How to Surrender Bajaj Life Insurance Policy?
Are you thinking of surrendering your Bajaj Life Insurance Policy? Then it becomes mandatory to read all the terms of charges related to surrendering your policy.
Life insurance covers you and your family in tough times. No matter what, it’s quintessential to protect your loved ones and their future under life insurance and stay prepared for any constraints. But there might be instances where you don’t wish to continue with a policy. The reason(s) can vary from person to person. But it generally occurs due to financial inability to pay monthly premiums, or there may be an incidence of not having a beneficiary anymore to transfer your death benefit to. Whatever the reason for surrendering the Bajaj Life Insurance Policy, this article will guide you extensively to catch the fine lines between it.
Bajaj Life Insurance Surrender Value
The surrender value is an amount that life insurance companies guarantee to pay to the policyholder in the condition of policy termination or surrender without completing their maturity period. In terms of Bajaj Life Insurance, the surrender value can be claimed only after paying premiums for a continuous 3 years from the policy purchase.
What is the Bajaj Life Insurance Policy Surrender Value Calculator?
Bajaj Life Insurance Policy surrender value generally depends on the policy plan that you’ve purchased. Moreover, it also counts on the year of policy surrender.
The formula that’s used to calculate a surrender value is:
Guaranteed Surrender Value=30% X Total Paid Premiums
However, the first-year premium, the premiums of accidental death or disability benefit riders, and additional riders shall not be included in the surrender value. Meaning the insured individual will have to bear a broad deduction if he/she wants to surrender their policy.
How do I Surrender my Bajaj Life Insurance Policy Online?
As a condition of your policy’s free look period completion, if you want to drop your policy with Bajaj ,follow the guidelines that are given below:-
- Visit Bajaj’s customer portal by clicking on the option ’sign-in’.
- Proceed to sign in to your account by filling up the details- contact number, and date of birth and then submit the OTP.
- Now select ’Insurance’ as the product, and further opt for the policy that you want to surrender.
- Choose the Query Type as ’Insurance Cancellation’ and the Sub-query Type as ’Cancel/Surrender’.
- Enter further details and upload the supporting documents. Then submit your request.
- After raising the surrender request, the representatives of Bajaj Life Insurance will connect with you for further procedures.
Documents Required to Surrender a Bajaj Life Insurance Policy
Carry the documents that are mentioned below in case you want to surrender a Bajaj Life Insurance Policy:-
Surrender Policy:-
- Original copy of policy documents.
- A cancel cheque of the policyholder with his name on it.
- If the policyholder doesn’t have a cheque, he/she can attach the printouts of the bank account passbook.
- PAN Card, Aadhaar Card, voter’s ID, Driver’s License, Passport or any valid ID Card.
- Cancellation or the policy surrender form.
- Latest contact details of the policyholder.
- NRE statement of bank reflecting premium payments from the NRE account.
Partial Withdrawl:-
Reason(s) of partial withdrawal along with the pay-out form should be submitted at the nearest branch of Bajaj Life Insurance with the documents mentioned below:-
- Original documents of your policy
- Copy of YPD/CI submitted for withdrawal request (Don’t forget to carry original documents to the branch for verification)
- Cancelled cheque with the name of insured on it
- In case, the policyholder doesn’t own a chequebook of his bank account, they can submit a pre-printed bank passbook/statement with the account number printed on it.
- Valid ID proofs like- PAN Card, Passport, Driving License, Aadhaar Card, Voter’s 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 Surrender
For Bajaj Life Insurance policy surrender the charges for surrender initiates from 10% if the policyholder cashes in the investment. But if the policy surrender during the 9th year occurs, then the surrender fees will drop by 9%. There will not be any surrender fees if the policy is surrendered after 9 years and beyond.
How to Contact Bajaj Life Insurance?
Bajaj Life Insurance provides seamless customer support to its policyholders. You can reach out to their customer support at the following contact details:-
| Contact Mode | Contact Details |
| Toll-free Numbers (24/7) | 1800 209 5858 |
| Give a missed call & customer care executive will call you back | 8080945060 |
| Telephone Number (STD applicable) | +91 020 66026666 |
| SMS | to 575758 |
| Email ID | bagichelp@bajaj.co.in |
| Mailing Address | Bajaj House, Airport Road, Yerawada, Pune- 411006 |
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