Cooling off period : policy returned by the policyholder for cancellation

i) The policy returned by the policyholder for cancellation will be cancelled after deduction of following:

• a) The risk premium for the period.
• b) Expenses incurred by LIC on M.E. Including special reports.
• c) Stamp duty charges.

ii) An advice of cancelled policy will be sent to Agent and Development Officer.
iii) A sum of Rs. 500/- will be charged for such so returned policy from the concerned agent.