The Life Insurance Corporation has extended the option for surrender of six annuity schemes in response to demands by policyholders, especially senior citizens.
The option to surrender the annuities is available in case of Jeevan Akshay, Jeevan Dhara, New Jeevan Akshay, New Jeevan Dhara, Immediate Annuity with Return of Purchase Price and Deferred Annuity with Return of Cash Option schemes.
"We have been receiving requests from senior citizens to allow the exit option by way of surrender value of the policies which may be required by them due to changed financial position even after commencement of annuity payments," LIC's executive director AK Shukla said.
Earlier, such requests had to be forwarded to the company's central office in Mumbai, which resulted in delays, he added.
Shukla reiterated that the surrender option is available only where the option of return of purchase price is exercised by the policyholder.
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