Cancel Lic (Life Insurance Corporation): Easy Method

What is Lic (Life Insurance Corporation)

Overview

LIC typically refers to Life Insurance Corporation, a large Indian life insurer, but there is no evidence that Life Insurance Corporation offers life insurance products in New Zealand under that name.

In New Zealand the acronym LIC more commonly refers to the Livestock Improvement Corporation, a dairy co‑operative, which is not an insurer.

Name confusion and relevance in New Zealand

Because of the name collision, any reference to "LIC" in New Zealand should be checked: is it LIC India (insurer) or LIC New Zealand (dairy co‑op)?

This guide focuses on cancellation guidance relevant to life insurance customers who believe they have a policy linked to "LIC", and explains local NZ expectations and steps.

How to cancel Lic (Life Insurance Corporation)

Who to contact first

Start by identifying the actual issuer: the insurer named on your policy schedule or the broker who sold the cover.

If the policy documentation shows an overseas insurer (e.g. Life Insurance Corporation of India) contact them or your broker for confirmation of cancellation routes.

Step-by-step cancellation steps

• Locate your policy document and policy number; note the start date and any cooling-off/free-look expiry.
• Contact the insurer or broker by phone and request cancellation instructions; follow up in writing (email or registered post).
• If within the cooling-off/free-look period, explicitly state you are exercising your right to cancel and request a full refund.
• If cancellation is after cooling-off, request details of surrender value, any fees, and effective cancellation date.
• Keep copies of all communications, request written confirmation of cancellation and any refund timetable.

What happens when you cancel

Policy access and cover

Once cancellation is accepted, your life cover will cease from the cancellation effective date specified by the insurer.

Some insurers may backdate the cancellation to the end of the free-look period if that is when you notified them.

Renewal, records and data handling

You will no longer be billed for future premiums after cancellation, but past premiums and any surrender calculation remain subject to policy terms.

Insurers retain records; ask for written confirmation that the policy has been cancelled and how your personal data will be handled.

Will I get a refund?

Free-look / cooling-off period

In New Zealand, many life insurers offer a free-look or cooling-off period - commonly 14 - 30 days - during which you can cancel for a full refund.

An example: KiwiCover/AIA commonly uses a 15‑day free-look period; check your policy wording for the exact period. KiwiCover FAQs

After the cooling-off period

• After the free-look, refunds are uncommon; surrender value may be low or zero depending on product and time elapsed.
• Check policy terms for surrender/exit fees and any non‑refundable premium components.
• If you believe the policy was mis-sold or contains significant omissions, advise the insurer and consider dispute avenues under NZ law.

Lic (Life Insurance Corporation) plans and pricing

Available plans (summary)

There is no verified list of LIC life insurance plans sold in New Zealand. Use the table below for items found and placeholders where data was not available.

Pricing notes

Where pricing or plan data is not available for New Zealand, the table uses the best-known items and otherwise indicates Varies.

Your consumer rights in New Zealand

Statutory protections

New Zealand insurers and contracts are influenced by statutory law and consumer protections, including rules limiting insurers' ability to decline claims for immaterial misstatements.

Relevant law includes the Insurance Law Reform Act 1977 which provides consumer protections. Insurance Law Reform Act 1977

Cooling-off and dispute options

• Look for a free-look/cooling-off clause in the policy to cancel for a full refund within the stated period.
• If you have a complaint, raise it with the insurer, then use the insurer’s internal dispute resolution process.
• If unresolved, New Zealand has external dispute resolution schemes for financial services - check eligibility for referral.

Customer experiences

Positive reports

Reviews for LIC (India) on public sites sometimes note fast claims in specific cases and helpful branch staff, indicating positive experiences in a minority of reports.

See general review examples at Trustpilot. Trustpilot LIC India reviews

Negative reports and common issues

Many complaints available online about LIC (India) relate to website usability, OTP/password problems, difficulties with surrender values, and paper‑heavy processes.

Reddit and other forums record user difficulties with cooling-off, low surrender refunds, agent mis‑selling and poor online cancellation options. Reddit example

Documentation checklist

Essential documents to gather

• Original policy document and schedule with policy number.
• Proof of identity (passport or driver licence) matching the policyholder.
• Payment receipts or bank statements showing premium payments.

Communication and proof

• Copies of emails or letters to and from the insurer or broker requesting cancellation.
• Notes of any phone conversations (date, time, name of staff you spoke with).
• Registered post receipts if you send written cancellations by mail.

Common mistakes

Assuming app-store or automated cancellation

Many customers assume they can cancel purchases through the App Store or Google Play. Insurance policies are typically cancelled through the insurer or broker, not via app stores.

Rely on insurer or broker instructions rather than app‑store mechanisms unless the provider explicitly states otherwise.

Missing the cooling-off period and poor recordkeeping

Failing to act within the free-look period often removes the right to a full refund and can leave you with minimal surrender value.

Not keeping written evidence of cancellation requests makes disputes harder; always follow up phone calls with written confirmation and keep copies.

Comparative recap

Quick comparison summary

The table below compares typical New Zealand life insurance expectations, Life Insurance Corporation (India) publicly reported behaviours, and LIC New Zealand (dairy co‑op) to clarify differences and cancellation implications.

How to use this comparison

Use the rows to identify which entity you are dealing with and follow the relevant cancellation steps and rights described earlier in this guide.

After cancelling

Follow-up steps

Obtain written confirmation of cancellation and any refund timetable from the insurer or broker.

Check your bank account for any refund and ensure no further premiums are debited.

Useful links and next actions

• KiwiCover life insurance FAQs (example of NZ free-look practice): kiwicover.co.nz
• Insurance Law Reform Act 1977 (overview): en.wikipedia.org
• LIC (India) Trustpilot reviews: nz.trustpilot.com
• Community experiences on Reddit (example): reddit.com

Address

Postal address (LIC New Zealand)

If you need to contact LIC in New Zealand (the dairy co‑op), their postal address is provided below; note this is not a life insurer address.

LIC Private Bag 3016 Hamilton 3240 New Zealand

If you have a life insurance policy

For life insurance cancellation, use the contact details on your policy schedule or the insurer/broker listed there rather than the address above unless it appears on your policy.

Keep all correspondence and consider seeking independent financial or legal advice if the cancellation or refund is disputed.