Surrender process note & drafts - Term

Process Note:

• For policies where auto debit is registered via BBPS customer will have to coordinate with his bank to deactivate same
• For policies where auto debit is registered via UPI customer will have to deactivate it from his end
• Even if policy is sourced via policy bazaar and CCSI / SI is active in policy. Agent can raise auto debit deactivation request in case of surrender
• Where customer due date falls within 7 days of request raised for auto debit deactivation there is a possibility that the premium will get auto debited from his bank account. In that case the customer will have to write back to us and then we can raise a request for excess premium refund in ops console and same can be refunded back to customer
• In case of surrender and auto debit, communication is triggered to customers when request is raised by frontline agents as well as when it is processed by backend

FFA - Surrender template for term policies (surrender value is not applicable)

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your policy Bandhan Life (Plan Name) (Policy Number).

We have received your request to surrender your term insurance policy. Please be informed that term policies are not eligible for surrender. As a result, we are unable to process your request in this instance. Please note that if future premiums are not paid, your policy will lapse automatically.

If you choose not to continue with the policy, we kindly request your consent to deactivate the auto-debit service associated with your policy (if applicable). Once we receive your confirmation, the deactivation process will be completed within 7 calendar days.

You will also be notified when a request is raised as well as processed from our end.

Additionally, please be informed that there will be no amount payable upon surrender of this policy.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging

• Case Category: Post-Issuance
• Case Reason: Process Enquiry_Post-Issuance
• Sub Case reason: Surrender

EBAO - Surrender template for term policies (surrender value is applicable)

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your policy Bandhan Life (Plan Name) (Policy Number).

We are sorry to hear that you are considering surrendering your term insurance policy. We genuinely believe that continuing your policy for the full term could offer you greater benefits and long-term value. However, we understand that circumstances may change, and we respect your decision.

The estimated surrender value of your policy is Rs. [00000]. If you would like to proceed with the surrender, we kindly request that you provide the following documents from your registered email address:

• A formal surrender request from your registered email ID, including your policy number and the reason for surrender.
• A copy of a cancelled cheque or a recent bank statement showing your name, account number, and IFSC code.
• A copy of your PAN card.

Upon receiving all the necessary documents, we will process your surrender request along with refund of surrender value within 7 calendar days. Please note that if an auto-debit service is currently active on your policy, it will be automatically cancelled along with the policy.

You will also be notified when a request is raised as well as processed from our end.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging

• Case Category: Post-Issuance
• Case Reason: Process Enquiry_Post-Issuance
• Sub Case reason: Surrender

EBAO - Surrender template for term policies (surrender value is not applicable) – First response to attempt retention

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your policy Bandhan Life (Plan Name) (Policy Number).

We are sorry to hear that you are considering surrendering your term insurance policy.  Before you make a final decision, please consider that life insurance premiums typically increase with age. Maintaining your current policy allows you to lock in your premium at a more favourable rate, providing continued protection for you and your loved ones.

If you still wish to proceed with surrendering the policy, we kindly ask that you confirm your consent by replying to this email. Additionally, if your policy is currently enrolled in our auto-debit service, we will deactivate this service as part of the surrender process.

Upon receiving your consent from your registered email address, we will begin processing your surrender as well as auto debit deactivation request (if applicable). The entire process will be completed within 7 calendar days.

Please be advised that there will be no payout associated with the surrender of this policy.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging

• Case Category: Post-Issuance
• Case Reason: Process Enquiry_Post-Issuance
• Sub Case reason: Surrender

When auto debit is registered via BBPS the below lines to be added in the response which is sent to customers

As per our records, your policy is set up for auto debit via the Bharat Bill Payment System (BBPS). We do not have provision to deactivate auto debit registered via BBPS. Hence, to deactivate auto debit on your said policy, please contact your bank directly.

When auto debit is registered via UPI the below lines to be added in the response which is sent to customers

As per our records, your policy is set up for auto debit via UPI. We do not have provision to deactivate auto debit registered via UPI. Hence, to deactivate auto debit on your said policy you may follow the below steps:

When request is taken for deactivation of auto debit, but the due date falls within 7 days of deactivation below response is to be sent to customers

While we have raised a request for auto debit deactivation, please note that since your premium is due on XXXX there is a possibility that your premium might get auto debited.

