What happens if I surrender my LIC policy before maturity date?

You will receive only the Total Paid Up amount at maturity or death of policyholder. Total Paid Up Value will be payable to you at maturity or your nominee (if your death occurs during the policy period).

Can I surrender my LIC policy after 1 year?

A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.

What happens if I don’t pay my LIC premium?

In term insurance, failure to pay the premium before the due date results in the policy lapsing, which forfeits your insurance benefits and the premiums paid so far. The policy is still in force during the grace period, and if anything happens to the insured, the nominee would still be eligible for the benefits.

How long does it take to surrender LIC policy after maturity?

Maturity of a policy is an expected one, LIC may be ready but not for surrender. LIC may take more time for surrender than paying maturity of the policy. After submitting all the surrender requirement ,concerned branch directly credit to your bank account with in 7 to 10 days.

What happens if I Surrender my LIC policy for an emergency?

You will only get about 20–30\% of your total premium paid. It will be a complete loss of money. But still if you insist on surrendering your LIC policy for an emergency, then go for it. It may take upto 15 business days. Please do follow up with your LIC agent and the Branch officials for quick response.

How much time does it take for LIC endowment policy to process?

After giving all of these in home branch where policy is issued, they process in 3–4 days. They will call and confirm. After this it will take another 4–5 days for money to get credited. P.S. – It’s a wise decision to take an exit from LIC endowment policies.

What is the maximum time for payment of surrender value shkuld?

The LIC agent will be reluctant to help you as he will be losing out his future commissions that he would have earned from your policy. Maximum time for payment of surrender value shkuld not go beyond 10 days . Why are smart parcel lockers trending? , Creating e-commerce, shipping, and mailing solutions.