Can I Reduce My LIC Premium Amount?

How can I check my LIC maturity amount?

Send SMS to Check LIC Policy Status: You can avail all the LIC policy details simply by sending an SMS to 56767877..

What will be the maturity amount of LIC Jeevan Anand?

LIC New Jeevan Anand Premium IllustrationsYear of Maturity2044Age at Maturity50 yearsSum AssuredRs. 5 lakhsBonus AdditionsRs. 8 lakhs (approx)Total Amount PayableRs. 13 lakhs

Is LIC going private?

Finance Minister Nirmala Sitharaman on Saturday said insurance major Life Insurance Corporation (LIC) of India will be listed on the bourses as part of the government disinvestment initiative. … In April last year, LIC acquired controlling stake in state-run lender IDBI Bank, thereby making it a private sector bank.

Is there any LIC policy for 5 years?

Jeevan Mangal Plan by LIC is a term insurance plan which can be brought for a term of 5 years only through the single premium payment option that pays returns in the form of a premium on the maturity of the plan.

How much amount we will get if we surrender LIC policy?

Guaranteed Surrender Value: 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.

Why is LIC premium so high?

Hence credit risk to a private sector insurance company policyholder should ideally be low. On a pure credit risk aspect on insurers, LIC does not have a big advantage over private sector insurers. … Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers.

Will I get bonus if I surrender my LIC policy?

Surrendering the policy You will not get an amount equal to what you paid as premiums plus some interest (bonus) on it. The surrender value amount will be based on a surrender value factor and will always be less than what you have already paid as total premiums.

How can I get premium points of LIC premium?

Following Service Providers are franchised to collect premium for LIC policies:APT ONLINE. It is the official Portal of Andhra Pradesh Government. … MP ONLINE. It is the official portal of Madhya Pradesh Government. … SUVIDHA INFOSERVE PVT. LTD. … Premium collection through “Paytm App” … Premium collection through INSTAPAY.

Is HDFC life better than LIC?

Higher the maturity age the better for you as higher the age more the chances of death and better the utilization of a term plan. LIC and SBI Life, which are public sector insurance companies, offer a 70 year maturity age, while HDFC Life offers a 65 year maturity age.

How can I withdraw my LIC Jeevan Anand policy?

The policy can be surrendered anytime provided two full years’ premiums have been paid. On surrendering after two policy years, the insurance company will pay a guaranteed surrender value of minimum 30% of all premiums paid after deducting the first year’s premium.

How do you calculate surrender value?

{Basic Sum Assured X (Number of Premiums Paid/Total Number of Premiums Payable) plus total bonus received}X Surrender Value Factor. Earlier, we calculated the paid-up value as Rs 75,000.

How can I cancel my LIC policy and get money back?

Documents Required for Surrender LIC PolicyOriginal Policy Bond.Download LIC Policy Surrender Form No. … Bank cancelled cheque leaf (your name should be printed on cheque) or bank passbook photocopy. … Fill LIC’s NEFT Form, if you are not using the above said Surrender Form and submit the same.More items…•

Is LIC Jeevan Anand a good investment?

This makes Jeevan Anand a perfect blend of an endowment plan and a whole life plan. If you are searching for an endowment plan that provides the advantages of an entire life policy then LIC Jeevan Anand is one of the best choices to go for. The Jeevan Anand policy offers bonus facility.

Is LIC better than private insurance?

LIC is seen as a Government of India risk and hence even if it prices itself higher, the difference should definitely not be more than 10 percent. … Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers.

Can I get loan on my LIC policy?

The loan can be availed only after you have paid premium for three years. The maximum loan amount is 90% of the Surrender Value (85% in case of paid up policies) of the policy at the time of making application. LIC New Jeevan Anand acquires Surrender Value only after 3 years. … Hence, no loan is possible before 3 years.

Can I get money back if I cancel my life insurance?

Less obvious is that once you cancel your life insurance policy, you will not get any of your paid premiums back. If you have a term life policy, you won’t get any refund or cash if you cancel your policy or let it lapse. (Whole life policies with a cash value may provide some cash when canceled.)

Is it possible to reduce LIC premium?

If the policy has run for atleast 3 full years and subsequent premiums have not been paid the policy shall not be void but the sum assured will be reduced to a sum which will bear the same ratio as to the number of premiums paid bear to the total number of premiums payable.

How can I change my LIC premium to monthly?

It will be done by policy holder by writing a letter to LIC OF INDIA and NO fee will be paid in this case. Quarterly to yearly premium mode change can only be done on the month you purchased your policy provided that you had paid all the previous premiums till that time.

Is it good to surrender LIC policy?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

What if LIC premium is paid late?

If you do not pay the premium of your LIC policy on time or within the provided grace period, then your policy lapses. However, you can revive your lapsed policy within policy term subject to the formalities of revival that should be observed.

How can I change my LIC payment method?

Currently, it is NOT possible to change your policy premium payment mode ONLINE. You shall either post the letter along with your identity proof, addressing to the Branch manager or you shall submit these documents to the LIC Branch office in person.