In case your premium gets auto debited you may reach out to us on customer.care@bandhanlife.com and we will initiate your refund request which will be processed within 7 calendar days.

When request is taken for surrender – Value is not applicable

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your policy Bandhan Life (Plan Name) (Policy Number).

Thank you for reaching out. We have successfully registered your request to surrender your policy, and it will be processed within 7 calendar days. Once completed, we will send you a confirmation.

Your request reference number is SR-XXXXXXX-XXXXXX.

Additionally, we have also initiated a request to deactivate the auto-debit service associated with your policy. This process will be completed within 7 calendar days. The reference number for this request is SR-XXXXXXX-XXXXXX. (To be used only when Auto Debit Deactivation request is taken)

Please note that there will be no amount payable upon surrendering your policy.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

Chat now on WhatsApp: Click here or just send a Hi on 9867452226.

Login to our iAssist portal: iAssist with your registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging

• Case Category: Post-Issuance
• Case Reason: Request_Post-Issuance
• Sub Case reason: Surrender

When request is taken for surrender – Value is applicable Trad/Term

(If Bank/NEFT details in system and the one shared by customer is matching then below to be used)

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your policy Bandhan Life (Plan Name) (Policy Number).

We have registered a request to surrender your policy. This request will be processed in 7 calendar days, and a confirmation will be sent to you.

This is to confirm that we have registered your request to surrender your policy. The process will be completed within the next 7 calendar days, and you will receive a confirmation once it is processed.

Your request reference number is SR-XXXXXXX-XXXXXX.

The approx surrender value is Rs. 00000.

Your payout will be released to the following bank details:

• Account Holder Name: [Account Holder Name]
• Account Number: [Account Number]
• IFSC Code: [IFSC Code]
• Bank Name: [Bank Name]

In addition, we have raised a request to update your bank details, which will be processed within 7 calendar days. The reference number for this request is SR-XXXXXXX-XXXXXX.

Furthermore, we have initiated the deactivation of the auto-debit service on your policy, which will be completed within 7 calendar days. The reference number for this request is SR-XXXXXXX-XXXXXX. (To be used if applicable).

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you every step of the way.

If Bank / NEFT in our records and the one shared by customer is different then below draft to be used:

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your policy Bandhan Life (Plan Name) (Policy Number).

This is to confirm that we have registered your request to surrender your policy. The process will be completed within 7 calendar days, and you will receive a confirmation once it is processed.

Your request reference number is SR-XXXXXXX-XXXXXX.

The estimated surrender value is Rs. 00000.

In addition, we have raised a request to update your bank details, which will be processed within 7 calendar days. The reference number for this request is SR-XXXXXXX-XXXXXX.

Furthermore, we have initiated the deactivation of the auto-debit service on your policy, which will be completed within 7 calendar days. The reference number for this request is SR-XXXXXXX-XXXXXX. (To be used if applicable).

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging

• Case Category: Post-Issuance
• Case Reason: Request_Post-Issuance
• Sub Case reason: Surrender

Steps to check the surrender value for ALI policies.

Step 1: Enter policy number in ops console and click on search

Step 2: Click on action button at top right side

Step 3: Click on cancel policy

Step 4: Fill the details

Step 5: Check the surrender value.

Surrender process-ULIP plan

Points to remember for Surrender process (Ulip plan)

➢ Ulip policy can be surrendered post completion of lock in period of 5years

➢ Surrender value, it will be the fund value as on the date on which the surrender request is received with complete documents at our end

➢ Documents required to surrender the policy are as below

• Surrender request from your registered email ID mentioning the policy number and reason for surrender
• Cancelled Cheque (with your name printed on it) or Latest Bank statement with the account number, account holder name, MICR code and IFSC code.
• Self-attested copy of pan card and Aadhar card or passport

➢ If in case customer is sharing the bank details which is already updated in our records, there is no need to take a fresh request to update NEFT.
➢ Surrender Request to be tagged under Request -> Surrender (Transform Request)
➢ TAT to surrender the policy is 7 days

Existing Process

Within lock in - Agent needs to share complete surrender process with approx. surrender value, TAT along with lock in period

Post lock in - Agent needs to share complete surrender process with approx. surrender value, TAT

Documentation

Surrender request from your registered email ID mentioning the policy number and reason for surrender, PAN card, cancelled cheque

Kapture Tagging

For Process

Disposition: Category: Post issuance

Case Reason: Process Enquiry

Sub Reason: Surrender

Ticket Status: Resolved

For Request

Disposition: Category: Post issuance

Case Reason: Request

Sub Reason: Surrender

Ticket Status: Resolved

Surrender Scenario 1: Customer wants to surrender – ULIP Policies that has not completed 5 years

We regret that you have opted to surrender your policy, and it must have been a tough decision.

