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Surrender means discontinuing the life insurance policy before maturity date. After paying stipulated premium and/or after continuing the policy for a stipulated period (detailed in Policy terms and conditions), the policy acquires surrender value and then you might opt for surrender.

Surrendering a policy is not recommended as it not only stops the coverage offered by the policy but the surrender value is always proportionately lower compared to the total benefit you get from the policy. We advise you to read this surrender process in consultation with the Surrender clause mentioned in your respective policy terms and conditions.

Surrender value of a Traditional Life Insurance Plan

Guaranteed Surrender Value: It is generally calculated as a % of the total premiums paid excluding first year premium and extra premium, if any. In some products it is calculated as a % of vested bonus, if any, plus the total premiums paid excluding extra premium (if any), as per the product terms and conditions.

Special surrender value: Exide Life Insurance Company may declare special surrender value for policies from time to time basis prevailing market conditions.

Higher of Guaranteed surrender value or Special surrender value will be paid to you as Cash Surrender Value, after deduction of any outstanding amount on the policy (Policy Loan or any amount payable against your policy) and TDS* (if applicable).

Surrender value of a Unit Linked Insurance Plan

Surrender value of unit linked insurance plan depends on the available fund at the time of policy surrender less surrender charges (and Service tax) as mentioned in Policy Terms and Conditions and TDS* (if applicable).

Surrender Value of Pension Plan

Surrender value of a Pension plan depends on the available Pension fund at the time of policy surrender less surrender charges (and Service Tax) as mentioned in Policy Terms and Conditions and TDS* (if applicable).

Some plans have a Market Value Adjustment factor applied to it.

We advise you not to surrender your existing Life Insurance Policy
  • If your reason to surrender is “Need of Funds”: Look for alternatives which your policy offers, such as policy loan or partial withdrawal, to meet your short term finance needs. It is advised to keep paying your renewal premiums regularly to ensure that your policy is always in-force so that you continue to enjoy the policy benefits.
  • If your reason to surrender is to “Buy a new policy”: New life insurance policy would typically come at a much higher premium because your age would have advanced since you purchased the earlier policy. Therefore, we advise that retention of your existing policies without allowing them to lapse is the best practice for continuing life insurance protection.
Surrender Process at Exide Life Insurance

Please follow the below procedures for surrender.

1. Kindly visit your nearest Exide Life Insurance Branch Office (click here to know our branch address). As a policyholder you must personally visit the branch office. In case you are unable to visit personally, please send your immediate family members (father, husband, son, etc.) along with an authorization letter duly signed by you

2. Please carry the following documents with you: Original policy bond, Original Photo ID proof, a Cancelled personalized cheque /latest bank statement and a PAN card copy.
Our customer service executive will be happy to assist you with your queries and concerns and help you take a better decision which could meet your expectation.

3. Based upon the discussion you have with our customer service executive, please submit the following documents for us to process your surrender request:

  • Duly filled and signed surrender form (available at our branches)
  • Self-attested ID Proof (with photo preferably)
  • Self- attested Proof of bank account (cancelled personalized cheque or copy of latest bank statement /passbook).
  • Original Policy bond
  • Copy of PAN card

Once the documents are successfully submitted at the Exide Life Insurance branch office, you will get a confirmation call from us.

Tax Deduction at Source under section 194DA as per Income Tax Act, 1961

If the policy proceeds are not eligible for exemption under Section 10(10D) of the Act and your total payout value (policy proceeds due to you from Exide Life Insurance) for a financial year exceeds Rs.1 lakh, then the tax deductions will be as under:

  • At 2% (for valid PAN registered with us)
  • At 20% (for valid PAN not registered with us)
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