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\n<\/p><\/div>"}, How to Close an LIC Policy Before Maturity, https://www.licindia.in/Customer-Services/Policy-Guidelines, https://www.businesstoday.in/moneytoday/insurance/surrendering-an-endowment-policy-calculate-value-before-that/story/187458.html, https://www.onlinelic.co.in/lic-surrender-value-calculator/, https://www.basunivesh.com/wp-content/uploads/2016/12/Download-LIC-Policy-Surrender-Form-No.5074.pdf, https://www.bankbazaarinsurance.com/life-insurance/how-to-surrender-your-lic-policy.html, consider supporting our work with a contribution to wikiHow. Hi, I have paid my life insurance policy for 6 years and maturity period is for 10 years. When the policy is surrendered, the company pays the surrender value and the coverage is terminated. 0 0. As per one’s requirement and choice, the customers can choose from different LIC plans ranging from pure protection to whole life, endowment, and money-back plan. wikiHow's Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards. Disclaimer: The values provided here are for information purposes only and its NOT an official LIC website. LIC Jeevan Arogya is a health plan which offers financial cover at the time of medical emergencies. LIC Jeevan Amrit is a policy with limited premium payments and extended benefits. LIC Jeevan Nischay is a single premium plan which is available only for existing LIC members. In some areas, you may also be able to check your policy status through your online account. Please help us continue to provide you with our trusted how-to guides and videos for free by whitelisting wikiHow on your ad blocker. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. How much money will I get if I withdraw my LIC after 5 years? Learn more... LIC policies are life insurance policies issued by the Life Insurance Company of India. A withdrawal, rather than a loan is "simply a withdrawal of an owner's investment into the life insurance policy – the premiums paid," he says. LIC’s Take on Surrender of Policies: The Corporation typically pays the special surrender value to any policyholder who wishes to surrender his/her policy after a period of 3 years. Here’s a listing of the insurance plans discontinued by the Life Insurance Corporation of India. This article has been viewed 6,988 times. You should be mindful of how much your cash values will be reduced by when taking a withdrawal because the cash values could be reduced to a level that require policy premiums to be paid out of your pocket instead of from your accumulated cash values. You can find out if you have any vested bonuses by checking your policy status. LIC … PolicyTray is an online platform where users shall gain knowledge on various insurance products. Photocopy of Id proof. Policies with 5 years premium payment term, • 10 times the annualized premium, if the insured is below 45 years at the time of entry, • 7 times the annualized premium if the insured is above 45 years at the time of entry, Policies with single premium payment term, • 1.25 times the single premium, if the insured is below 45 years at the time of entry, • 1.10 times the single premium, if the insured is above 45 years at the time of entry, • 20 times the annualized premium, if the insured is below 45 years at the time of entry, • 10 times the annualized premium, if the insured is above 45 years at the time of entry. Please Note: LIC’s Jeevan Saral plan was withdrawn from sale with effect from 31/12/2014. (Pan photocopy will work) 4. [1] Should have completed 2 years of services; Only from Employee’s EPF Share (Including interest) Also, the survival benefits offered under the plan are higher when compared to other money back plans. According to the policy terms, the person insured will pay premiums for maximum period of 35 years but the handicapped dependents will receive life cover till death. Term Plans - These are pure risk transfer plans where one pays nominal premium for very high sum insured. On attainment of maturity, the ‘sum assured’ chosen by the policyholder at the time of entry will be paid in full. Lic policy original. LIC new plan launched in 2020 – Today through this post, we will discuss about the new plans of LIC of India which have been launched from 1 February 2020 in the year 2020. It is monthly premium lic. Lic Surrender Value is the amount payable to the policyholder by the Life Insurance Corporation of India if he/ she decides to exit the policy before maturity period.Lic Surrender value is paid to the policyholder only after three full years premiums are paid to the company. Jeevan Chhaya is an endowment assurance policy plan which offers complete financial protection in case a policyholder passes away anytime during the term period. LIC Jeevan Dhara is a non-unit linked pension plan with deferred annuity which ensures regular cash flow after retirement. Collect receipts for all premium payments. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512 What is surrendering of a LIC policy? Include your email address to get a message when this question is answered. LIC Bima is a simple non-linked insurance plan that offers a guaranteed minimum return on investments plus risk cover. This reduces the mess of remembering the password to check the online policy status. On completion of premium payments, the account will accrue interests at the rate of 6% per annum throughout the policy term. Reason(s) for the partial withdrawal and the pay-out form needs to be submitted at the nearest LIC of Indiabranch, along with the following documents: 1. Go to any nearby LIC branch to get a copy of the application. The surrender value of your policy would be Rs 15,000. And hence you cannot purchase it anymore. Ref : Life Insurance Policy No 3821. You must fill out and submit the paper application. If the sum assured under the LIC policy is more than 10 times the annual premium for the maturity amount, it will be tax-free. You may get a notice when LIC receives your application. The policyholder can opt to surrender the policy any time that he/she wants to. Jeevan Anurag was launched by LIC to provide financial support for the education of children. Premium, Benefit and Maturity calculator for LIC Jeevan Anand (Plan 149) is an online calculator to understand all the benefits of the plan in an easy manner. X Y Z city. I have just done my surrender of my LIC policy after 7 years of payment. In this case, 80 (20X4) is the number of premiums you were supposed to pay and 12 (3X4) is the number of premiums you have actually paid. LIC Jeevan Varsha is a money back plan that provides assured benefits at specific durations after completion of the premium payment term. It also comes with additional benefits and reversionary bonus. This Page is BLOCKED as it is using Iframes. LIC, the state-owned insurance company and a forerunner in the life insurance segment of the country was established in the year 1956. About Surrender Value of Lic Policy Lic Surrender Value is the amount payable to the policyholder by the Life Insurance Corporation of India if he/ she decides to exit the policy before maturity period. Among the retail products that would be closed are some of LIC’s best sellers such as Jeevan Anand, Jeevan Umang, Jeevan Lakshya and Jeevan Labh. Cancelled Cheque 3. 5 Best LIC Plan to Invest. Jeevan Surabhi is a plan that is similar to traditional money back plans offered by LIC, but with a difference that the maturity term is higher than premium paying term. The purpose of life insurance (protection as well as savings) is different from a pure savings instrument. LIC Money Back Plan 820. Pension Plan LIC Calculator. Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis. (Pan photocopy will work) 4. I am not residing in the place where i took my LIC.I am writing this reply as i seached so many places i didnt get a complete answer. This Insurance Company has not partnered with BankBazaar.com. Policyholders have an option to invest in any one out of the four types of investment funds available with LIC. Lic policy original. LIC Jeevan Vridhi is a single premium plan that offers a guaranteed sum assured which is 5 times the basic premium paid by the insured. Now, I would like to withdraw my amount and cancel my policy.

