Procedure for cancelling my Reliance Life Insurance...?

Question

Hi all,

I have a Reliance Life Insurance policy (Market Return Plan). Its one year old insurance.The yearly primium is Rs. 30,000/-. Now I want to discontinue with this policy. So can anybody tell me the procedure for this & how much money i will get back from this cancellation.

please let me know more info about this.

shrinivas.

Answer 1

if u surrender a policy Within first 3 years or 4 years (based on company ), you will ge tonly less amount, as most of them will go for commission.

better cancel after 3 or 4 years (read the policy term for more detail)

visit http://www.outlookmoney.com for details

visit http://www.mouthshut.com for reviews of all products.

Answer 2

Possibly like other companies- You must send a letter to the company letting them know that you are canceling your policy. Once they receive it, it could take up to 6 months before you receive cash value, if any, in the policy.

Check terms of cancellation in your policy. But if you follow the above, you will do well.