Which PLI / RPLI Policy Can be Surrendered

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  1. Policies that can be surrendered:
  • Whole Life Assurance (Suraksha and Gram Suraksha),
  • Endowment Assurance (Santosh and Gram Santosh),
  • Convertible Whole Life Assurance (Suvidha and Gram Suvidha) and
  • PLI Joint Life Assurance (Yugal Suraksha).

Other Conditions

  • A policy can be surrendered only in which at least 36 premiums have been paid and the policy has completed a minimum duration of 36 months.
  • A policy can be surrendered only if the duration of the policy is not less than 3 years, and it is in force till the end of the month in which the application for surrender is received.
  • No bonus is payable for a policy surrendered before the expiry of 5 years from the date of acceptance of the policy. However, proportionate bonus shall be paid on paid-up value after completion of 5 years i.e., if a policy remains in force for at least 5 years.
  • Only a policy in force (active policy, not lapsed) can be surrendered.
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