Max Life Surrender Policy
- Steps to surrender policy
- Document required to surrender
- Charges for policy surrender
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.
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.
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:
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.
There are two types of surrender values in life insurance:
The following ways the policyholder can get in touch with the insurance provider to surrender his or her life insurance policy
In case, You are dissatisfied with the policy you bought from 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. 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.
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.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
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