Surrender FAQ

1. How can I surrender my life insurance policy.

You can submit a surrender request through any of the following channels:

• Write to us at customer.care@bandhanlife.com from your registered email ID.
• Visit your nearest Bandhan Life Service Center.

Documents Required

If submitting through a Service Center:

• Surrender Request Form

If submitting through your registered email ID:

• Request form is not required.

Additional documents (where applicable):

• NRI Questionnaire (if your residential status is/was NRI and the information has not been shared with Bandhan Life)
• Cancelled cheque or latest bank statement displaying:
• Policyholder's complete name
• Complete account number
• IFSC Code
• PAN Card
• Self-attested KYC document (if request is received from an unregistered email ID)

Important Notes

• If auto-debit (NACH/ECS) is active on the policy, it will be cancelled along with the policy surrender.
• For ULIP policies:
• Requests received before 3:00 PM on a working day will receive the same day's NAV.
• Requests received after 3:00 PM will receive the next applicable business day's NAV.
• NAV applicability is subject to market holidays.

2. Are there any surrender charges applicable.

No. There are currently no surrender charges applicable when surrendering the policy.

3. How long does it take for the surrender value to be credited.

The surrender proceeds will be processed within 7 calendar days from the date all required documents and information are received.

4. When can I surrender my ULIP policy.

ULIP policies can be surrendered at any time; however, the surrender value will be payable only after completion of the mandatory 5-year lock-in period as per policy terms and regulatory guidelines.

5. How can I check my Surrender Value.

You can obtain your surrender value by contacting us through any of the following channels:

• Email: customer.care@bandhanlife.com (from your registered email ID)
• Toll-Free Number: 1800-209-9090
• WhatsApp: 9867452226

Our team will assist you with the applicable surrender value based on your policy details.

6. Is a PAN card copy mandatory for processing a surrender request.

A PAN card copy is generally required as part of the surrender documentation. However, if the PAN number is already updated and available in company records, the surrender request will not be rejected solely due to non-submission of the PAN card copy.

7. Can an agent process a surrender request if the PAN card copy is not provided.

Yes. Agents can proceed with raising and processing the surrender request if the customer's PAN number is already updated in company records.

8. What should be done if the PAN number is not available in company records.

If the PAN number is not updated in company records, the agent should obtain the PAN details and supporting document from the customer. To avoid delays in surrender processing, the Contact Center agent can simultaneously raise both the surrender request and a PAN update request, ensuring timely processing of the customer's request.

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9. What happens to the auto-debit facility after surrender.

If auto-debit is active on the policy, it will be automatically cancelled once the surrender request is processed.

10. Can a ULIP policy be surrendered before completion of 5 years.

Yes. Customers may request surrender during the lock-in period. However, agents must explain:

• Lock-in implications
• Approximate surrender value
• Applicable process
• Turnaround time (TAT)