Surrender Tata AIG Life Insurance Policy
No matter how recently or how long ago a person purchased a Tata AIG Life Insurance, they may ultimately decide that it is no longer necessary. There are several reasons why someone can get to this conclusion. It’s possible that the insured person no longer needs it or finds the premium payments to be too expensive.
Whatever the reason may be, the insured person must understand how to surrender a Tata AIG Life Insurance policy and what happens after an insured person leaves a life insurance policy. Continue reading to know more about the surrendering process of Tata AIG Life Insurance!
How Does Surrendering A Life Insurance Policy Work?
Surrender is the request made by the policyholder to cancel the life insurance before it matures. Any policyholder may opt to surrender the policy before the insurance term finishes. When life insurance is surrendered, the benefits are immediately terminated.
The insured’s nominees will no longer be entitled to receive any death benefits under the policy once the insurance company cancels the policy. In TATA AIA insurance, the policyholder has the option to voluntarily surrender and receive the surrender benefit, which is calculated in accordance with the terms and payout options of the policy. Additionally, a special surrender value that is calculated at a particular proportion of the premium paid is paid.
Procedure For Surrendering A Tata AIG Life Insurance Policy
It’s a good idea to maintain the life insurance coverage active for the whole duration of the policy. However, if a policyholder still wishes to terminate his Tata AIG Life Insurance, he may do so by taking the following steps:
- Visit the official website of the company.
- On the home page, click “Branch Locator” under the “More” tab.
- Now the policyholder needs to search for a nearby branch location and various branch offices along with their addresses will be displayed on the screen.
- The policyholder now needs to select any one branch office and visit it at his/her convenience.
- After visiting the branch office, he/she can go to the customer care executive at the counter and ask for help in the surrendering procedure.
- The executive will ask for a few details and then request the policyholder to submit the following documents:
- Surrender of policy form (This can either be downloaded from the official website of the company or can be filled out at the company’s branch office).
- An attested copy of the insured’s photo ID.
- The first policy pack.
- Current contact information.
- A cancelled check with a pre-printed name; a copy of a bank passbook with a banker’s attestation; or, in the event of NEFT, a banker’s attestation on the account information in the surrender request.
- Once the executive verifies all the documents and information, and everything is fine, the company will cancel the policy accordingly.
There are various other ways through which a policyholder can easily connect with the company to surrender his/her policy. Some of them are as follows:
- WhatsApp: 7045669966
- Call: 1-860-266-9966 (Mon-Sat | 10 AM – 7 PM IST); 022-6251 9966 (Outside India)
- Mail: firstname.lastname@example.org
- Registered & Corporate Office: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai 400013.
Surrender Benefits Offered By Tata AIG Life Insurance
The life insurance plans of Tata AIG may offer the following surrender benefits to its policyholders:
- Guaranteed Surrender Value: The amount that the policyholder will get upon voluntarily terminating the insurance is known as the guaranteed surrender value. The company promises a minimum non-negative surrender value that is equal to (GSV factor x Total Paid Premiums (excluding loading for modal premiums and discount) up to the date of surrender.
- Special Surrender Value: In situations where the policyholder ends up making premium payments but the plan still remains in effect until they decide to surrender it, the special surrender value is determined. The sum insured may fall when premium payments end and the lesser amount is referred to as the paid-up value.
Factors To Consider Before Surrendering Tata AIG Life Insurance Policy
Before making a choice, one should carefully weigh the following consequences:
- Make sure there are enough finances on hand to cover any potential financial responsibilities. It does not matter if the total amount of liabilities of a policyholder has decreased. He/she must be ready to face a new financial challenge. The best course of action will be to stick with the policy.
- One might feel that his/her obligations will lessen if their children start earning money. However, in the event of a disaster, it would not be the right idea to overburden children. Allowing the policy to take its course would be wise.
- The company will only process the surrender request after receiving the fully completed request form and all required papers.
- If the policyholder’s postal address or any other information is inaccurate in the business’s records, the firm will not be responsible if his or her account is not credited or if the transaction is delayed or not completed.
- Before giving up a Tata AIG Life Insurance policy entirely, a customer can choose a partial surrender option to cover their funding needs. However, there are some terms and conditions on this service, which one can find on the company’s website.