Policy Holder liquidate the policy by redeeming/surrendering without visiting Insurance Co

Policy Holder liquidate the policy by redeeming/surrendering without visiting Insurance Co

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Viresh Patel started this petition to INSURANCE REGULATORY DEVELOPMENT AUTHORITY and

This is a big system problem for policy holders. Do you have the same question?

You bought a Life insurance policy 5-10 years before, sitting at home and for some reason are looking to liquidate by redeeming or surrendering the policy.

The current system is , most Insurance company's make it mandatory for policy holder to visit branch or office to submit policy, liquidation form, and KYC documents.

This can also be done similar way as the policy holder is facilitated at home while buying a policy either online or through a service providing agent or insurance advisor.

Average policy life which policy holders buy is ranging between 10 to 35 years.SO imagine even if a 30 year old buys and intends to liquidate after 25 years at age 55 or 60, as a senior citizen, she/he is required to personally visit the branch.

Plus, at times, policy holder is even mandated to visit the branch from where they have bought, which could be far off or even in another city or state.

If you also feel this should change, whether you have faced or not, I request you to sign this and share this as a request to consider for IRDA ( Insurance Regulatory Development Authority ) to consider and change this mandated process.

Keep sharing, join and let us together make it happen.

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!