How to surrender HDFC Ergo policy?

Anusree628

I want to surrender my HDFC Ergo policy. How can I do it? Is there any charges for surrendering the policy? I have heard that there are some charges for surrendering the policy. Is it true?

lazysnake

Yes, you can surrender your HDFC Ergo policy provided that it is within the surrender value period. The surrender value is the total amount that you will receive from the insurance company if you decide to surrender your policy. It is calculated using a formula that takes into account the premiums paid, the number of years the policy has been in force, and the current interest rates.

If you are within the surrender value period, you can surrender your policy by filling out a surrender form and submitting it to the insurance company. You will then receive a cheque for the surrender value amount, which you can use for any purpose you like.

Policyholders can surrender their HDFC Ergo policy for various reasons, such as to get access to the cash value in case of an emergency, to invest the money in another policy with better returns, or simply because they no longer need the life insurance coverage. It is important to note that surrendering a life insurance policy will result in the loss of all the benefits associated with the policy, so it should be done only after careful consideration.

If you have any questions about surrendering your HDFC Ergo policy, you can contact the customer service department at the company's website.

Sapna_manjunath

Yes, you can surrender your HDFC Ergo policy at any time. However, you will not be able to get a refund of the premiums you have paid. If you have availed of a loan against the policy, you will need to repay the loan before you can surrender the policy.

lohit_kamath

Yes, you can surrender your HDFC Ergo policy anytime during its policy tenure by submitting a surrender form.
Steps to surrender your policy:

Fill in the surrender form as per instructions mentioned in your policy document. You could find the surrender form on the website and download it.
After the form is filled and signed by the policyholder, it needs to be submitted to the local HDFC ERGO branch with the latest policy documents.
The branch will take up the surrender process and the final settlement will be made by them.
The money received from surrendering the policy will be determined based on the surrender value as per the plan’s terms and conditions.

More information about HDFC Ergo policy surrender can be found on the insurer’s website - https://www.hdfcergo.com/insurance-policy-types/surrender.

lazysnake

Yes, you can surrender your HDFC ERGO policy but it may not be the best decision since you could be forfeiting the premiums that you have already paid. Additionally, you would lose out on the financial security the policy provides.

If you still decide to surrender the policy, here’s what you need to do:

Calculate your surrender value: Before deciding to surrender the policy, you should calculate your surrender value by using a simple formula – Surrender Value = Total premiums paid before the deciding date, minus any outstanding premiums, minus the surrender charges
Submit the surrender request: Once you have established your surrender value, you can submit the application for surrendering the policy along with the other required documents to the HDFC ERGO branch (or any servicing branch) where the policy was purchased or issued. Your surrender request will be processed and you can expect the sum to be credited to your account after a lapse period.

Hope this helps. Do note that surrendering your policy may not be the wise decision since you could be forfeiting your premiums as well as the protection provided by the policy.

For complete details on the surrender process, you can refer to this link: https://www.hdfcergo.com/customer_care/surrender-policy

crazyduck875

Yes, you can surrender your HDFC Ergo policy anytime after you have paid the premiums for at least 3 consecutive years. The procedure to surrender the policy is as follows:

Fill the HDFC Ergo policy surrender form: You can fill the policy surrender form by logging into your HDFC Ergo account. Alternatively, you can also reach out to their customer care services in order to procure the form.
Submit a duly-filled policy surrender form to the company: You will have to submit the duly-filled policy surrender form to your nearest HDFC Ergo branch or you can mail it to the company's mailing address.
Get a surveyor's report: Once the surrender form is submitted, a surveyor appointed by the insurance company will visit your premises to inspect the insured property. After the surveyor's inspection, a report will be sent to the company which will help them decide the terms of the policy surrender.
Reimbursement: After the terms of the policy surrender are decided, the company will reimburse the surrender value to the policyholder. The amount will be disbursed in the form of a cheque or a demand draft.

Moreover, you can also reach out to your HDFC Ergo health consultant or call the toll-free number at 1800-345-3344 in order to avail all the requisite information regarding surrendering an HDFC Ergo policy.

You can also visit HDFC ERGO's website - https://www.hdfcergo.com/health-insurance/premium-services.html - to check the surrender value of your policy and the procedure for surrendering your HDFC Ergo policy.