Most Asked

Partial Withdrawal is an option given to the Policyholder to withdraw certain amounts from
the policy after completion of the lock-in period or after completion of premium payment
term (as prescribed in the product guidelines).

a. Partial withdrawal request can be accepted for policies with a status of Inforce, Policy
Discontinuance or Cover Continuance.
b. In case the policy has been assigned, the request should be received from the Assignee
with the consent of the policyholder.
c. For MWPA & HUF policies, the request should be received from the Trustee & Karta
respectively.
d. For Unit linked policies, the date and time stamp is mandatory on the request form. This
is required for NAV allocation.

  • If the request is received before 3.00 p.m. i.e. pre-cut off, then the same working day NAV will be allocated to the customer.
  • If the request is received after 3.00 p.m. i.e. post cut-off, then the next working day NAV will be allocated to the customer.

e. Request will be rejected if the Life Assured is a Minor

Other Questions

a. Partial withdrawal request form
b. Cancelled cheque or bank statement/Pass book copy duly attested by bank and
policyholder.
c. If ‘NEW ACCOUNT’ is mentioned on the cheque then we require bank statement /
passbook.
d. In case the policy is assigned, then the NOC from the Assignee
e. Fund transfer to new application letter ( for fund transfer cases)
f. Pan Card copy - Non compliant cases
g. For NRE / NRI Account we require confirmation from the bank that states that all
premiums are paid from NRI account Declaration ( for change in residential status
NRI – Indian .)

Policies Issued prior to 30 th Sept’14 Policies Issued post 30 th Sept’14

Regular Premium

  • One annulised premium to be retained and the balance can be utilized towards partial withdrawal.
  • Any top up made needs to be added to the annulised premium and the balance can be utilized towards partial withdrawal

Regular Premium

Two annulised premium, to be retained and the balance can be utilized towards partial withdrawal.

Any top up made needs to be added to the
annulised premium and the balance can
be utilized towards partial withdrawal

Single Premium

  • Minimum amount of Rs. 20000/- to be retained and the balance can be utilized towards partial withdrawal.
  • Any top up made needs to be added to the minimum amount and the balance can be utilized towards partial withdrawal

Single Premium

  • Higher of 50% of Single Premium OR Rs. 20000/- to be retained and the balance can be utilized towards partial withdrawal.
  • Any top up made needs to be added and the balance can be utilized towards partial withdrawal

 

Yes, TDS is applicable for partial withdrawal surrender, maturity, and termination payouts.

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