- Can I surrender my LIC policy after 10 years?
- What is minimum guaranteed surrender value?
- Is there any LIC policy for 5 years?
- What is the maximum age for LIC?
- Which LIC policy gives best returns?
- What is special surrender value in LIC?
- Will I get bonus if I surrender my LIC policy?
- How can I return my LIC policy after 5 years?
- Can I surrender my LIC policy after 2 years?
- Can we revive LIC policy online?
- Is it good to surrender LIC policy?
- How can I cancel my LIC policy and get money back?
- Which month is declared bonus in LIC?
- How is LIC surrender value calculated?
- What happens if I stop paying LIC premium after 3 years?
- Should I surrender my Jeevan Saral policy after 10 years?
- Which is the best LIC Policy 2020?
- What is the meaning of surrender value?

## Can I surrender my LIC policy after 10 years?

If the PPT is less than 10 years (even if the actual policy term is 25, 30 years), the policy will acquire a surrender value if the premium has been paid for at least two years.

For single premium policies, the surrender value gets acquired after the first year itself..

## What is minimum guaranteed surrender value?

Most insurers offer two options: a minimum guaranteed surrender value, which is a regulatory requirement, and a non-guaranteed surrender value. The guaranteed surrender value is a fixed percentage of your premiums—typically, it is around 30-35% of all the premiums paid minus the first year’s premium.

## 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.

## What is the maximum age for LIC?

FOR BASIC PLANAge at entryAge of the Life Assured- 20 to 60 years (age nearest birthday)Minimum Sum AssuredRs. 50,000 /-Maximum Sum assuredNo limit. Sum Assured will be in multiples of Rs.5,000 /- only.ModeYearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.2 more rows

## Which LIC policy gives best returns?

LIC Plans with Highest Return. LIC offers a wide range of life insurance policies designed to provide higher returns. The following plans by LIC provide you with the maximum benefits – Jeevan Akshay VI, New Children’s Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years.

## What is special surrender value in LIC?

Special Surrender Value will be 80% of the Maturity Sum Assured if three or more years’ but less than four years’ premiums have been paid. … Special Surrender Value is usually higher than the Guaranteed Surrender Value, but it is at the discretion of the insurer.

## Will I get bonus if I surrender my LIC policy?

Depending on the terms and conditions of the LIC policy, the accumulated bonus will be given. Since surrendering a policy is considered equivalent to breaking a contract, the policyholder will receive only a limited portion of money that he/she has paid as premiums.

## How can I return my LIC policy after 5 years?

Special Surrender Value: 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid.

## Can I surrender my LIC policy after 2 years?

If you close after 2/3 years, you will be ensured 30% of premiums paid. If you close between 4 and 7 years, you will get 50% of premiums paid. If you surrender in the last two policy years, you can get up to 90% of premiums.

## Can we revive LIC policy online?

The revival of lapsed LIC policy is not an extensive process. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company.

## 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.

## 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…•

## Which month is declared bonus in LIC?

LIC of India has declared the latest bonus rates for the valuation period from 1st April 2018 to 31st March 2019. You may be knowing that LIC shares its valuation surplus or profit to the policyholders in the form of Bonus and Loyalty Additions.

## How is LIC surrender value calculated?

{Basic Sum Assured X (Number of Premiums Paid/Total Number of Premiums Payable) plus total bonus received}X Surrender Value Factor. … The surrender value factor is a percentage of paid-up value plus bonus. It is zero for the first three years and keeps rising from thirdyear onwards.

## What happens if I stop paying LIC premium after 3 years?

On surrendering the policy after three years, the insurance company will pay you a guaranteed surrender value equal to 30% of all premiums paid after deducting the first year’s premium. … Special Surrender value = 80% of Maturity Sum Assured if you have paid premiums for 3 or more years but less than 4 years.

## Should I surrender my Jeevan Saral policy after 10 years?

Guaranteed Surrender: The policy can be surrendered only after it has crossed at least 3 years. … In case if the insured stop paying the premium after the completion of 3 policy years, LIC Jeevan Saral policy acquires a paid up value for the reduced sum assured amount and the policy continues to be enforce.

## Which is the best LIC Policy 2020?

More videos on YouTubeLIC PlansType of PlanPolicy Term (in years)LIC New Children’s money-back PlanTraditional money-back Child Plan25 years – Age at EntryLIC New Jeevan AnandEndowment Plan15 – 35LIC Jeevan UmangWhole Life + Endowment Plan100 – Age at EntrLIC Jeevan LabhEndowment Plan16/21/252 more rows

## What is the meaning of surrender value?

Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. A regular premium policy acquires surrender value after the policyholder has paid the premiums continuously for three years. …