Insurance Policy Closure Application Request (with Samples & PDFs)

I have listed sample templates to help you craft an effective and professional insurance policy closure application request.

Also, I would like to point out that you can also download a PDF containing all the samples at the end of this post.

Insurance Plan Cancellation Application Request

First, find the sample template for insurance policy closure application request below.

To,
The Branch Manager,
[Insurance Company Name],
[Branch Address],
[City],
[Pin Code].

Subject: Request for Closure of Insurance Policy

Dear Sir/Madam,

I, [Your Full Name], holder of the insurance policy number [#Policy Number] would like to bring to your kind attention that I wish to terminate the said policy due to [mention the reason if you want to. This is optional].

I have thoroughly considered my decision and understand the implications associated with the closure of my policy before its maturity date. Despite this, I find it absolutely necessary to close it due to my personal circumstances.

I kindly request you to initiate the process for the closure of my insurance policy at the earliest. I have attached all the necessary documents pertaining to my policy with this letter for your reference. I am willing to complete any formalities required from my end for this process.

I would also request you to provide a detailed statement showing the surrender value of my policy and any associated charges that will be deducted. Please make the final payment of the balance via cheque or direct deposit into my bank account, details of which are as follows:

Account Holder’s Name: [Your Full Name]
Bank Name: [Your Bank Name]
Account Number: [Your Bank Account Number]
IFSC Code: [Your Bank IFSC Code]

I would greatly appreciate your assistance in closing this insurance policy and providing me with confirmation once it has been completed.

Thank you for your prompt attention to this matter.

Yours Sincerely,

[Your Full Name]
[Your Contact Number]
[Your Email Address]
[Date]

Below I have listed 5 different sample applications for “insurance policy closure application request” that you will certainly find useful for specific scenarios:

Updating Beneficiary Details for Insurance Policy Closure Application

To,
The Branch Manager,
[Insurance Company Name],
[Branch Address],

Subject: Updating Beneficiary Details for Insurance Policy Closure Application

Respected Sir/Madam,

I, [Your Name], policyholder of insurance policy number [Policy Number], request the updating of the beneficiary details for my insurance policy. I wish to close my policy and, therefore, require the accurate and updated information of my nominee(s) to be recorded.

Kindly update the beneficiary details as mentioned below:

1. Name of Nominee: [Nominee Name]
2. Relationship with Policyholder: [Relationship]
3. Date of Birth of Nominee: [Date of Birth]
4. Address of Nominee: [Nominee’s Address]
5. Contact Number of Nominee: [Nominee’s Contact Number]

I kindly request you to update the above-mentioned beneficiary details in my insurance policy records at the earliest. I have enclosed the necessary documents, including a self-attested copy of the nominee’s identity proof and address proof, for your perusal.

Please consider this application as a formal request for updating the beneficiary details, and I request you to process it on priority to enable the smooth closure of my insurance policy.

Thanking you in anticipation.

Yours faithfully,

[Your Name]
[Your Address]
[Your Contact Number]
Date: [Date of Application]

Insurance Policy Transfer Application Due to Ownership Change

To,
The Branch Manager,
[Insurance Company Name],
[Branch Address],

Subject: Insurance Policy Transfer Application Due to Ownership Change

Respected Sir/Madam,

I, [Your Name], with Policy Number [Policy Number], have recently undergone a change in ownership of the insured asset, [Insured Asset Description]. The details of the new owner are as follows:

Name: [New Owner’s Name]
Address: [New Owner’s Address]
Contact No.: [New Owner’s Contact Number]

In light of this change, I kindly request you to initiate the process of transferring the insurance policy to the new owner. I understand that this transfer will require the submission of necessary documents and the completion of relevant procedures as per the rules and regulations of the company.

I am enclosing the following documents to support this application:

1. Proof of ownership transfer
2. Identity proof of the new owner
3. Address proof of the new owner

Please let me know if there are any additional documents or steps required to complete this transfer. I appreciate your prompt attention to this matter and thank you for your assistance.

Yours sincerely,

[Your Name]
[Your Address]
[Your Contact Number]
[Date]

Application for Pausing an Insurance Policy Temporarily Before Closure

To,
The Branch Manager,
(Name of the Insurance Company),
(Address of the Branch Office),
(City, Pincode)

Subject: Application for Pausing an Insurance Policy Temporarily Before Closure

Dear Sir/Madam,

I, (Your Full Name), policyholder of (Name of the Insurance Company), am writing this application to request a temporary pause on my insurance policy, bearing policy number (Policy Number), before its closure.

