Can we cancel LIC policy after 3 months?
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Can we cancel LIC policy after 3 months?
Under the guaranteed surrender value, the policyholder can surrender their policy only after the completion of 3 years which means that the premium has to be paid for a minimum period of 3 years. So, the later the policy surrendered, the higher will be the LIC surrender value.
Can I stop paying LIC premium?
If you wish to discontinue your life insurance policy for any reason, you can do so, but at a cost. In case of a term life insurance policy, if you stop paying the periodic premium, the policy automatically lapses, i.e., the risk cover ceases but there is no other additional downside or cost.
What is the procedure to close LIC policy?
The policyholder should visit the nearest branch of LIC and avail a surrender discharge voucher. The Surrender Discharge Voucher is called Form 5074. The form should be filled and submitted with the relevant documents. Once the form and the documents are submitted, the company would process the surrender of the policy.
Can I surrender LIC policy at any branch?
The LIC policy can only be surrendered at the branch, where it’s currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it.
If you had stopped paying your LIC policy premium, your policy will be lapsed with the end of the grace period. The grace period is the time provided by your insurer after the premium due date, to pay your pending premium with a late fee and the insurance coverage continues.
Can I stop paying premium after 3 years of policy maturity?
Second option you can stop paying premium since you paid three yr full premium so policy become reduced paidup.. At the time of maturity you will receive proposnate mature amount which will more than surrender amount.. first option is always open for you in case of emergency u can surrender this policy.
How do I Close my LIC policy before maturity?
To close your policy before this date, go through the process of surrendering it to LIC. The amount of money you’ll get for your policy depends on how long you’ve been paying premiums. However, be aware that you will lose money if you surrender your policy before it reaches maturity.
What happens when the risk cover of an LIC policy expires?
The risk cover stops immediately after 6 months of last premium unpaid. No further bonus will be added to your policy account. However you are entitled to get the premium paid plus Bonus accrued at the time of maturity date. There are many schemes in LIC. It might get lapsed after 2 years and your risk cover will over.