Unit linked policies are long-term investments. You will get good returns only when you have invested for at least 8-10 years.

Staying invested in your life insurance policy keeps you and your family protected from any unforeseen circumstances

Further, there is a lock-in period of 5 years in the policy. This means even if the policy is surrendered now, the pay-out will be paid only after completion of 5 years, i.e., after ________

We advise you to continue your policy for the complete tenure to enjoy the complete benefits of this plan.

The approximate surrender value is Rs. 00000 /-.

Surrender request will be registered on the date when we receive the complete documents.

If you still wish to proceed with surrendering your policy, we request you to share the scanned copies of the following documents by writing to us from your registered email id.

1. Surrender request from your registered email ID mentioning the policy number and reason for surrender
2. Cancelled cheque copy / bank statement with pre-printed account holder name, account number and IFSC code
3. Copy of PAN card

On receipt of the complete set of these documents, your request to surrender the policy shall be processed within 7 calendar days.

If auto-debit is active on your policy, it will be cancelled simultaneously along with the policy.

Customer wants to surrender – ULIP Policies that completed 5 yrs

We regret that you have opted to surrender your policy and it must have been a tough decision.

Unit linked policies are long term investments. You will get good returns only when you have invested for at least 8-10 years.

Staying invested in your life insurance policy keeps you and your family protected from any unforeseen circumstances.

You also have an option of partially withdrawing your money after first 5 policy years. The maximum amount of partial withdrawal allowed in any policy year is 20% of the fund value at the beginning of that policy year.

The approximate Partial Withdrawal value is Rs. 00000/-.

We advise you to continue your policy for the complete tenure to enjoy the complete benefits of this plan.

The approximate surrender value is Rs. 00000/-.

Surrender request will be registered on the date when we will receive the complete documents.

If you still wish to proceed with surrendering your policy, we request you to share the scanned copies of the following documents by writing to us from your registered email id.

1. Surrender request from your registered email ID mentioning the policy number and reason for surrender
2. Cancelled cheque copy / bank statement with pre-printed account holder name, account number and IFSC code
3. Copy of your PAN card

On receipt of the complete set of these documents, your request to surrender the policy shall be processed within 7 calendar days.

Requests received up to 3:00 p.m. on a market day will be considered for the same-day NAV otherwise next available NAV day, while requests received after 3:00 p.m. will be processed at the next market day’s NAV.

Banca sales complaints

Below is the process that would be followed for Banca sales complaints whether received within the FL period or beyond the FL period -

1. )  Complaints should only be directed to Bandhan Life employees and not Bandhan Bank employees.
2. )  The Booking Report should be reviewed for the RM and CM names. An email will be sent for retention purposes to all individuals in the hierarchy above the RM, as well as to Indranil Dutta.
3. )  If the RM and CM names are not found in the Booking Report, an email will be sent to the respective SPOC, with ZBH copied, in accordance with the Zone list provided below, to obtain the RM and CM names.

Points to remember for Surrender / FLC of Rider

• A customer (ALI & FFA) can place this request at the CAMS office, by approaching the HO or by writing to customer care. CAMS & HO will be the last option to be shared with customer only in rare scenarios where customer is not tech savvy. First, we will always promote online option i.e customer will write to us on customer.care@Bandhanlife.com
• Always refer to get quote option in ops console to check if customer is eligible for value or no

• Head Office - The customer can courier duly signed request letter or form along with a copy of ID proof to the Head Office. Policy Servicing executive creates a request in Ops console post verifying the documents received.

