Axis Max Life Surrender Policy
- How to surrender?
- Documents required to surrender
- Surrender charges
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Updated on Apr 13, 2025 4 min read
Life insurance is a long-term economic benefit, and there are some unfortunate situations 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 the middle 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. The net amount received once you surrender your policy is called the Axis Max Life policy surrender value.
Maintaining the life insurance policy’s active status throughout the entire policy term is advisable. However, if a policyholder decides to revoke their Axis Max Life insurance policy, they may do so by taking the following steps
Visit the official website of Axis Max Life Insurance.
Click the "Contact Us" link in the "Customer Service" section when you’ve reached the bottom of the page.
Enter your state, zip code, and city in the "Locate A Branch Office" box, then click on "Get Address" to get the address of your nearest branch.
The branch offices close to your location will then be displayed on the page.
The policyholder must visit the office.
To surrender the Axis Max Life insurance policy you must then go to the counter and ask the customer service agent for assistance.
Once your documents are verified, your policy will be surrendered.
pert Insights
The policyholder will now be questioned by the customer service agent about the policy in addition to being asked to provide the following documents:
There are two types of surrender values for Axis Max Life Policy:
30% X the total amount of premiums paid = 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.
Policyholders can get in touch with Axis Max Life Insurance in the following ways:
In case, you are dissatisfied with the policy from Axis Max Life Insurance, you have a period of 15-30 days from the purchase of the plan to cancel it, known as the free look period.
In 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.
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 monetary benefit. Therefore, before cancelling a life insurance policy, carefully review the policy documents and consider your options. Most of the life insurance policies are surrendered due to the mis-selling.
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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