Surrender Max Life Insurance Policy
There are a handful of reasons why people prefer to surrender their Max Life Insurance policies. It’s possible that after changing jobs, their new company provides quality life insurance at a lower cost than what they are now paying.
One can also be sick of paying the premiums since they no longer have beneficiaries who require the death benefit. Another common reason is for obtaining the policy’s cash surrender value. This surrender will essentially involve alerting your provider, completing the proper paperwork, and then canceling your coverage.
Therefore, continue reading to know about the surrendering process of Max Life Insurance policy in detail!
What Does It Mean To Surrender A Life Insurance Policy?
The request by the policyholder to terminate the life insurance policy prior to maturity is referred to as surrender. Before the insurance term expires, any policyholder may decide to surrender the policy. Life insurance benefits are automatically canceled when it is surrendered.
In favor of the surrender request, the insurance company will release the surrender value. It is the monetary value that the policy has accumulated over the time that it has been in effect. The balance in the cash policy account paid after the surrender costs are subtracted is the cash surrender value.
Process Of Surrendering Max Life Insurance Policy
It is wise to keep the life insurance policy active for the whole policy period. But if any policyholder still wants to cancel his insurance, he can do so by following the below-mentioned steps:
- Go to the official website of the company.
- Scroll down to the last and click the “Contact Us” option in the “Customer Service” section.
- Click on “Locate A Branch Office”, enter state, pin code, and city, and then press on “Get Address”.
- The next page will then display all the branch offices near the location.
- The policyholder needs to select any one location and then visit the office accordingly.
- He then needs to go to the counter and request the customer care representative to help him in surrendering his Max Life Insurance policy.
- The customer care representative will now ask the policyholder a few details about him and his policy and will also ask him to submit the following documents:
- Policy surrender form.
- Self-attested copy of photo ID proof.
- Original policy pack.
- 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.
- Latest contact details.
- Once that’s done, the policy will be surrendered.
Important Information To Fill In The Policy Surrender Form Of Max Life Insurance Policy
The policyholder wishing to surrender his Max Life Insurance policy needs to submit important information. Some of them are listed below:
- Policyholder’s name
- Policy number
- Mobile number
- Email ID
- Bank details for NEFT (account holder name, type of bank account, MICR code, bank name, bank account number, IFSC code, PAN card number).
Connect With Max Life For Surrendering Life Insurance Policies
The policyholder can also connect with the company for surrendering his/her life insurance policy through the following means:
- 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 Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) – 122002.
- Operation Center: Max Life Insurance Co. Ltd, Plot No. 90-C Udyog Vihar, Sector 18, Gurugram (Haryana) – 122015.
- Fax Number: 0124-4159397.
Important Points To Note While Surrendering Max Life Insurance Policy
Here are some important points one should keep in mind while surrendering the policy from the company.
- It is only after submitting the completely filled request form and all mandatory documents, the company will process the surrender request.
- In the case of Unit Linked Products, if the application is received within 15:00 hours (IST) on a working or business day, then the NAV of the same day will be applicable. However, if the application is received after 15:00 hours (IST), then the NAV, which is declared the next day, will be applicable.
- If the postal address or any other information of the policyholder is incorrect in the company’s record, the company will not be liable in case of non-credit to his/her account or the transaction is delayed or incomplete.
- Before completely surrendering any Max Life Insurance policy, one can also opt for partial surrender or a loan facility for meeting their fund requirements. However, this facility comes with some terms and conditions.