How To Surrender TATA AIA Life Insurance Policy?

A person may eventually decide that life insurance coverage is no longer necessary, regardless of whether they bought it last week or many years ago. He or she might not want to carry on. There are various explanations for why someone could reach this view. The insured person may no longer require it or find the premium payments to be prohibitive. There are various simple ways to terminate a life insurance policy, regardless of the cause.

What occurs when an insured individual cancels or leaves a life insurance policy is something you must understand. You also need to learn how to do it without wasting your hard-earned money as the first step.

Surrendering Procedure for Tata AIA Life Insurance Policy

The following papers must be given to the nearby Tata AIA Life Insurance office, along with the policy surrender form and the stated reason(s):

• Authentic policy documents.
• Cancelled check containing the name of the policyholder.
• If a new account is indicated on the cancelled check or the check does not contain a pre-printed name or account number, a passbook copy or bank statement with the pre-printed user and account number is needed.
• Identity proof like Aadhaar Card, Voters ID, PAN Card, etc.
• Form for giving up or cancelling a policy
• Any premium payments made from the NRE account are shown on the NRE bank statement.
• Current contact information.

Procedure for Partial Withdrawal Under Tata AIA Life Insurance Policy

At the nearby Tata AIA Life Insurance office, the pay-out form, the justification(s) for the partial withdrawal, and the accompanying papers must be provided.

• Authentic policy documents.
• For the withdrawal request, a copy of the CI or YPD needs to be provided.
• Cancelled check in the name of the insured.
• If a new account is stated on the cancelled check or the check does not contain a pre-printed identity and account number, a passbook copy or bank statement with the pre-printed user and account number is needed.
• Identity proofs.
• Current contact information.
• NRE bank statement showing any premium payments made using NRE funds.

Is It Possible to Cancel My Tata AIA Life Insurance Policy

Yes, it is possible to terminate your TATA AIA life insurance policy.

How to Terminate Tata AIA Life Insurance Policy?

You can terminate the Tata AIA life insurance policy in two phases.

1.  Leaving During the First Phase

After buying a life insurance plan, the client has two initial ways to terminate the contract.

• Free-look Timeframe

The insurance company's free-look period is the initial opportunity given to policyholders to leave the programme if they are unconvinced by it.

• Let the Insurance Expire

After the free-look time, the policyholder's only choice is to allow the policy to lapse if they want to cancel it.

2. Leaving After 3 Years

The insurance firm declares the plan ready for exit once the policyholder has paid the premium and completed the required three-year lock-in period. There are two ways to end the policy.

• Policy Cancellation

After the mandatory lock-in term of three years has passed, a policy may be renounced. Before the plan's maturity, the holder of the insurance has the option to voluntarily terminate it.

•  It Should Become a Paid-up Policy

Instead of giving up the endowment policy, the insurance policyholder might convert it into a paid-up policy.

Conclusion

All in all, a policyholder has the option of cancelling his insurance plan and replacing it with a more advantageous one that meets his needs and offers better returns.

Additionally, he or she has the option of reinvesting the funds in other investment schemes. Be aware of the advantages and disadvantages before deciding to cancel the policy.

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