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 photo 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 may get a confirmation call from us.
**In lieu of the current crisis situation, you can also share your service request forms/letter duly signed clearly mentioning the request details along with KYC copies through email to firstname.lastname@example.org.
Please click here for further details regarding COVID-19 assistance.
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 1% (for valid PAN registered with us)
- At 20% (for valid PAN not registered with us)
- For NRIs TDS will be deducted as per section 195 of the Income Tax Act, 1961