Kaagazaat

Policy Surrender or Free-Look Request

At a glance

Price: Free, always.
Stamp duty: Punjab and Chandigarh: no stamp duty is payable.
Registration: Punjab and Chandigarh: not registrable.
Witnesses: Punjab and Chandigarh: no witness is needed.

Free

Free, always.

Free: up to 5 documents a day.

Guided questions, full draft on screen, download in Word.

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Also called

policy cancellation request
surrender life insurance policy
bima policy surrender
पॉलिसी सरेंडर पत्र
फ्री-लुक रद्दीकरण
ਪਾਲਿਸੀ ਸਰੰਡਰ ਪੱਤਰ
ਫ੍ਰੀ-ਲੁੱਕ ਰੱਦ

When you need it

Use this when you want to end an insurance policy and get money back. You choose one of two requests in the questions. The first is a free-look cancellation: you have just received a new policy, you do not accept its terms, and you cancel it within the free-look period the policy allows and ask for the premium back, less only the deductions the policy and the rules permit.

The second is a surrender: you want to end a policy you have held for some time and receive its surrender value, which is what the policy gives on early exit. Either way the letter gives the policy details, the reason, any loan or assignment, and where to pay. The free-look period is short and runs from the day you receive the policy, so send the letter at once, keep proof of the day the insurer received it, and read the policy to see how many days it allows and how they are counted. A surrender of a life policy usually pays less than the premiums you have paid, and a policy surrendered early may lose valuable cover that is hard to buy again, so check the surrender value and any tax effect first. The insurer may have its own surrender form; use this letter as the covering request. Not for a nominee changing the nomination — use the Nominee Change Declaration. Not for a lost policy bond — use the Indemnity for a Duplicate Policy Bond. Not for a motor or health policy you want to move to another insurer — for health cover use the Health Insurance Portability Request.

Whether you can fill this in here

You can fill this in here

You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

Fill this one in

See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

Punjab and Chandigarh: no stamp duty is payable. A letter asking an insurer to perform its own contract creates, transfers or ends no right, so it is not a chargeable instrument under the Indian Stamp Act, 1899. Plain paper is enough.

Registration

Punjab and Chandigarh: not registrable. It touches no immovable property, so section 17 of the Registration Act, 1908 does not reach it. Keep proof of the day it was lodged: the stamped copy, the email delivery receipt or the post receipt.

Notarisation

Punjab and Chandigarh: no notarisation is needed. If the insurer asks for a sworn statement, it will say which of its papers it wants sworn.

Witnesses

Punjab and Chandigarh: no witness is needed. The signatory signs alone.

Request Stamp Paper

Sample preview — placeholder answers, not your data

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POLICY SURRENDER OR FREE-LOOK CANCELLATION REQUEST

A policyholder's request to cancel a new policy in its free-look period, or to surrender a policy for its value.

Date: 1 April 2026, at Ludhiana

TO:
The Manager, Policy Servicing
ABC General Insurance Company Limited
Regional Office, SCO 25, Sector 17-E, Chandigarh 160017

FROM:
Harjinder Singh Gill
House No. 412, Sector 38-A, Chandigarh 160036
Phone: 98765 43210
Email: harjinder.gill@example.com

SUBJECT: Request about policy no. P/141234/01/2026/003318

Sir / Madam,

1. THE POLICY

1.1 I hold a life insurance policy, number P/141234/01/2026/003318, issued by you on 2 April 2026. I have paid premiums of ₹50,000 (Rupees Fifty Thousand only) in all.

1.2 The original policy document is enclosed.

1.3 No loan has been taken against the policy and it has not been assigned to anyone.

2. MY REQUEST

2.1 I cancel the policy within the free-look period and ask for the premium to be refunded.

2.2 I received the policy document on 3 April 2026, and I make this request within the free-look period that the policy allows.

2.3 My reason for not accepting the terms is: The premium payment term and the exclusions were not explained to me when I bought the policy.

2.5 I understand that you may deduct only what the policy and the rules allow, and I ask you to show each deduction in writing with the clause of the policy for it.

3. WHAT I ASK YOU TO DO

3.1 Please act on this request, register it from the day you receive it, and confirm in writing the date on which the policy ends.

3.2 Please tell me the amount payable and how it is made up, and send me no further premium notice.

3.3 Please pay the amount by transfer to the account held by Harjinder Singh Gill with HDFC Bank, Sector 40, Chandigarh, account ending 3391. I will give the full account number on your own form, not in this letter.

4. WHAT I CONFIRM

4.1 I am the policyholder and I sign this request myself. What I have written is true to the best of my knowledge.

5. PAPERS ENCLOSED

1. Original policy document. 2. Insurer's surrender form, filled in. 3. Identity proof. 4. Cancelled cheque.

Yours faithfully,

_________________________
Harjinder Singh Gill
Policyholder
House No. 412, Sector 38-A, Chandigarh 160036
Date: 1 April 2026

Questions about this document

Does the Policy Surrender or Free-Look Request need stamp paper or stamp duty in Punjab and Chandigarh?

Punjab and Chandigarh: no stamp duty is payable.

See the full position on stamp duty, registration and witnesses

Does the Policy Surrender or Free-Look Request need registration in Punjab and Chandigarh?

Punjab and Chandigarh: not registrable.

See the full position on stamp duty, registration and witnesses

What does the Policy Surrender or Free-Look Request cost on Kaagazaat?

Free, always.

Does the Policy Surrender or Free-Look Request need witnesses?

Punjab and Chandigarh: no witness is needed.

See the full position on stamp duty, registration and witnesses

Often needed with this document

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