• CAMS - Duly signed request letter (Blank paper consent) along with ID proof to be submitted by the customer if request placed at the CAMS service center or if documents couriered to HO / CAMS. The CAMS executive creates a request in ops console by attaching all the documents provided by the customer post verification.
• Customer Care - A formal surrender request from your registered email ID, including your policy number and the reason for surrender to customer.care@Bandhanlife.com

• The customer care executive creates a request in ops console by attaching all the documents provided by the customer post verification.
• If a customer writes from non-registered email id, then emails executive will either, ask the customer to write again from his registered email id or educate the customer with the process to update his email id
• Sub-process for email id updation: The customer is asked to provide a copy of his address /id proof for email id updation. Once these documents are received a request for email id update is created in ops console.
• Agent should attempt retention informing cm that he is not eligible for any surrender value so he can continue with rider to enjoy its benefits. Agent initiates Rider FLC if request is received within 30 days from rider issuance or Rider Surrender if request is received after 30 days from rider issuance date.
• The case reasons is “Rider Freelook” for rider FLC and “Rider Surrender” for rider surrender under Sub case type: Payout in ops console
• Rider status remains in “FLC initiated, or Surrender initiated” for 3 days from the date of request initiation by checker.
• After retention period is over rider is cancelled, and FLC payout is released to the customer.
• Rider FLC period should be calculated from rider addition date

• Communication - Acknowledgment, confirmation and rejection communication is sent to the customer through all available modes.
• Communication sent through AWS is available to view in “Communication logs” on Ops console.

Drafts Section

Customer wants to know rider deletion (surrender) process – Value is not applicable:

Dear XXX,

Thank you for writing to us.

This is with reference to your email dated XXX, with regards to <Plan Name> <Policy Number>.

We are sorry to hear that you have considered surrendering your <Rider Name>.

Please note that upon surrendering your rider you are not eligible for any value. If you would still like to proceed with the surrender, we kindly request that you to provide the following from your registered email address:

• A formal surrender request from your registered email ID, including your policy number and the reason for surrender

Upon receiving your consent, we will process your rider surrender request within 7 calendar days.

You will also be notified when a request is raised as well as processed from our end.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your Aadhar linked registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging:

• Case Category: Post-Issuance
• Case Reason: Process Enquiry_Post-Issuance
• Sub Case reason: Rider Related

When rider deletion (surrender) request is raised:

Dear XXX,

Thank you for writing to us.

This is with reference to your email dated XXX, with regards to <Plan Name> <Policy Number>.

We would like to inform you that we have registered your request for rider deletion. The request shall be processed within 7 calendar days.

The request reference number is SR-XXXXXX-XXXXX.

You will be notified upon the successful processing of your request.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your Aadhar linked registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging:

• Case Category: Post-Issuance
• Case Reason: Request_Post-Issuance
• Sub Case reason: Rider Related

Customer wants to know rider FLC process within FLC period – Value applicable:

Dear XXX,

Thank you for writing to us.

This is with reference to your email dated XXX, with regards to <Plan Name> <Policy Number>.

We are sorry to hear that you are considering to freelook your <Rider Name>.

The estimated freelook cancellation value of your rider is Rs. [00000]. If you would like to proceed with the cancellation, we kindly request that you provide the following documents from your registered email address:

• A formal surrender request from your registered email ID, including your policy number and the reason for surrender or duly signed request letter

• A copy of a canceled cheque or a recent bank statement showing your name, account number, and IFSC code (To be mentioned if NEFT not updated)
• Aadhar Card (To be mentioned if NEFT not updated)

We would like to inform you that below mentioned bank details are updated in our records and your payout would be released in same: (If NEFT is already updated in our records)

• Account Holder: _____
• Account Number: ______
• Bank Name: _______
• IFSC Code: ______

Upon receiving all the necessary documents, we will process your rider surrender request along with refund of surrender value within 7 calendar days.

You will also be notified when a request is raised as well as processed from our end.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your Aadhar linked registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging:

• Case Category: Post-Issuance
• Case Reason: Process Enquiry_Post-Issuance
• Sub Case reason: Rider Related

Customer wants to know rider FLC process outside FLC period:

Dear XXX,

Thank you for writing to us.

This is with reference to your email dated XXX, with regards to <Plan Name> <Policy Number>.

