancellation or policy surrender form.
• Latest contact details of the policyholder.
• NRE bank statement reflecting premium payments from the NRE account.

Documents for Partial Withdrawal

Submit the reason(s) for partial withdrawal along with the pay-out form and the following documents at the nearest Bajaj Life Insurance branch:

• Original documents of your policy.
• Copy of YPD/CI submitted for withdrawal request (Remember to carry original documents to the branch for verification).
• Cancelled cheque with the insured's name printed on it.
• If the policyholder does not have a chequebook, they can submit a pre-printed bank passbook or statement with the account number printed on it.
• Valid ID proofs such as PAN Card, Passport, Driving License, Aadhaar Card, Voter ID, etc.
• Pay-out form.
• Latest contact details of the policyholder.
• NRE bank statement reflecting any premium payments from the policyholder's NRE account.

Charges for Policy Surrender

For Bajaj Life Insurance policy surrender, charges start at 10% if the policyholder cashes in the investment. If the policy is surrendered during the 9th year, the surrender fees will drop by 9%. There will be no surrender fees if the policy is surrendered after 9 years.

How to Contact Bajaj Life Insurance

Bajaj Life Insurance offers seamless customer support to its policyholders. You can contact their customer support using the following details: