Yes, the LIC pension plan can be surrendered after completing 3 months from issuance/inception of the policy or after the expiry of the free look period whichever is later. However, this annuity plan can be surrenderd only in case the policy holder has bought following options:-
- Immediate annuity-
- Option F: Immediate Annuity for life with return of Purchase Price.
- Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitantsurvives and return of Purchase Price on death of last survivor.
- Deferred annuity-
- Option 1: Deferred annuity for Single life
- Option 2: Deferred annuity for Joint life
Other than the above mentioned options, policy can not be surrendered.