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 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 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.
Please follow the below procedures for surrender.
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.
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)