First, the general procedure of surrender:
1. Submit an application for surrender to the insurance company. Write an application, explain the reasons for surrender, when to start surrender, sign or seal it and submit it to the business management department of the insurance company.
2. The business management department of an insurance company shall issue a surrender approval form. According to the application for surrender, the insurance company will issue a surrender approval form, indicating the surrender time and amount, and at the same time withdraw your auto insurance policy.
3. Get the refundable insurance premium from the financial department of the insurance company. Take the surrender approval form and your valid identification, and go to the financial department of the insurance company to collect the insurance premium refunded to you.
Second, the materials to be prepared for surrender
1. Documents to be prepared by the applicant in person:
Insurance policy, application for change of insurance contract, applicant's identity certificate, copy of applicant's bank account passbook and copy of beneficiary's bank account passbook.
2. Documents to be prepared by the agent:
Insurance policy, application for change of insurance contract, applicant's identity certificate, copy of applicant's bank account passbook and copy of beneficiary's bank account passbook.
3. Documents to be prepared by the agent:
Insurance policy, application for change of insurance contract, applicant's identity certificate, copy of applicant's bank account passbook, copy of beneficiary's bank account passbook, and agent's identity certificate.
Third, the calculation of surrender fee.
Insurance surrender includes two situations: hesitant surrender and normal surrender. Different types of surrender have different calculation methods.
1. Surrender in hesitation period: The insurance company only charges about 10 yuan's production fee, and will refund all the premiums paid by consumers.
2. Normal surrender: Then the calculation formula of insurance surrender is: surrender amount = premium paid by the insured-company management fee-commission cost-premium required for taking responsibility? Interest generated by residual premium.
According to China's Insurance Law, if the insured terminates the contract and has paid the insurance premium for more than 2 years, the insurer shall return the cash value of the insurance policy within 30 days from the date of notice of termination of the contract; If the insurance premium is not paid in full within 2 years, the insurer will refund the insurance premium after deducting the handling fee according to the contract.