Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Policy Surrender

Surrender Bajaj Allianz Life Insurance Policy

A life insurance policy can help one to secure the financial future of his/her family members, even if anything unfortunate were to happen to the insured person. However, there may be certain situations where one may need to surrender the policy before it matures. This is where knowing about the surrender value of the life insurance plan becomes essential. If one terminates his/her policy mid-term, one may be eligible for a certain payout amount against the premiums paid. This depends upon the plan one has opted for and its underlying terms and conditions.

Additionally, as per IRDAI (Unit Linked Insurance Products) Regulations, 2019, if one chooses to terminate the policy after 5 years in the case of a ULIP, no surrender charges can be imposed on it by the insurance provider. However, in the case of other products, charges will be applicable. Similarly, Bajaj Allianz Life Insurance Company has also come up with the option of surrendering a life plan for the better convenience of the consumers. Here is a step-by-step guide that will help one to surrender a Bajaj Allianz Life Insurance Policy without any hassles. Have a look.

Process of Surrendering a Bajaj Allianz Life Insurance Policy

If the policyholder wants to surrender his/her life insurance policy, the following procedures need to be followed. At first, the insured person should come up with the reason(s) for policy surrender along with the surrender form that needs to be submitted at the nearest official branch of the Bajaj Allianz Life Insurance Company. This surrender form can be directly downloaded from the official website of the company online. One can also collect the form from one of the official branches of the company. Along with that, the following documents have to be submitted to the insurer.

  • Original policy documents
  • Canceled cheque with the policyholder’s name on it
  • In case the canceled cheque does not have a pre-printed name or account number or a new account is mentioned on the cheque, then the passbook copy/bank statement having the pre-printed name and the account number is required.
  • Valid ID proof (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
  • Policy surrender or cancellation form
  • Latest contact details
  • NRE bank statement reflecting any premiums paid from the NRE account

After the surrender request is submitted, the customer gets a confirmation call from Bajaj Allianz for the pay-out. If the customer prefers a cheque pay-out, the process takes 8-10 days. On the other hand, if the customer prefers a direct credit payout, the process takes 7 to 8 days.

Is Surrendering a Bajaj Allianz Life Insurance Policy a Wise Decision? 

In the case of life insurance, if one surrenders a policy before the completion of its full term, he/she can get back a portion of the money paid as a premium after deducting charges which are certainly less than the total premiums paid. In that case, one will not only lose money but will also lose the benefits and facilities entirely that he/she is entitled to avail of. Thus, in such cases, it would be highly advisable to look into alternatives like loans against policy depending on the rules of borrowing of the Bajaj Allianz Life Insurance Company, or partial withdrawals in case of ULIPs may be more prudent options than simple terminations.

Life Insurers

FAQs