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Consider loss of cover, deductions before surrendering life insurance plan

If your income is likely to revive soon, consider taking a loan against the policy instead of surrendering it

Topics
Life Insuracnce | Personal Finance  | life insurance policy

Sanjay Kumar Singh  |  New Delhi 



Life insurance
A life insurance policy should only be surrendered if you believe that it is not right for you. (Photo: Shutterstock.)

According to media reports, over 23 million life insurance policies were surrendered by policyholders in 2021-22, three times the number surrendered in the previous financial year. This happened chiefly due to the financial distress caused by the Covid-19 pandemic. While those were exceptional circumstances, in normal times policyholders should surrender policies after a lot of deliberation.

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First Published: Fri, September 02 2022. 19:48 IST

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