[Resolved]  Life Insurance Corporation of India [LIC] — no action from lic for response I provided to the surrender option notice

They have mentioned in their email as follows: Dear Sir / Madam, Re: Complaint under Policy number xxxxxxxxx This has reference to your complaint Ref 1920046422 dated 29/08/2019 We would like to inform you that the grievance has been redressed and the redressal details are as below. Sir/madam, If the policy is discontinued on and after 5 years from the date of commencement of the policy : If policyholder exercises the option for complete withdrawal from the policy i.e policyholder surrenders the policy, The policyholders fund value as on the date ofdiscontinuance of policy will compulsorily be utilized to provide an annuity.The proceeds of discontinued policy calculated as above will be converted to annuity provided the amount is sufficient to purchase a minimum amount of annuity as per the provisions of section 4 of insurance act, 1938 as applicable on the date of payment of annuity.Out of the proceeds of the discontinued policy as calculated above, the policyholder will have an option to commute upto a maximum of 1/3rd amount as commutation value provided the balance amount is sufficient to purchase a minimum amount of annuity as per sec 4 of the insurance Act, 1938 as applicable on the date of payment of annuity. We hope the matter is resolved to your satisfaction. If you have any further queries in this regard, please feel free to contact the Grievance Redressal Officer at the address given below: