Notice - Kapture Knowledge Management System

Free Look Cancellation for Banca Customers

NOTICE ID : 29698 17 Jun, 2026 13:55 Aegon Super Admin Surrender & Freelook

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 29 days (T+29 days).

Documents required:

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

Bank and PAN details are mandatory. However, if these details are already available in the system, there is no need to request them again from the customer. If not available, the same should be requested from the customer.
FLC for banca must be raised via Ops Console V2. If there are any issues in V2, agents can alternatively raise an H2H request.
If a customer contacts us after the freelook cancellation period has expired, we cannot process the request. In case of escalations or any exceptions need to check with manager. Agents will share the details with TL and TL will highlight it to manager.
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)
TAT to process request is of 7 calendar days

Scenario 1

When a customer approaches us to understand the Free Look Cancellation (for example, what is the freelook process), the agent may inform the customer of the tentative payable amount as reflected after clicking on “Get Quote” in the OPS Console. Before communicating the amount, please ensure that applicable deductions are carefully checked and verified. Accordingly, the accurate amount should be shared with the customer.

Scenario 2

When a customer contacts us stating that they wish to opt for Free Look Cancellation (e.g., “I want to free look this policy”), agent should not explain the Free Look process again, even if it is the first interaction regarding this request. Instead, agent should access the OPS Console and verify whether the customer’s bank and PAN details are available and updated in the system. If the required details are already present, agent should directly raise the Free Look Cancellation request in the system and provide confirmation of the same to the customer.

If the policy has been sourced by Banca (how to Check)

Agent can check the same in ops console > Sourcing Details > Sourcing RM name: Bandhan Bank Limited.

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

Surrender Term, Traditional & Ulip - Banca & Non Banca

NOTICE ID : 41306 17 Jun, 2026 13:19 Aegon Super Admin Surrender & Freelook

Term Plan

Ebao NON-Banca & Banca

Points To Remember:

Scenario / Checkpoint	What to Remember	Action Required
Request Updates	Customer will receive notifications at each stage (request raised & processed)	No action needed; just inform customer proactively
Document Verification	Incomplete or mismatched documents will lead to rejection	Inform customer and request correct documents
Name Mismatch Case	Example: "Santosh Sahoo" vs "Santosh Singh"	Ask for Gazette Certificate / Marriage Certificate
Backend Completion	Surrender & auto-debit deactivation confirmation	Communication will be triggered automatically
Premium Due (Within 7 Days)	Premium may still get debited	Guide customer to request excess premium refund via Ops Console
PAN Not Shared but Available in Records (Applicable for Term, TRAD & ULIP)	If PAN copy is not provided but PAN number is already updated in system records, the surrender request should not be rejected	Proceed with raising and processing the surrender request
PAN Not Updated in Records (Applicable for Term, TRAD & ULIP)	PAN is mandatory for processing surrender requests if not available in system records	Proactively request PAN details from the customer and raise a parallel PAN update request
Surrender Request with PAN & NEFT Not Updated (Applicable for Term, TRAD & ULIP)	Customer approaches for surrender, but PAN and/or NEFT details are not updated in records	Simultaneously raise parallel requests for PAN update and NEFT detail update along with the surrender request to avoid delays

EBAO (Term Plan) Non-Banca Surrender Process:

Parameter	Details
Policy Type	EBAO (Term Plan) Non-Banca
Process	Submit surrender request via registered email ID
Documents	1. Surrender request from registered email ID mentioning policy number and reason for surrender.
	2. Copy of cancelled cheque or recent bank statement with customer name, account number, and IFSC code.
	3. Copy of PAN card.
Agent Checks	Verify policy document for surrender eligibility; Check surrender amount in OPS console or 360
Auto-Debit Handling	BBPS: Customer to coordinate with bank for deactivation.
	UPI: Customer to deactivate from their end.
	PolicyBazaar (CCSI/SI): Manual deactivation request to be raised.

EBAO (Term Plan) Banca Surrender Process:

Parameter	Details
Policy Type	EBAO (Term Plan) - Banca
Surrender Eligibility	Surrender value shall become applicable/payable only after completion of the first policy year
Documents	1. Surrender request from registered email ID mentioning policy number and reason for surrender.
	2. Copy of cancelled cheque or recent bank statement with customer name, account number, and IFSC code.
	3. Copy of PAN card.
Agent Checks	Verify policy document for surrender eligibility; Check surrender amount in OPS console or 360
Auto-Debit (Bandhan mandate)	If auto-debit facility is active on the policy, it will be automatically cancelled upon processing the surrender request
TAT	7 calendar days from receipt of complete documents

FFA (Term Plan) Surrender Process:

Parameter	Details
Policy Type	FFA (Term Policy)
Surrender Process	Submit surrender request via registered email ID
Surrender Value	Term policies are not eligible for surrender value
Agent Checks	• Verify policy document for surrender eligibility
Agent Checks	• Check the get Quote option in OPS Console /360 for Surrender Value if reflecting agent needs to raise request
Points to Remember	• If premiums are unpaid, policy will lapse automatically
	• If customer doesn’t wish to continue, take consent for auto-debit deactivation
	• Auto-debit deactivation completed within 7 calendar days
	• Confirmation communication will be triggered post processing

ULIP

Points To Remember:

Scenario	Guidance
Within Lock-in Period (5 years)	Share full surrender process
	Inform surrender value (approx.), TAT, and lock-in details
	Amount will be paid only after lock-in completion
Post Lock-in Period	Share surrender process, surrender value & TAT
Post Lock-in Period	Amount processed as per current fund value
Customer Communication	Clearly explain payout timelines
	Inform reason in case of rejection
	Guide on required documents if mismatch

ULIP Policy - Surrender Process

Parameter	Details
Policy Type	ULIP (Unit Linked Insurance Plan)
Process	Submit surrender request via registered email ID
Documents Required	1. Surrender request from registered email ID mentioning policy number & reason
	2. Cancelled cheque (with name) or latest bank statement (A/c no., Name, IFSC, MICR)
	3. PAN card copy
Agent Checks	Verify policy details in Ops Console
	Check lock-in period (5 years)
	Confirm surrender value (approx.)
	Verify bank details availability
Surrender Tagging	Request → Surrender (Transform Request)
TAT	7 calendar days
NAV Applicability	Requests received before 3:00 PM (market day) → Same day NAV
	Requests after 3:00 PM → Next market day NAV
Payout Rule	Surrender value = Fund value as on date of complete request
	Amount credited post processing
Bank Details Handling	If already updated → No new NEFT required
	If not / mismatch → Request updated bank proof
Rejection Scenarios	Incomplete documents
	Details mismatch (e.g., name mismatch)
Mismatch Handling	Example: “Santosh Sahoo” vs “Santosh Singh” → Reject
	Ask for supporting docs (Gazette / Marriage Certificate)

Auto-Debit Handling

Mode	Action / Handling
BBPS	Customer to coordinate with the bank for deactivation
UPI Auto-debit	Customer to deactivate from their end
PolicyBazaar (CCSI/SI)	Raise manual request for deactivation
Important Scenario	If due date falls within 7 days of deactivation request, premium may still get debited → Guide customer to request excess premium refund via Ops Console
Communication	Confirmation will be triggered once surrender + auto-debit deactivation is completed

Traditional

Points to Remember:

Scenario	Guidance
Customer Intent	Share complete surrender process along with approx. surrender value and TAT
Eligibility Check	Must verify policy eligibility before proceeding
Early Surrender Impact	Inform customer that losses may be high and payout may be lower than premiums paid
Pre-Check in FFA	Always check surrender value in FFA before sharing process or raising request
Rejection Scenarios	• Incomplete documents
	• Details mismatch
Mismatch Example	“Santosh Sahoo” vs “Santosh Singh” → Request will be rejected
Mismatch Handling	Ask for Gazette Certificate / Marriage Certificate (if applicable)
Customer Communication	Clearly inform reason in case of rejection and guide on required documents

Traditional - Surrender Process

Parameter	Details
Policy Type	Traditional Savings Plan
Process	Submit surrender request via registered email ID
Documents Required	1. Surrender request from registered email ID (policy number & reason)
	2. Cancelled cheque / bank statement (Name, A/c no., IFSC)
	3. PAN card copy
Agent Checks	Verify surrender eligibility in policy document
	Check surrender value in FFA before proceeding
	Confirm approximate payout
TAT	7 calendar days
Payout Rule	Surrender value may be lower than total premium paid if policy is surrendered before full term

Auto-Debit Handling

Mode	Action / Handling
BBPS	Customer to coordinate with the bank for deactivation
UPI Auto-debit	Customer to deactivate from the end
PolicyBazaar (CCSI/SI)	Raise manual request for deactivation
Important Scenario	If due date falls within 7 days of deactivation request, premium may still get debited → Guide customer to request excess premium refund via Ops Console
Communication	Confirmation will be triggered once surrender + auto-debit deactivation is completed

Surrender Request & Status Handling

Parameter	Details
Surrender Request Process	Ensure all required documents are received
	Raise Surrender Request
	Raise NEFT request if bank details are not updated
Turnaround Time (TAT)	7 calendar days

Surrender Status Tracking

Stage	Agent Action / Communication
Request Raised	Inform customer: “Your request was registered on (XXX date) and is currently under process.”
In Process	Inform: “The request will be processed within 7 calendar days.”
Payout	Inform: “The applicable amount will be credited to your registered bank account.

Payout Verification

Payout Mode	Verification Steps
NEFT	Check surrender request date in Ops Console/360
NEFT	Verify payout release date in Ops Console/360
Cheque	Check surrender request date in Ops Console/360
Cheque	Verify payout dispatch/release date in Ops Console/360

Payout Not Received - Investigation Handling

Scenario	Action Required
NEFT (Not Received)	If 48-72 hours post payout release
NEFT (Not Received)	Ask customer to share bank statement (till current date) via registered email
Cheque (Not Received)	If 5-7 days post payout release
Cheque (Not Received)	Raise H2H request for further investigation
Update Timeline	Team will share update within 24-48 hours

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

NOTICE ID : 39480 16 Jun, 2026 18:28 Aegon Super Admin Surrender & Freelook

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

Points To Remember:

Where the life assured is a minor, the proposer must be a blood relative.
Proposer change request needs to be completed before the policy can be surrendered.
Below is the list of required documents:

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 calendar days.

Once the proposer change request is completed

To proceed with the policy surrender, please provide the following documents.

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

Upon receipt of these documents, your request to surrender will be processed within 7 calendar days.

Rider Surrender

NOTICE ID : 39479 16 Jun, 2026 18:26 Aegon Super Admin Surrender & Freelook

Rider Surrender

Points To Remember:

Sr. No.	Point	Details
1	Rider Surrender Request	Customer may request to surrender the rider added to the policy
2	Inbuilt Riders	Inbuilt riders are not eligible for surrender
3	Request Channels	Customer (ALI & FFA) can place request via Customer Care, HO, or CAMS (HO & CAMS only for non-tech-savvy customers)
4	Preferred Mode	Always promote online option – request via registered email ID to customer.care@bandhanlife.com
5	Eligibility Check	Always check surrender value eligibility using “Get Quote” in Ops Console
6	HO Process	Customer to courier signed request letter/form with ID proof; request raised post verification
7	CAMS Process	Customer submits signed request (blank paper consent) with ID proof; CAMS raises request post verification
8	Customer Care Process	Customer sends request from registered email ID with policy number & reason; request raised post verification
9	Non-Registered Email	Ask customer to resend request from registered email ID
10	Retention Attempt	Agent should attempt retention by explaining benefits / non-eligibility of surrender value (if applicable)
11	Request Timeline	Rider surrender allowed only after 30 days from rider issuance date
12	Case Tagging	Case Reason: Rider Surrender; Sub Case Type: Payout (in Ops Console)
13	Status Timeline	Rider status remains “Surrender Initiated” for 3 days post checker initiation
14	Customer Communication	Acknowledgment, confirmation & rejection shared via all available modes
15	Communication Logs	AWS communications can be viewed under “Communication Logs” in Ops Console

Freelook process note for Non Banca

NOTICE ID : 21569 02 Jun, 2026 10:36 Aegon Super Admin Surrender & Freelook

Freelook process note for Non Banca:

When customer approaches for freelook cancellation of his policy, they must submit a manual request to us at customer.care@bandhanlife.com with policy number and reason for freelook the policy along with the following documents:

A freelook cancellation request from your registered email ID, including your policy number and the reason for freelook cancellation
A copy of a cancelled cheque or a recent bank statement showing your name, account number, and IFSC code (If not available in the system)
Copy of Pan card (If not available in the system)

Important point:

Agents are required to select “Back to Source” while raising a request if the payment has been received from the below vendor codes:

PhonePe
Razorpay
Policy Bazaar

In this scenario, NEFT should not be selected while raising the request.
NEFT details will still need to be obtained from the customer in case there is a failure in the penny drop while processing the Back to Source request.
FLC request should be created even if PAN is not provided. PAN is good to have document for Re-KYC but FLC should not be stopped in its absence
In BTS cases even if NEFT is not available, Agent will raise FLC request and parallelly ask for Bank Details from customer.
There should not be any retention mail because it is happening by POS team

Documents Required if you are writing to customer care email ID:

Consent from registered email address
A copy of a cancelled cheque or a recent bank statement showing your name, account number, and IFSC code (If not available in the system)
Copy of Pan card (If not available in the system)
Self -attested KYC documents if customer write us from unregistered email address : Click here to view acceptable KYC document.

Documents Required if you are visiting service centre:

A Request form* Download
A cancelled cheque or latest bank statement (with your complete name, account number and IFSC printed on it)
KYC document: Click here to view acceptable KYC documents

Banca sales complaints FL

NOTICE ID : 23214 21 Mar, 2025 23:44 Aegon Super Admin Surrender & Freelook

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 -

) Complaints should only be directed to Bandhan Life employees and not Bandhan Bank employees.
) 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.
) 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.

Zone	ZBH	SPOC
East 1	Soumava Dey	Avisek Ghosh/ Awinash Bhagat
East 2	Soumava Dey	Avisek Ghosh/ Awinash Bhagat
Suru	Nirjhar Saha	Avisek Ghosh/ Awinash Bhagat
North	Akash Pandey	Rani Tomar
South	Rajesh Pandey	NA
West	Rajesh Pandey	NA

4) Once the requested information is received, an email will be sent for retention purposes to all individuals in the hierarchy above the RM, as well as to Indranil Dutta.