Cooling off LIC Policy
LIC policy returned | Within 15days of Policy bond receiving | Documents required | Request Letter | Bank Details
A “cooling-off period” refers to a specific period of 15days during which a policyholder can cancel his life insurance policy and receive a full refund of the premiums paid without incurring any penalties or charges.
During this cooling-off period, policyholders have the opportunity to review the terms and conditions of their insurance policy more thoroughly. If they decide that the policy doesn’t meet their needs or if they change their mind for any reason, they can contact the insurance company, formally request cancellation, and receive a full refund of the premiums paid.
Documents required for Cancellation of LIC Policy during Cooling off period
- Request Letter: The policyholder usually needs to submit a written request for cancellation during the cooling-off period. This request should be made to the LIC branch or agent through whom the policy was purchased.
- Original LIC Policy Bond : The policyholder should return the original policy document along with the cancellation request.
- Original LIC Policy Receipt : The policyholder should return the original First Premium Receipt
- Id Proof: Any of Pan, Addhar, DL, Voter Card, Passport, etc.
- Bank Details: Cancel Cheque which has the name printed on it or Bank Statement or Bank Passbook showing the customers name, Bank Account Number, MICR Code and IFSC Code
Format for written request Letter for cooling off LIC Policy
[Your Name]
[Your Address]
[City, State, ZIP Code]
[Your LIC Policy Number]
[Date]
[The Branch Manager / Customer Service Department]
[Name of LIC Branch]
[Address of LIC Branch]
[City, State, Pin Code]
Subject: Cancellation Request for LIC Policy No. [Your Policy Number] in the cooling off period
Dear Sir/Madam,
I am writing to request the cancellation of my LIC policy, Policy No. [Your Policy Number], which was issued on [Date of Policy Issuance]. I am exercising my right to cancel the policy within the cooling-off period as provided by the terms and conditions of the policy. I also state that whatever terms and conditions were told by the advisor they are not available in this policy.
I have enclosed the original policy document and original premium payment receipt for your reference. Please find the necessary details below:
– Policyholder Name: [Your Full Name]
– Date of Birth: [Your Date of Birth]
– Address: [Your Address as per Policy]
– Contact Number: [Your Contact Number]
– Email Address: [Your Email Address]
– Bank Account Details for Refund : [Your Bank Account Number, IFSC Code, and Bank Name]. I have also enclosed the canceled cheque or self-attested copy of the bank passbook or bank statement.
I hereby also state that I have not taken any kind of tax benefit from this policy.
I kindly request that you process this cancellation request as soon as possible and arrange for a full refund of the premiums paid to the bank account mentioned above. I understand that no charges or penalties should be applied since this request is made within the stipulated cooling-off period.
Thank you for your prompt attention to this matter.
Sincerely,
[Your Signature]
[Your Full Name]
Enclosures: Original Policy Document, Premium Payment Receipt, Id proof, Bank details
Note 1: This is the right of the policyholder and do remember to send this letter to the LIC branch where you purchased the policy via certified mail or a reliable courier service to ensure it’s received. Keep copies of all correspondence for your records, and follow up with LIC to ensure the cancellation and refund are processed as requested.
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