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I hereby notify you of my decision to terminate the contract relating to the Lic 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- guarantee the validity of an incorrect or outdated address.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: Easy Method
What is Lic
Definition
Lic (Life Insurance Corporation of India) is the state-owned life insurer that issues life insurance policies across India. It offers a wide range of plans including endowment, term, and ULIPs designed to provide life cover, savings and maturity benefits.
Scope
Lic policies are legally binding insurance contracts governed by the policy document and IRDAI regulations. Cancellation rules differ by how the policy or purchase was made (branch/web/app stores) and by timing (free-look, lock-in, surrender).
How to cancel Lic
Cancel via App Store (iOS)
- Open Settings on your iPhone and tap your Apple ID name.
- Go to Subscriptions, find the LIC in-app purchase, and tap Cancel Subscription.
- Note: LIC’s free-look or surrender provisions do not apply to App Store in-app purchases; follow Apple’s refund and cancellation policies.
Cancel via Google Play Store (Android)
- Open the Google Play Store app, tap your profile, then Payments & subscriptions > Subscriptions.
- Select the LIC app subscription and tap Cancel subscription.
- LIC cannot process Play Store cancellations or refunds for app-based purchases; these are handled by Google Play policies.
Cancel via LIC branch / web / policy documents
- For a new LIC policy issued by branch or online, exercise the statutory free-look within 30 days of receipt of the policy document.
- To surrender a policy after the lock-in period, visit your home branch with required documents and submit a surrender request for processing.
- Contact your LIC branch if you need assistance with forms, signatures, or clarification on deductions and surrender value.
What happens when you cancel
Immediate effects
During the free-look period a cancellation invalidates the policy and ends cover from inception. Any claim benefits cease immediately on cancellation.
Policy status and record
After surrender or cancellation the policy is closed in LIC records. Keep the cancellation acknowledgement and transaction receipts for future reference and dispute resolution.
Renewal and reinstatement
Cancelled policies cannot be renewed; some policies can be reinstated only if LIC permits and subject to underwriting and payment of outstanding premiums and interest.
Will I get a refund?
Free-look period refund
If you cancel within the 30-day free-look, LIC refunds the premium after deducting proportionate risk premium, medical examination costs (if any), and stamp duty. Insurers must process this refund within 7 days.
Surrender after lock-in period
After the mandatory lock-in (generally 2 or more years) a surrender value is payable, typically around 30% of premiums paid for early years, subject to plan terms.
Refund for remaining policy term
In certain cases (for example short-term policies or where IRDAI rules apply) a pro‑rata refund of unexpired premium may be required. This depends on product terms and regulatory conditions and may require insurer discretion and notice.
Lic plans and pricing
Pricing summary
The table below shows sample premium illustrations from LIC plan examples and third‑party calculators. Premiums vary by age, term, sum assured, health and mode of payment.
Notes on samples
The prices are illustrative samples drawn from published examples and calculators covering 2024 - 2025. For exact premium quotes contact LIC or use the official LIC premium calculator.
| Plan | Price | Period | Features |
|---|---|---|---|
| LIC New Endowment Plan (Table No. 714) - age 25, term 20, SA ₹2,00,000 | ₹8,369 | Annual | Standard life, exclusive of taxes |
| LIC New Endowment Plan (Table No. 714) - age 35, term 20, SA ₹2,00,000 | ₹5,949 | Annual | Standard lives, exclusive of taxes |
| LIC New Endowment Plan (Table No. 714) - age 15, term 20, SA ₹2,00,000 | ₹14,543 | Annual | Standard lives, exclusive of taxes |
| LIC New Endowment Plan (Turtlemint example) - age 30, term 25, SA ₹5,00,000 | ₹9,968 | Annual | Healthy, non-smoking male; excludes rebates and taxes |
| LIC calculator example (BankBazaar) - age 38, term 20, SA ₹10,00,000 | ₹4,250 | Monthly | Illustrative via LIC premium calculator |
Your consumer rights in India
Free-look right
You have a statutory right to return a newly issued LIC policy within 30 days of receipt and receive a refund after permitted deductions. This period was extended from 15 days by IRDAI.
Surrender value and lock-in
Surrender values are payable after the lock-in period (commonly after 2 years) and are governed by policy terms. There is generally no refund during the first year.
Grievance and escalation
If dissatisfied you can escalate to the insurer’s grievance cell, file a complaint with IRDAI’s grievance redressal, or approach the Insurance Ombudsman or consumer courts for unresolved disputes.
Customer experiences
Positive experiences
- Some policyholders report prompt processing of survival benefit and maturity claims when branch staff acted quickly.
- Remote document uploads have enabled smooth claim settlement in several reported cases.
Negative experiences
- Customers report app/site issues such as slow or failed OTPs and login problems that complicate online tasks.
- Surrender procedures can be time-consuming, require home branch visits, and produce lower-than-expected surrender values (around ~30% early on).
- Complaints exist about mis-selling and agent pressure for certain products with long lock-in and modest returns.
Documentation checklist
Documents for free-look cancellation
- Original policy document (policy bond) or electronic copy of the policy schedule.
- A written request or free-look cancellation letter signed by the policyholder.
Documents for surrender or closure
- Original policy document, KYC/identity proof, and address proof.
- Bank account details and cancelled cheque or bank mandate for refund credit.
- Filled surrender/discharge form as provided by the LIC branch and nominee signatures if applicable.
Common mistakes
Wrong cancellation route
Attempting to cancel an in-app purchase via LIC branch rather than through Apple or Google leads to delays. For app-store purchases use the respective store account.
Expecting full refunds early
Many policyholders expect full refunds on surrender within early years. Policies often carry heavy deductions initially; surrender value is typically low in the first few years.
Not using the home branch
Trying to process surrender at a non-home branch or without required KYC can cause repeated trips and delays. Update records before requesting closure if possible.
Comparative recap
Methods compared
The table below summarizes common cancellation routes, refund likelihood, and key notes to choose the correct process for your situation.
How to decide
Use the method that matches how you purchased the policy (App Store, Play Store, branch/web). For contractual policy cancellations rely on LIC branch procedures and free-look rules.
| Method | How to cancel | Typical refund outcome | Key notes |
|---|---|---|---|
| App Store (iOS) | Cancel via your Apple ID > Subscriptions | No LIC free-look refund for in-app purchases; follow Apple refund rules | LIC cannot process App Store cancellations; use Apple support for disputes |
| Google Play Store (Android) | Cancel via Google Play > Subscriptions | No LIC free-look refund for Play Store purchases; follow Google refund rules | LIC cannot directly cancel Play Store purchases |
| Web / Branch policy (standard LIC issue) | Submit free-look request within 30 days or surrender form at branch | Free-look: refund minus risk premium/medical/stamp duty; Surrender: surrender value after lock-in (~30% early) | Branch processes statutory refunds within specified timelines; keep receipts |
After cancelling
Immediate actions
Obtain written acknowledgement of cancellation and any refund transaction reference. Keep copies of all documents and communication for record and possible escalation.
Follow-up and alternatives
If you still need life cover, compare alternatives before buying again. If refund is delayed or disputed, escalate to LIC grievance cell or IRDAI grievance redressal channels.
Address
Central Office
Life Insurance Corporation of India, Central Office, 'Yogakshema', Jeevan Bima Marg, Nariman Point, Mumbai 400021, India.
Branch locator
For branch-level cancellation and surrender procedures contact your LIC home branch directly or visit the LIC branch nearest you for in-person assistance.