The LIC policy can only be surrendered at the branch, where it’s currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it. This will add time for the surrender process. But you can now surrender LIC policy by post.
Step 1. First write an e-mail or letter to your servicing branch.
Step 2. Wait for their response (they would confirm that you could surrender the policy by sending it by post)
Step 3. Send the Original LIC Policy, Surrender Form (LIC Form No. 5074/3510-Rev.) with an application by Speed Post or Registered Post
Step 4. Policy will be closed and you will get the surrender value in your bank account via NEFT or cheque at your postal address in around 45-60 days.
Documents you need:
1. Original LIC Policy
2. Surrender Form (LIC Form No. 5074/3510-Rev.)
3. NEFT Mandate Form
4. Cover Letter explaining why you want to surrender LIC policy
Things to take care:
1. Please make sure that your mailing address is up to date as above cheque will be sent to your registered policy address. Address can be changed online or by visiting any LIC branch (or by sending a letter to your servicing branch with current address proof).
2. LIC Offices: E-mails and Postal Addresses. The email id will be the bo_(code of the branch)@licindia.com. e.g. If the branch code is 12, then the branch mail will be email@example.com
3. Follow the LIC branch, if no response with the above time lines.
4. This surrender value is applicable only if you have already paid three successful years of premium.
5. Policy can be surrendered only by the policy holder and no one else.
6. Keep photocopies of all the documents with yourself.