Max Life Surrender Policy

  • Steps to Surrender?
  • Document Required for Surrender?
  • Charges for surrender?
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Surrendering max life insurance Policy

Life insurance is a long-term economic benefit, and there are some unfortunate events when you might need to surrender your plan. This simply means terminating the plan before its maturity. So, in case you surrender a plan in mid of the policy term, you would receive a surrender value that has been allocated towards earnings and savings. The surrender charge that gets deducted from this amount varies from plan to plan.

Steps To Surrender max life insurance

Maintaining the life insurance policy's active status throughout the entire policy term is advisable. However, if a policyholder decides to revoke his or her insurance, he or she may do so by taking the following actions:

Step 1: Visit the business's official website.

Step 2: Click the "Contact Us" link in the "Customer Service" section when you've reached the bottom of the page.

Step 3: Enter your state, zip code, and city in the "Locate A Branch Office" box, then click "Get Address" to get the address.

Step 4: The branch offices close to the location will then be shown on the following page.

Step 5: The policyholder must choose a single location and visit the office there.

Step 6: To surrender his max life insurance Insurance policy, he must then go to the counter and ask the customer service agent for assistance.

Step 7: Once Your Documents are Cleared, your policy has surrendered.

Documents Required to Surrender max life insurance policy:

The policyholder will now be questioned by the customer service agent about himself and his policy in addition to being asked to provide the following paperwork:

  • Policy surrender form, which the policyholder can collect from the help desk themselves.
  • Self-attested copy of photo ID proof, in which your Name and your photo are visible (for example Aadhar card, PAN card, Election card, etc.)
  • Original policy pack, which you receive at the time of purchasing of policy from max life insurance Insurance.
  • A canceled check with a pre-printed name, a copy of a bank passbook with a banker’s attestation, or a banker’s attestation on the account information in the surrender request in the case of NEFT (which is useful to transfer the balance amount from max life insurance insurance to your Account).
  • Latest contact details (In case any other information is required the company will contact you).

What is the Surrender Value in Insurance?

When a policyholder decides to cancel a plan before reaches its maturity, the insurance company will pay back the amount paid by the customer to their insurance plan is called Surrender Value. The amount allocated to earning and saving would be given to the policyholder in the event of mid-term surrender.

Types of surrender value in life insurance:

There are two types of surrender values in life insurance:

  • Guaranteed Surrender Value

    The Guaranteed Surrender Value is the product of the total premiums paid and the surrender value factor ( % of total premiums paid).
  • Special surrender Value

    Special surrender value depends on the total sum assured, total premiums paid, policy term, and applicable bonuses.
  • Calculation of max life insurance Insurance Surrender Value

    30% X the total amount of premiums paid is the Guaranteed Surrender Value. The first-year premiums, all additional premiums, accident benefit premiums, and term rider premiums are not included in the same. The policy plan and the year that a person intends to surrender the policy may affect the percentage that will be paid.

For more information regarding surrendering the max life insurance policy:

The following ways the policyholder can get in touch with the insurance provider to surrender his or her life insurance policy

  • Send ‘Hi’ to +91 7428396005 from the registered mobile number.
  • Call the customer care number of the company (1860 120 5577) through the registered mobile number. (Monday to Saturday: 9 AM to 6 PM).
  • Online Helpline: 0124 648 8900 (09:00 AM to 09:00 PM – Monday to Saturday).
  • For NRI customers: +91 11 71025900, +91 11 61329950 (9 AM to 6 PM; IST).
  • Email for NRI customers:
  • Corporate Office: max life insurance Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) – 122002.
  • Operation Center: max life insurance Insurance Co. Ltd, Plot No. 90-C Udyog Vihar, Sector 18, Gurugram (Haryana) – 122015.
  • Fax Number: 0124-4159397.

All about charges, in case you are surrendering max life insurance policy:

In case, You are dissatisfied with the policy you bought from max life insurance Insurance, you have a period of 15-30 days from the purchase of the plan to cancel it, known as the free look period. over that period a single penny will not be deducted from your premium. If you want to cancel the plan after 30 days or any other time frame, the insurance company will charge the customer a Pro-rata premium.

In a nutshell

When it comes to insurance, the surrender value enables policyholders to formally declare their coverage, if they decide they no longer require it. However, once you give up your life insurance, you are no longer eligible for the policy's benefits. As a result, if the policyholder passes away untimely after the insurance surrender, the nominee will not be entitled to any benefit money. Therefore, before cancelling a life insurance policy, carefully review the policy documents and consider your options.

Surrendering max life insurance Insurance Policy : FAQ's

1. What are the rules for surrendering of max life insurance insurance policy?

Any policyholder may opt to surrender the policy before the insurance term expires. Benefits from life insurance are automatically terminated upon surrender. The insurance company will release the surrender value if the request for submission is approved.

2. Is possible to surrender the max life insurance Insurance policy online?

Yes, you can surrender your max life insurance insurance policy online. Surrendering your max life insurance Insurance policy online is a convenient and hassle-free way of getting out of the policy. It is a simple process that requires minimal paperwork and can be done in just a few steps.

3. Can I cancel the Max Life Insurance policy after 1 year

Yes, you can cancel this facility (In offline- by giving a written request at your nearest Max Life Insurance branch & in online- visit the official max life insurance website).

4. What happens when you surrender a policy?

Your life insurance will end immediately if you surrender your policy. When the policy expires, your insurer will pay you the cash surrender value of the policy in a cheque. Your policy's cash surrender value is the remaining amount, less any surrender charges, in the cash value account.

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Bindiya Sinha

Written By: Bindiya Sinha

Bindiya is a seasoned content writer specializing in keeping readers acquainted with the insurance industry, term insurance developments, and life insurance sector shifts. With an experience of 3 years in insurance, Bindiya ensures that her readers stay well informed with the insurance developments and factually correct information.