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deposit your money (surrender value) in the account number provided by you on the surrender application. Alternately,you have to make the power of attorney for surrendering the insurance policy,in the name of the person of your choice. He will have the authority to surrender the policy and get the surrender value (money) transferred in your account,the insurance company will process the request on your behalf. Here,it will be better if you can also give the rights to access your bank account to the same person and inform the same to the bank. In both cases along with the above mentioned documents you will have to deposit your ID proof,photograph,policy document,surrender request form,ID proof of the person who will sign in your place and a cancelled cheque of your account.

I get a salary of Rs 45,000 per month. I applied for a home loan and my loan was rejected because my address falls in a slum. Is it possible to get a home loan if I live in a slum?

— Vijay Salunke,Pune

Property location and area of residence always plays a big role in granting loans. All banks and NBFCs have their area-wise database and marks them ‘Positive’ or ‘Negative’ accordingly,on the basis of their past experiences. If an individual intends to buy a property in ‘negative area’,he will not be granted a loan. Similarly,if a person is residing in ‘negative’ area,the chances of loan application rejection increase. This has happened to you as well. However,the list of negative areas is different for different banks / NBFCs,and they don’t share this information. So,you may try your luck with different banks / NBFCs in person. Your loan affordability is not an issue at all,given your income level. Alternately,you can also take loan against your existing investments like that of FD,Mutual Funds,Gold,NSC,etc. and use the same in buying property.

—The expert is Business Head,Rupeetalk.com
For your personal finance queries please email at expressmoney@expressindia.com