Please be aware that, according to the terms and conditions of your rider, you had a freelook period of XXX days starting from XXXXX. Since this period has now expired, we are unable to process your cancellation request.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your Aadhar linked registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging:

• Case Category: Post-Issuance
• Case Reason: Process Enquiry_Post-Issuance
• Sub Case reason: Rider Related

When rider FLC request is raised:

Dear XXX,

Thank you for writing to us.

This is with reference to your email dated XXX, with regards to <Plan Name> <Policy Number>.

While we regret your decision to cancel the policy, we respect your choice and have registered your free-look cancellation request. The process will be completed within 7 calendar days, and we will notify you once it is finalized.

Your request reference number is SR-XXXXXX-XXXXX. The estimated cancellation amount is Rs. [00000]. (Mention where applicable)

We would love to assist you further, so our team will be reaching out to discuss your request and explore any additional support we can offer.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your Aadhar linked registered contact number to access your policy details and make the required changes.

Regards,

Customer Service

Bandhan Life Insurance Limited

Kapture Tagging:

• Case Category: Post-Issuance
• Case Reason: Request_Post-Issuance
• Sub Case reason: Rider Related

Request Section

Steps to raise rider surrender request

Step 1: Open ops console version 2 and select request module under quick links.

Step 2: Enter policy number for which request needs to be raised and click on search.

Step 3: Create service request and select fields as per the below snapshot. Be very mindful when selecting requested on date and time and upload the documents received from customer such as his consent email. Enter your comments and click on submit.

Steps to raise rider freelook request

Step 1: Open ops console version 2 and select request module under quick links.

Step 2: Enter the policy number for which the request needs to be raised and click on search.

Step 3: Create service request and select fields as per the below snapshot. Be very mindful when selecting requested on date and time and upload the documents received from customer such as his consent email. Enter your comments and click on submit.

Freelook Cancellation for Banca Customers

Points to remember:

• Banca customers cannot request freelook cancellation via iAssist; they must submit a manual request to us
• Before sharing the process with customers agent need to first check if the customer is eligible for FLC. Agents should always refer to customers policy document to know about how many days freelook period is applicable on the policy
• To calculate the freelook period, consider the policy acknowledgment date plus 14 or 29 days (T+14 or T+29 days) depending upon freelook period provided to customer.

• Documents required:

• A freelook cancellation request from your registered email ID, including your policy number and the reason for freelook cancellation

• A copy of a canceled cheque or a recent bank statement showing your name, account number, and IFSC code

• FLC for banca request to be raised in ops console version 2. In case if you face any issue while raising request in V2, agent can raise it in ops console version 1 along with the error screenshot of V2 error
• If a customer contacts us after the freelook cancellation period has expired, we cannot process their request. In case of escalations or any exceptions need to check with Senior manager grievance. Agents will share the details with TL and TL will highlight it to Senior manager grievance.  
• Frontline agents should inform customers on call since when his freelook period has started (Policy Document Acknowledgment Date) and how many days freelook period is applicable on the policy (mentioned in policy document)
• NEFT details are mandatory to process FLC refund as back to source is not possible for banca customers
• TAT to process request is of 7 calendar days

• When customer approaches us to know process about FLC. Agent can inform the amount to customer which you get after clicking on “Get quote” in ops console. Please check for deductions as well and accordingly inform to customer. Below is the snapshot for your reference.

• If the policy has been sourced by Banca. The agent can check the same in ops console > Sourcing Details > Sourcing RM name: Bandhan Bank Limited.

• Post request how to check deduction charges: Step 1: Open ops console and enter policy number

• Go to Service Request

• Click on Action and FLC quote

• You can see the total amount refunded back to the customer. Along with the deduction in red

Banca customer wants to know FLC process:

Dear XXXX,

Thank you for writing to us.

This is with reference to your email dated XXXXXX, regarding your <Plan Name> <Policy Number>

We are sorry to hear that you are considering cancelling your insurance cover. We genuinely believe that continuing your policy for the full term could offer you greater benefits and long-term value. However, we understand that circumstances may change, and we respect your decision. Please note that your XX days freelook cancellation period has started from <Policy Document Acknowledgment Date>.

The estimated cancellation value of your policy is Rs. [00000]. If you would like to proceed with the cancellation, we request that you provide the following documents from your registered email address:

• A freelook cancellation request from your registered email ID, including your policy number and the reason for freelook cancellation
• A copy of a canceled cheque or a recent bank statement showing your name, account number, and IFSC code

Upon receiving all the necessary documents, we will process your freelook cancellation request along with refund within 7 calendar days.

