Indiafirst Policy Surrender Value 
  • Estimate the IndiaFirst Surrender Value
  • Procedure to Discontinue Policy
  • When to Surrender?
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 How to Surrender IndiaFirst Life Insurance Policy? 

IndiaFirst Life Insurance is one of the India's largest life insurance providers. However, life insurance is a long-term investment, and there are some unforseen circumstances when a policyholder has to give up their policy before the selected policy term. In that case, the isurer pays the surrender value, and the coverage gets terminated. 

Remember that the amount policyholders get after opting out of the policy is proportionately lower than the total premium paid. The IndiaFirst surrender valye can be esitmated only after the policyholders continuously pay the three-year premium. 

Do Policyholders Allowed to Surrender IndiaFirst Policy? 

When it comes to surrendering the policy, specific rules may be applicable. However, each policy has its own terms & consditions, so it's advisable to read them thoroughly before making final descisions. However, the period of surrendering the policy may vary from one plan to another based on the policy tenure and premium payment. Here is the average period to ensure IndiaFirst policy given below:

Under Single Premium Plan 

A single premium insurance plan is a special plan where an insured person has to pay the entire premium once at the time of buying the policy. If you're a single premium plan policyholder, you can surrender your policy at least two years after the policy issue date. 

Under Limited Period and Regular Premium Plan 

There are differences in the terms and conditions of policies under limited period and regular premium plans. However, the following general details are provided:

  • The period of policy surrended is two years if the policy has a term of ten year of less. 
  • If the length of the policy is more than ten year, the minimum term is three years. 

Steps to Complete the Surrender Process

To surrender your IndiaFirst Life Insurance Policy, follow the setps mentioned below:

  • Reach out to an IndiaFirst Life Insurance customer representative or go to the insurer's official website to download the surrender form. 
  • You can even request a copy of the surrender form from the nearest branch office. 
  • Throughly understand the implications of surrendering your policy, such as the coverage amount, surrender value, deducations, Etc. 
  • Fill out the necessary details in the form with proper information. 
  • It may include the insured person's name, address, contact details, and a written reason for discontinuing the policy. Sign the form to certify that you agree to surrender the policy.  
  • Once policyholders fill out the form, attach the document and the surrender form and submit it to the nearest IndiaFirst Life Insurance branch or mail it to the designated address. 
  • After submitting the surrender form, you can follow up on the status of your request via the IndiaFirst Life Insurance Customer Service Helpline or by visting the branch office. 

Documents Required for Surrendering IndiaFirst Policy 

Undoubtedly, it is not advisable to surrender the policy. If the policyholder wants to surrender their life insurance policy, the following documents need to be followed:

  • Original documents of IndiaFirst Policy. 
  • Canceled cheque from the policyholder's registered bank.  
  • Government-issued ID proof such as PAN Card, driver License, Aadhaar Card, Voter ID card, or Passports.  
  • Details of Bank Account  
  • NRE bank statement show premium paid from the NRE account.  

Types of Surrender in IndiaFirst Policy

Basically there are two types of surrender value in life insurance plans - gauranteed surrender value and special surrender value. 

Guaranteed Surrender Value 

Policyholders must pay the premium for at least three consistent years to avail of the gauranteed surrender value as a return. This value makes up only 30% of the premiums paid for the plan. Addittionally, it does not include the first-year premium, any additional fees for riders, or any bonuses you may have received. 

For instance, in case the policyholder paid INR/- 60,000 (INR/- 20,000 per year x 3) for an initial three years for a sum assured of INR/- 6 lakh, the minmum surrender value insured person get 30% of INR/- 40,000 which is INR/- 12,000 excludes the first year premium. 

Special Surrender Value  

First, you need to knwo what the paid-up value is to comprehent this. If the policyholder stops paying premiums after a specific time, the policy would still be in effect but with a smaller sum assured, known as paid-up value. 

Ther original sum gauranteed multiplied by the ratio of the number of paid premium to the number of payable premiums yeild the paid-up value. 

When you cancel a policy, you receive a specific surrender value, determined by adding the paid-up value and the total bonus and multiplying the result by the surrender value factor. 

Indiafirst Policy Surrender Value: FAQs

1. Can I surrender my policy just after purchasing it? 

No, the insurance providers does not allow policyholders to give up their policy just after purchasing. To do so, you must pay the premium for at least three years before surrendering. 

2. Do I instantly get surrender value once I surrender the Policy? 

Once the surrender form is submitted to the representative, the process of surrendering the policy starts. It may take up to 10 to 15 working days to complete the surrender request. 

3. Can I revive my already surrenderd policy? 

No, in case the policyholder surrender their policy and received the surrender value, ther is no scope for reviving the policy. 

4. How much do I get If I surrender my policy. 

Generally, policyholders receive only 30% of the premiums if they surrender the policy after three years of holding it, where first-year premium are not included. 

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Sahil Singh Kathait

Written By: Sahil Singh Kathait

Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.