How do I surrender my Aviva life policy?
Table of Contents
Surrender Policy
- Payout form.
- Original policy documents.
- A self-attested ID proof of the policyholder (PAN Card, Aadhaar Card, Passport, Driving License, Voters ID)
- Recent colored photograph.
- Canceled cheque of the A/c where the NEFT is required.
How is surrender value of Aviva calculated?
The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.
Can I cash in my life insurance policy Aviva?
No. Our Life Insurance Plan has no cash value at any time. You have a 30-day cooling off period from your policy start date, or from when you get your policy documents (whichever is later), to change your mind.
Can I cancel my Aviva Life Insurance Online?
All you have to do is fill out our online form letting us know you want to cancel, and we’ll get the ball rolling. If you change your mind and want to keep your cover, that’s fine too.
What is the difference between the cash value and the cash surrender value of an annuity?
Key Takeaways. Cash value, or account value, is equal to the sum of money that builds inside a cash-value–generating annuity or permanent life insurance policy. In most cases, the difference between your policy’s cash value and surrender value are the charges associated with early termination.
How do I check the status of my Aviva Life Insurance?
Through Aviva Life Customer Service You may use this service to know the status of your policy. You can contact the company’s toll-free number 1800-103-7766 or write an email to [email protected]. When you contact the customer service number, keep your policy details with you to provide them instantly.
What are the forms of payment of surrender value?
There are two types of surrender value: guaranteed surrender value and special surrender value. Guaranteed surrender value is mentioned in the brochure and is payable after the completion of 3 years.
What is the difference between cash value and surrender value of life insurance?
Let’s look at the difference between the policy’s cash value and surrender value: Cash value is the amount of money you have in your policy that earns interest over time due to premium payments. Surrender value is the amount of money that a policyholder gets when terminating or cashing out the policy.
Can I cancel my Aviva life insurance direct debit?
Yes. You have a 30-day cooling-off period from your policy start date, or from when you get your policy documents (whichever is later), to change your mind. If you want to cancel within this time, we’ll refund any premiums you’ve paid.
How do I cancel my life insurance policy?
There are a few ways to cancel a term life insurance policy.
- Stop paying premiums. If you miss a premium payment and don’t pay it within the grace period — the 30 to 31 days after your due date during which you still have coverage — your insurance is canceled.
- Write a letter.
- Call your provider.