How much will I get back if I surrender my LIC policy?
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How much will I get back if I surrender my LIC policy?
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
How long does it take to get LIC money?
The refund process shall take 6 to 8 days. Also, If receipts for both the transactions have been received by customer, then the excess payment made through Bill Pay/Online portal will be refunded by servicing branch of LIC through NEFT.
How can I check my LIC policy surrender status?
Procedure to Check Policy Status Online (for Registered Users):
- Open the LIC India website and click on Customer Portal located underneath Online Services.
- It will redirect to the login page where you should select the Registered User option.
What will happen if LIC premium is not paid?
If the premium dues are not paid for a long time or within the grace period, the policy may lapse and you might lose all your benefits. Ordinary Scheme of Revival: As per this scheme, the arrears of all the unpaid LIC policy premiums must be paid with interest.
What is the surrender value of LIC Life insurance policy?
You will get only 30\% of the premiums paid, excluding premium for the first year and any bonus. New Delhi: Life Insurance Corporation (LIC) policies can be surrendered after the premiums have been paid for at least a minimum of three years. In case the policyholder surrenders the policy before three years, no surrender value.
What is the lock in period of LIC policy in Mumbai?
There are Lock in period for 3 years in Endowment Plan and 5 years for ULIP plan. LIC policy is not allowed in LOCK in period. It does not matter of policy term but it is clear that delay in surrender gives you better amount. Normally LIC agents in Mumbai are doing all this procedure for surrender of LIC policies.
How can I Surrender my LIC policy in Mumbai?
Normally LIC agents in Mumbai are doing all this procedure for surrender of LIC policies. ü LIC parent Branch: Where you have taken your policy, you may go there and do all procedure.
When can I Surrender my policy?
Surrender can be done from the third policy year. In case of longer tenures of 10 years and up, the minimum duration is 3 years. The policy can be surrendered from the 4th year onwards. What is paid in case of surrender?