Cancel the LIC Policy Within Grace Period: There are many insurance policies which are available for us to buy. But if you in case you end up buying a wrong policy for you then you may think of canceling it. You are allowed to cancel the policy within the grace period of time which is given the insured person. The grace period of time which is given to the policy buyer by the insurance company is 15 days. If you make your mind to cancel your policy then you can do that within these 15 days and get your money back.
But there are certain terms and conditions which are applied to you if you are canceling it. Like you have to submit many documents to the home branch from where you have purchased it. You have to personally visit the home branch and get your policy canceled. If any of your representatives goes to the home branch to cancel the LIC policy within grace period then they will not be entertained by the insurance company. These 15 days given to you are called as free look period.
In this article of mine, I will tell you the complete procedure which you need to follow to cancel the LIC policy within grace period. We can say that getting your policy canceled is quite a complicated task. But you can do it easily if you understand all the steps which are involved in it.
I would like to tell you one thing and that is when you cancel LIC Policy within grace period. You will not get the whole money back which you have paid to the company. But you will get most of the money you have paid to the company. There are certain deductions in the amount which are made by the company.
How to Cancel the LIC Policy Within Grace Period?
So now let us get started with this article and check out how you can cancel the LIC Policy within grace period.
- Take your first premium receipt which you received from the company when you purchased the policy.
- Take your Orginal policy bond with you.
- Now get a duly signed letter of cancellation from the insured person.
- After that get a Freelook cancellation form and fill it with all the details required.
- They freelook cancellation form should be duly filled by the insured person.
- And now take a clear photocopy of PAN card and address proof of insured person.
- The photocopies should be signed by the insured person to make it self-attested.
- Now visit your home branch and submit all the above-listed documents.
Once you submit all everything which is mentioned above to your home branch. They will look after the application and verify it. This process normally takes 20 to 25 working days. Once the verification process is completed by the company the refund of money will be given to you.
So this is how you can cancel the LIC Policy within grace period. I hope you are clear with all the information which is mentioned in this guide. If you have any kind of doubts then you can comment below. But I highly recommend you to verify the information mentioned here before you use it in any way. And you can do that by contacting your home branch or policy advisor.