Here's how you can discontinue your life insurance policy

Life insurance policies are something that every human being needs but at times it becomes difficult to continue with it. Suppose if one does not have enough amount of money left to continue filling the premium for a particular policy then he or she can discontinue the policy. But it only can be done at a cost.

Here’s how one can discontinue a life insurance policy:

## The simplest way to discontinue a life insurance policy is just stop paying the periodic premiums. The policy automatically lapses in this case. No additional cost whatsoever but the risk cover ceases.

##In the case of an investment-cum-insurance policy, if one decides to discontinue a policy before it gets matured, then the return gets reduced by the insurance company.

## Convert the insurance into a paid-up policy without exiting. To elaborate on this a little, one should have paid at least three years' premium to the insurer and then only the policy can be discontinued.  If one has already paid premium for three years, then he or she may choose not to pay any more in future. This will automatically convert the policy into a paid-up policy. However, you won't get any money back in that very year.  One actually has to wait till the policy's original maturity date to get the money. 

## Surrender and ask the insurer for the surrender amount by completely exiting the policy. In this case, once you inform the insurer that you want to surrender a policy, the insurer will calculate the surrender value amount. After that, the insurer will pay that amount to you. However, you will definitely not get an amount equal to what you have been paying as premiums.

(In the last two cases, the policy should have acquired a surrender value at least).

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