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What is Axis Max Life Insurance Surrender Value?
Life insurance offers long-term financial benefits, but there are situations where you might need to surrender your plan. This means terminating the plan before its maturity. If you surrender a plan mid-term, you will receive a surrender value, which is the portion allocated towards earnings and savings. The surrender charge deducted from this amount varies by plan. The surrender value received upon surrendering your Axis Max Life Insurance policy is known as the Axis Max Life policy surrender value.
Steps to Surrender Axis Max Life Insurance Plan
It is advisable to maintain your life insurance policy's active status throughout its entire term. However, if a policyholder decides to surrender their Axis Max Life Insurance policy, they can do so by following these steps:
- Step 1
Visit the official website of Axis Max Life Insurance.
- Step 2
Click the "Contact Us" link in the "Customer Service" section at 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 find your nearest branch.
- Step 4
Branch offices near your location will then be displayed.
- Step 5
The policyholder must visit the office.
- Step 6
To surrender your Axis Max Life Insurance policy, visit the counter and ask a customer service agent for assistance.
- Step 7
Once your documents are verified, your policy will be surrendered.
Expert Insights
- Axis Max Life Insurance recorded a claim settlement ratio of 99.65%.
- Data: IRDAI Annual Report (2023-24)
Documents Required to Surrender Axis Max Life Insurance Policy:
The customer service agent will ask the policyholder about the policy and request the following documents:
- Axis Max Life Insurance policy surrender form (available at the help desk).
- Self-attested copy of photo ID proof (e.g., Aadhaar card, PAN card, Voter ID card) showing your name and photo.
- Original policy pack received at the time of purchase from Axis Max Life Insurance.
- A cancelled cheque 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 for NEFT transfers (to facilitate the transfer of the balance amount from Axis Max Life Insurance to your account).
- Your latest contact details (the company will contact you if any further information is required).
Types of Axis Max Life Policy Surrender Value
There are two types of surrender values for Axis Max Life Policy:
-
Guaranteed Surrender Value
The Guaranteed Surrender Value is calculated as the total premiums paid multiplied by the surrender value factor (a percentage 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 Axis Max Life Insurance Surrender Value
Guaranteed Surrender Value = 30% X Total Premiums Paid.
First-year premiums, additional premiums, accident benefit premiums, and term rider premiums are not included in this calculation. The percentage paid may vary based on the policy plan and the year of surrender.
How to Contact Axis Max Life Insurance?
Policyholders can contact Axis Max Life Insurance in the following ways:
- Send 'Hi' to +91 7428396005 from your registered mobile number.
- Call the customer care number (1860 120 5577) from your registered mobile number (Monday to Saturday: 9 AM to 6 PM).
- Online Helpline: 0124 648 8900 (9 AM to 9 PM – Monday to Saturday).
- For NRI customers: +91 11 71025900, +91 11 61329950 (9 AM to 6 PM IST).
- Email for NRI customers: [email protected].
- Corporate Office: Axis Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) – 122002.
- Operations Center: Axis Max Life Insurance Co. Ltd., Plot No. 90-C, Udyog Vihar, Sector 18, Gurugram (Haryana) – 122015.
- Fax Number: 0124-4159397.
Axis Max Life Insurance Policy Surrender Charges
If you are dissatisfied with your Axis Max Life Insurance policy, you have a 15-30 day 'free look period' from the purchase date to cancel it. During this period, no premium will be deducted. If you cancel the plan after 30 days, the insurance company will charge a pro-rata premium.
In a Nutshell
In insurance, the surrender value allows policyholders to formally terminate their coverage if they no longer require it. However, once you surrender your life insurance, you are no longer eligible for its benefits. Consequently, if the policyholder passes away prematurely after surrendering the insurance, the nominee will not receive any monetary benefit. Therefore, before cancelling a life insurance policy, carefully review the policy documents and consider all your options. Most life insurance policies are surrendered due to mis-selling.
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