You will also be notified when a request is raised as well as processed from our end.

If you have any questions or need further assistance, please do not hesitate to reach out. We are here to support you on every step of the way.

Thank you for choosing Bandhan Life Insurance for your insurance needs.

You can also reach us through the following channels:

 

• Chat now on WhatsApp: Click here or just send a Hi on 9867452226.
• Login to our iAssist portal: iAssist with your Aadhar linked registered contact number to access your policy details and make the required changes.

 

Regards,

 

Customer Service

Bandhan Life Insurance Limited

 

Kapture Taggings:

•           Case Category: Post-Issuance

•           Case Reason: Process Enquiry_Post-Issuance

•           Sub Case reason: Freelook

 

Banca / Non Banca - When FLC request is raised:

Dear XXX,

Thank you for writing to us.

This is with reference to your email dated XXX, with regards to <Plan Name> <Policy Number>.

Surrender QRC status

Existing Process

Agent to check when was surrender request raised and when was payout released from our end in FFA.

Documentation:

If it’s been more than 5-7 days post payout has been released from our end then we would require till date bank statement of customer for further investigation

Kapture Tagging

Disposition: Category: Post issuance

Case Reason: QRC status_post issuance

Sub Reason: Surrender

Ticket Status: Resolved

Surrender Request

Existing Process

If customer has shared all surrender documents. Agent can raise surrender and NEFT request (If not updated).

Documentation:

Surrender Request, PAN card, cancelled cheque

Kapture Tagging

Disposition: Category: Post issuance

Case Reason: Request_post issuance

Sub Reason: Surrender

Ticket Status: Resolved

Surrender request for term plan (Surrender value is not applicable)

We have registered a request to surrender your policy. This request will be processed in 7 days and a confirmation will be sent to you.

The request reference number is SR XXXXXXX-XXXXXX

Please be informed that there will be no amount payable on surrendering this policy.

Customer shared surrender documents ( NEFT updated in system)

We acknowledge the receipt of your documents.

 We would like to inform you that, your request to surrender the policy has been registered in our records and it will be processed in 7 days.

The request reference number is SR XXXXXXX-XXXXXX

The estimated surrender value of your policy is Rs. [00000].   (Mention only if applicable)

Please be informed that, your NEFT detail ____­­­­­­_____ is updated in our records.

If auto-debit is active on your policy, it will be cancelled simultaneously along with the policy.

Customer shared surrender documents (If NEFT not updated)

 We acknowledge the receipt of your documents.

We would like to inform you that, request to surrender the policy has been registered in our records and it will be processed in 7 days.

The request reference number is SR XXXXXXX-XXXXXX.

The estimated surrender value of your policy is Rs. [00000].   (Mention only if applicable)

Further, your request to update NEFT details has been registered in our records and it will be processed in 7 days.

The request reference number is SR XXXXXXX-XXXXXX.

If auto-debit is active on your policy, it will be cancelled simultaneously along with the policy.

       Surrender request to be processed after the proposer change is completed in death scenarios.

Note: In cases where the life assured is a minor, the proposer must be a blood relative.

We would like to inform you that the proposer change request needs to be completed before the policy can be surrendered. Please submit the following documents to process this request.

• Written request letter for change of Proposer
• New proposal form duly filled and signed by new proposer
• One passport size photograph of New Proposer
• Copy of scanned cancelled cheque or copy of bank passbook of the new proposer reflecting account number, account holder name, MICR code and IFSC code
• KYC documents (Aadhar card & pan card) of new proposer (self-attested) & previous proposer
• Death certificate of the previous proposer
• Standard Income Proof (Latest 3 month’s salary slip/ITR of 3 years with computation)

Upon receipt of these documents, your request for the proposer change will be processed within 7 days.

Once the proposer change is completed - We have completed your proposer change process. To proceed with the policy surrender, please provide the following documents.

1. Surrender request from your registered email ID mentioning the policy number and reason for surrender
2. Cancelled cheque copy / bank statement with pre-printed account holder name, account number and IFSC code
3. Copy of PAN card

Upon receipt of these documents, your request for surrender will be processed within 7 days