Due to unforeseen circumstances and financial constraints, I am finding it increasingly difficult to continue paying the premiums for the aforementioned policy. Therefore, I kindly request you to pause the policy temporarily, effective from (Date of Requested Pause).

I understand the implications of pausing the policy and am aware of the terms and conditions associated with it. I assure you that I will resume the policy within the stipulated time frame, as mentioned in the policy document, and will fulfill all my obligations as a policyholder.

I request you to kindly consider my application and approve the temporary pause on my insurance policy. I believe that this pause will provide me with the necessary time to get back on track financially and resume the policy without any further hindrances.

Thanking you for your understanding and cooperation.

Yours faithfully,

(Your Full Name)
Policy Number: (Policy Number)
Contact Number: (Your Contact Number)
Email Address: (Your Email Address)

Conversion Application for Insurance Policy Closure to Retirement Annuity

To,
The Branch Manager,
[Insurance Company Name],
[Branch Address],

Subject: Conversion of Insurance Policy to Retirement Annuity

Respected Sir/Madam,

I, [Your Name], holding the insurance policy number [Policy Number], would like to request the conversion of my existing insurance policy into a retirement annuity plan. I have thoroughly researched the various retirement annuity options provided by your esteemed organization, and I have found it to be the most suitable financial tool to meet my retirement goals.

As I am approaching my retirement age, it has become imperative for me to secure a steady source of income that can sustain my financial needs during my post-retirement years. I believe that by converting my existing policy to a retirement annuity, I can secure a financially stable future for myself and my family.

Therefore, I kindly request you to guide me through the process of converting my existing insurance policy to a retirement annuity plan. Please provide me with the necessary details, forms, and documentation required for the said conversion.

Thank you for your prompt attention to my request. I would appreciate it if you could expedite the process, as I am keen on ensuring my financial security as soon as possible. I look forward to a favorable response from your end.

Yours sincerely,

[Your Name]
[Your Address]
[City, Postal Code]
[Contact Number]
[Email Address]
[Date]

Application for Transitioning to Group Insurance Before Individual Policy Closure

To,
The Branch Manager,
[Insurance Company Name],
[Branch Address],

Subject: Application for Transitioning to Group Insurance Before Individual Policy Closure

Sir/Madam,

I, [Your Full Name], holding the individual insurance policy number [Policy Number] from your esteemed organization, would like to request a transition from my current individual policy to a Group Insurance Policy before the closure of my existing policy.

I have recently joined an organization that offers group insurance benefits to its employees. As a result, I find it more advantageous to be a part of the group insurance policy provided by the organization as it offers better coverage and lower premiums.

Since my existing individual policy is still active, I request you to kindly consider my application and process the transition from an individual policy to a group insurance policy at the earliest.

Please find attached the necessary documents related to my employment with the organization and the details of the group insurance policy.

I would greatly appreciate your prompt attention in this regard. Kindly acknowledge the receipt of this application and confirm the necessary steps to be taken from my end.

Thank you.

Yours sincerely,

[Your Full Name]
[Contact Number]
[Email Address]
[Current Insurance Policy Number]
[Signature (if required)]

How to Write Insurance Policy Closure Application Request

Some writing tips to help you craft a better application:

1. Start with a clear subject line mentioning the purpose of the application, such as “Request for Insurance Policy Closure.”
2. Include your full name, policy number, and contact details at the beginning of the application for easy identification.
3. Address the application to the appropriate person or department, such as the Policy Cancellation Department or the Branch Manager.
4. Mention the date of commencement and current status of the insurance policy.
5. State the reason for requesting the policy closure, such as financial constraints or a change in insurance needs.
6. Specify the date by which you would like the policy to be closed or terminated.
7. Request a detailed statement of account, including any outstanding premiums or refunds due, as well as the surrender value of the policy, if applicable.
8. If required, provide any supporting documents, such as proof of change in circumstances or alternative insurance coverage.
9. Request a confirmation of the policy closure, either in writing or via email, to ensure proper documentation.
10. Thank the reader for their attention and assistance in processing your request, and provide your contact information for any further queries.
11. End the application with your signature and date of submission.

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That’s it.

I am sure you will get some insights from here on how to write “insurance policy closure application request”. And to help further, you can also download all the above application samples as PDFs by clicking here.

And if you have any related queries, kindly feel free to let me know in the comments below.