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I hereby notify you of my decision to terminate the contract relating to the Lic Jeevan Labh service.
This notification constitutes a firm, clear and unequivocal intention to cancel the contract, effective at the earliest possible date or in accordance with the applicable contractual period.
Please take all necessary measures to:
– cease all billing from the effective date of cancellation;
– confirm in writing the proper processing of this request;
– and, if applicable, send me the final statement or balance confirmation.
This cancellation is addressed to you by certified e-mail. The sending, timestamping and content integrity are established, making it a probative document meeting electronic proof requirements. You therefore have all the necessary elements to proceed with regular processing of this cancellation, in accordance with applicable principles regarding written notification and contractual freedom.
In accordance with personal data protection rules, I also request:
– deletion of all my data not necessary for your legal or accounting obligations;
– closure of any associated personal account;
– and confirmation of actual data deletion according to applicable privacy rights.
I retain a complete copy of this notification as well as proof of sending.
Important warning regarding service limitations
In the interest of transparency and prevention, it is essential to recall the inherent limitations of any dematerialized sending service, even when timestamped, tracked and certified. Guarantees relate to sending and technical proof, but never to the recipient's behavior, diligence or decisions.
Please note, Postclic cannot:
- guarantee that the recipient receives, opens or becomes aware of your e-mail.
- guarantee that the recipient processes, accepts or executes your request.
- guarantee the accuracy or completeness of content written by the user.
- guarantee the validity of an incorrect or outdated address.
- prevent the recipient from contesting the legal scope of the mail.
Cancellation Lic Jeevan Labh: Step-by-Step Process
What is Lic Jeevan Labh
LIC Jeevan Labh is an individual, non-linked, participating endowment assurance plan offered by Life Insurance Corporation of India that combines life cover with a savings component. The policy pays a lump-sum benefit on survival to maturity (maturity benefit) and provides a death benefit while the policy is in force; it participates in bonuses declared by LIC.
This guide explains how to cancel or surrender the policy and what to expect from a Canadian policyholder’s perspective when dealing with an Indian insurer.
How to cancel Lic Jeevan Labh
- Check the 15‑day free‑look (cooling‑off) period: if you are within 15 days of receiving the policy document, you can cancel under free‑look - cancellation requests must be in writing and sent with the original policy document and reason for cancellation.
- If outside the free‑look, decide whether you are surrendering (after at least two full years’ premiums) or allowing the policy to lapse by non‑payment; surrender requires a formal surrender/discharge form and supporting documents.
- Complete the insurer’s prescribed form (surrender/discharge or cancellation letter), sign it, and attach required documents such as the original policy bond, ID, bank details, and proof of premiums paid.
- Send the completed paperwork by registered post with acknowledgement (for example, raccomandata A/R) to the insurer’s office to create delivery confirmation; the often-used address is the LIC head office in Mumbai (see Address section below).
- Keep copies of everything and note the registered post acknowledgment number; follow up with the branch or LIC contact if you do not receive a confirmation within a reasonable time.
What happens when you cancel
If you cancel within the 15‑day free‑look, the policy is treated as void from inception and a refund is processed after permitted deductions. If you stop paying premiums and do not meet paid‑up requirements, the policy will lapse and the life cover and future bonuses cease. If at least two years’ premiums have been paid, the policy may become paid‑up (reduced sum assured proportionate to premiums paid) when premiums stop, or you may surrender the policy and receive a surrender value depending on the policy terms.
Will I get a refund?
Refund rules differ by timing. During the 15‑day free‑look, LIC refunds the premium paid less proportionate risk premium for the period of cover, any medical examination costs, stamp duty and other applicable deductions. There is no automatic Canadian statutory “14‑day right to refund” that applies to this India‑issued product; the LIC free‑look is the relevant window. If you surrender after at least two years’ premiums have been paid, you are eligible for a surrender value - commonly the higher of a Guaranteed Surrender Value (GSV) or a Special Surrender Value (SSV) as per the policy terms. If the policy lapses before two years’ premiums have been paid, typically there is no surrender refund and no benefits are payable.
