Bajaj Allianz life Insurance is one of the leading insurance player in India. It helps you with different kinds of life insurance, vehicle and property policies. As an insurance company, it allows you to do partial withdrawal of the amount deposited or complete surrender of your policy. The company has now established its branches at every nook and corner of the country. The procedure for applying for partial withdrawal or complete surrender is easy. You just have to follow a simple procedure for that.
Where would you apply for partial withdrawal or complete surrender?
When you decided that you want to surrender the Bajaj life insurance policy, then you need to apply at the nearest branch, where you have the account of your policy.
Where to download surrender form?
To download the application form in PDF format click here and fill it up.
What are the documents required for the surrender?
- You can fill in the downloaded form for the surrender or partial withdrawal of your policy and after getting it duly filled-in, you can submit it at the branch office.
- Submit the policy bond at the branch office.
- You can submit the self-attested copy of the ID proof.
- Along with this, you need to submit any cancelled cheque or bank statement or attested passbook copy.
What is the procedure for submitting an application form and getting payment?
Either you can submit a policy, period of which has ended or the lock-in period of the policy is already over. Once you surrender a policy, you get a confirmation by email that it has been received and ready for pay-out. If you need to get the payment by cheque, the process takes 8-10 days. If you need the payment to be credited to your bank account, the process takes almost 8 days.
Where can you surrender a policy for partial surrender?
You can fill in your O-Pin number under the policy profile section and begin the procedure for partial withdrawal.
The wise thing about surrender of a policy
You would definitely commit a wiser act, when you hold the surrender of your policy for some time. By this, you get more benefits from interest for the period it remains with the insurer.
How to check status of Life Insurance Policy?
Once you have surrender the policy or wanted to know the current status of your life insurance policy then go to the official page of Bajaj Allianz Life Insurance move your mouse to “Life Insurance” from top navigation and click on “Get Claim Status” located under “Life Tools”: