It takes a few days for the insurance to be surrendered and the money is paid

Hello, after the surrender review is passed, it will be credited within three working days.

The surrender rate is generally around 70%. The policyholder can unilaterally terminate the insurance contract during the cooling-off period, that is, the policyholder can surrender the insurance and terminate the contract at any time. ‌

Requirements and procedures for handling surrender of insurance:

The applicant is eligible to apply for surrender. If the insured applies for surrender, the written consent of the policyholder must be obtained, and the policyholder must clearly indicate who will receive the surrender money;

If the policyholder applies for surrender, the contract has been in force for two years and the premium has been paid for two years, the insurance company shall refund the cash value of the policy after receiving the surrender application, and if the policyholder has paid the premium for less than two years, the insurer shall refund the remaining insurance premium to the policyholder after collecting the insurance premium for the period from the date of commencement of the insurance liability to the date of discharge.

The surrenderer shall provide the following documents when handling the surrender:

If the insured requests to surrender the policy, the applicant shall provide the application for surrender with the written consent of the policyholder;

The insurance policy provided by the surrenderer to prove the conclusion of the contract and the proof of the last payment;

Proof of identity of the policyholder;

If the policyholder or the insured entrusts another person to handle the application on his behalf, the power of attorney of the policyholder or the insured and the identity card of the principal shall be provided.

After the insurance is surrendered, the money will generally arrive within half a month.

Surrender refers to the termination of the legal relationship determined by the contract between the two parties upon the application of the policyholder to the insured and the consent of the insurer when the insurance contract is not fully performed, and the insurer prudently returns the cash value of the insurance policy in accordance with the Insurance Law of the People's Republic of China and the contract.

Surrender can be divided into hesitation period surrender and normal surrender.

Surrender during the cooling-off period.

Cooling-off period surrender refers to the surrender of the policy by the policyholder within the cooling-off period agreed in the contract. Generally, insurance companies stipulate that the policyholder has a cooling-off period of 10 days after receiving the policy. Usually, the insurance company will refund the entire premium after deducting the cost of production.

Normal surrender. Surrender beyond the cooling-off period will be regarded as normal surrender. Policies that have received insurance benefits are not eligible for surrender.

Normal surrender generally requires that after a certain number of years of the policy, the policyholder can apply for termination, and the life insurance company should refund the cash value of the policy within 30 days from the date of receipt of the application. The cash value of a policy is the amount of money that can be returned in the event of termination or surrender of the life insurance contract.

In a long-term life insurance contract, the insurance company usually needs to deposit a certain amount of liability reserve in order to fulfill its contractual obligations, and when the insured requests to terminate or surrender the policy for any reason within the validity period of the insurance, the insurance company will return the balance of the deposit of the liability reserve minus the deduction of the termination to the insured according to the regulations, and this part of the amount is the cash value of the policy.

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The surrender of the premium period can be refunded by 10%-40%, and the refund is different depending on the type of insurance. 1. If you surrender the policy halfway, it is a breach of contract, and you can only return the cash value of the corresponding year, and the loss is very large, so be cautious. The specific amount depends on the cash value in your contract or consult the insurance company's customer service**.

2. Surrender is the cancellation of the insurance policy. After the insurance contract is signed, the parties may terminate the contract by agreement or in accordance with the laws and regulations of the country. In most forms of non-life term insurance policies, there is generally a clause for cancellation of the insurance policy, which sets out the conditions under which either party may cancel the insurance policy before it expires, so as to protect their respective interests from unreasonable prejudice caused by the termination of the insurance contract.

3. After the policy is cancelled, the corresponding insurance premium must be refunded. If the policy is not in force, the insured can in principle recover the full premium, but the insurer is also entitled to charge a minimum premium, or a handling fee.

According to the regulations of the China Banking and Insurance Regulatory Commission, if the insured submits a written surrender application and the insurance company has accepted the surrender application, the insurance company needs to refund the amount to be refunded to the policyholder within 30 days. However, generally speaking, if you have submitted the information required for surrender to the insurance company or have successfully surrendered the policy, the insurance company will refund the refund amount to your account within a week, and it will generally arrive in 3 to 5 working days.

The amount of surrender can be returned according to the time of surrender and the reason for surrender is different, generally in the following situations:

1.Surrender during the cooling-off period.

If you surrender the insurance product within the cooling-off period, the insurance company will need to refund all the premiums you have paid for the policy, but the cost of production may not exceed 10 yuan. In other words, if the policy is surrendered within the cooling-off period, the difference between the premium paid and the $10 can be refunded.

2.Normal surrender.

If you want to surrender the policy after the cooling-off period of the purchased insurance product has passed, the insurance company will generally refund the cash value of the policy unless there are special circumstances. If the application is made in the policy year, the cash value corresponding to the end of the policy year will be refunded. The specific cash value of the policy for each policy year can be found on the first few pages of the insurance calendar.

Generally speaking, the cash value of the policy in the first few years of long-term insurance products is very low, generally only a few hundred yuan.

In addition, if it is a one-year insurance product without a hesitation period, such as million medical insurance, it will generally take effect on the next day of insurance, and the surrender is generally a refund of the unexpired net premium, and the calculation of the unexpired net premium is: unexpired net premium = premium paid * (1 - the period of the policy in force Insurance period).

In addition, there are some special sail search situations that can also be fully surrendered, that is, the premium paid can be refunded. It mainly includes the situation that the insurance salesman signs the insurance contract on behalf of the insurance company, the insurance company does not visit the policyholder after purchasing the insurance product, and the insurance salesman sells the insurance product when there is misleading sales, that is, the situation that exaggerates the function of the insurance product.

3. What should I pay attention to when surrendering the policy?

1.Pay attention to the loss of surrender, if there are no special circumstances, if the policy is surrendered under normal circumstances, the cash value of the policy will generally be returned, and the cash value of the insurance product will generally not exceed the premium paid, especially if the cash value of the surrender policy is very low in the first two years, the loss will be larger.

2.Note that the policyholder needs to surrender the policy, and the surrender of the insurance product needs to be submitted by the policyholder himself, and if the surrender is proposed by the insured, a written surrender consent with the signature of the policyholder needs to be issued.