Lic Jeevan Labh plans and pricing
| Plan/Variant | Sum Assured | Premium (INR) | Notes |
|---|---|---|---|
| Jeevan Labh (standard) | Varies | Varies | Premiums, modes and tax depend on term and sum assured; available figures are in INR and must be converted to CAD as needed. |
| Examples reported by users | Varies | Varies | Publicly shared examples exist (INR figures) but no official CAD pricing is provided here. |
Your consumer rights in Canada
As a Canadian resident purchasing or holding an India‑issued LIC policy, Canadian consumer protection statutes (such as statutory cooling‑off periods that might apply to domestic products) do not automatically impose a 14‑day refund right on LIC India. The relevant contractual and regulatory rights are those provided by LIC - notably the 15‑day free‑look period. In practice you should rely on the policy terms and LIC’s published procedures for cancellations, surrenders, grace periods and paid‑up provisions. Be aware that submitting documents and asserting rights will involve dealing with an Indian insurer and Indian processes, including branch‑level requirements and Indian postal delivery.
Customer experiences
Reported experiences are mixed. Some policyholders note competitive long‑term returns (examples around ~8% have been mentioned by users) and tax‑favoured maturity benefits in the Indian tax context. Conversely, many consumers report poor value if the policy is surrendered early - anecdotal accounts cite receiving only about 30% of premiums paid if surrendered in early years. Others describe friction in administrative tasks: in‑branch requirements, limited online servicing for some changes, and delays when surrendering or updating records. These reports reflect user‑shared experiences and can vary by branch, timing and policy particulars; official surrender and refund figures are determined by LIC’s rules in the policy document.
Documentation checklist
- Original policy document / bond (mandatory)
- Completed surrender/discharge form or written cancellation request (signed)
- Identification (government photo ID, proof of address)
- Bank account details and cancelled cheque or bank statement (for refund credit)
- Proof of premium payments (receipts) if available
- Any discharge voucher or nomination form (if applicable)
Common mistakes
One frequent mistake is missing the 15‑day free‑look window or assuming a Canadian 14‑day consumer refund right applies; this can lead to forfeiting the most favourable refund option. Another common issue is surrendering very early in the policy expecting a large refund - early surrender values are typically small relative to cumulative premiums because initial premiums are used to cover commissions and expenses. Administrative errors such as not sending the original policy, failing to use registered post, or not including correct bank details can delay processing. Example: a policyholder who mailed photocopies instead of the original policy or used ordinary mail without acknowledgement may face extended processing times or rejection.
Comparative recap
| Method | Refund | Difficulty |
|---|---|---|
| 15‑day free‑look cancellation | Premium refunded minus proportionate risk premium, medical exam costs, stamp duty and authorized deductions | Low - requires timely notice and return of original policy |
| Non‑payment before 2 years (lapse) | No refund / no benefits (policy lapses) | Low - happens by inaction but results in loss of benefits |
| Surrender after ≥2 years | Surrender value (greater of Guaranteed Surrender Value or Special Surrender Value, per policy) | Moderate - requires formal surrender process and documentation |
After cancelling
After you submit a cancellation or surrender request by registered post, retain the acknowledgement and follow up with the receiving branch or LIC office if you don’t receive confirmation within a reasonable timeline. For reference on policy details and procedural descriptions see the LIC Jeevan Labh overview (insurancehand1340) and a summary of surrender value mechanics (bigsip.in). If you need to escalate, ask the branch for the grievance redressal or principal office contact; consider consulting a financial adviser familiar with cross‑border insurance matters or a legal advisor for complex disputes.
Address
Send cancellation/surrender correspondence by registered post with acknowledgment (raccomandata A/R) to:
Life Insurance Corporation of India
Yogakshema Building, Jeevan Bima Marg
P.O. Box No. 19953, Mumbai - 400 021, India