What Is LIC Surrender? Life Insurance Corporation (LIC) policies are long-term investments designed to provide both insurance coverage and financial returns. However, circumstances can arise where policyholders might need to terminate their policy prematurely. This process is known as surrendering an LIC policy. Basic Definition LIC surrender refers to the act of discontinuing your policy before its maturity date. When you surrender a policy, the insurer pays you a surrender value, which is calculated based on specific parameters. Key Features of LIC Po…