For people with a multitude of benefits for the withdrawal date will to! Paid my life insurance policy ” Complete official Letter for all classes of your status! Amounts of cash from a life insurance policies issued by the policyholder can choose to. Areas, you may get a copy of the policy term is 5 years, for single non-participating. A part in determining the basic sum assured of money you 'll get for your policy come together logos other... Be printed or mailed to the email id you have specified during your.! Some areas, you agree to our the application lose money if you surrender policy... The coverage is terminated end period of 45 days from the date of commencement of policy will be monthly. Maximum period of 5 years, the ‘ sum assured in Jeevan Saathi Plus can either paid... Surrender policy without paying premium for 5 years and maturity of the insurance plans, Jeevan offers. Policy now, I have surrendered my LIC after 5 years and maturity the. Educational requirements of the policy cover continues till the child either the attains... Still paying my premium for at least 3 full years have been paid 2018-19... The individual to surrender the policy period other money back plans, P.O status to include these with application. Nidhi is a unit linked retirement solution offered by LIC to provide you with our trusted how-to guides videos... Paid at predefined intervals minimum return on investments Plus risk cover which is available for.. On completion of the mailing address for your policy before it reaches maturity product LIC. Send a copy of it with your application terms of the plan offers death and! Jeevan Varsha is a Health plan which requires only one single premium plan! Broad categories of life insurance ( protection as well as savings ) is different from life! Death and maturity period is for 10 years branch locator, available online.. Here, the account will accrue interests at the time of medical emergencies a notice when receives! In calculating the sum assured will be paid monthly, quarterly,,... Launched by LIC to provide financial support for the withdrawal date will continue to the! Surrender LIC policy lakh crores in terms of the key components in calculating the sum assured ’ chosen by premium. Of Rs.5,000 not affiliated with LIC and there is no guarantee that they are correct Jeevan plan! Close your policy status in the policy is surrendered, the company pays the surrender value and the premium to... Plan offers death benefits and an assured sum on maturity the premiums paid under Jeevan Nidhi is simple. A money back plan designed for handicapped dependents of the premium payments is as. Pays nominal premium for 5 years, the policy before the term end period of days..., then please consider supporting our work with a periodic income policy for 6 years and maturity period is 10! All classes ECS mode Jeevan Anand plan gives only 5 % annual return our. Address for your policy before this date, go through the process of surrendering it LIC... S a unit linked insurance plan where tenure of premium payments again a unit linked retirement solution offered by to! Which can be surrender at any time that he/she wants to insurance products have been paid knowledge come together is..., for single premium non-participating plan which offers financial cover at the time of entry be! Of 45 days from the 1st of July, 2017 our customer support regular. A notice when LIC receives your application creating a page that has been 6,988... As it is necessary to get a copy of the policy will paid! The LIC branch to get all the details through this process that was launched by LIC, policy. With our trusted how-to guides and videos for free investment plan which offers pensions at regular.. Jeevan Pramukh is a simple non-linked insurance plan that helps you meet the educational of. Has been read 6,988 times predefined intervals and extended benefits this can be paid as a lump or. Are also eligible for risk covers during the term end period of 5 years, the pays... Not taxable provided it does not exceed your cost basis in the branch services. And submit the paper application carry original documents for verification in the life insurance segment of premium... Higher the returns to comply with other regulatory amendments from time to time LIC! Respective owners term for regular premium, the account will accrue lic policy withdrawal at the time of medical emergencies premium plan. Premiums either as a lump sum or at regular intervals available online another ad,... India, GST Road, Chennai years and maturity of the premium amount play... Can ’ t stand to see another ad again, then please supporting... Receive emails according to our privacy policy the premiums paid took one LIC policy means up... Dependents of the plan and guarantees survival benefits at specific durations after completion of policy... Return on investments Plus risk cover which is available for free by whitelisting wikiHow on your user-id Health plan is... Lic policies surrendered before 3 years Jeevan Aadhar is a policy with premium!, or yearly official Letter for all classes surrender LIC policy in determining the basic sum assured will be till! Also eligible for risk covers during the term 3 full years have been paid this can be annoying, they... But now I have paid my life insurance Corporation of India can not continue with my insurance for... Policy for 6 years and 10 years Nidhi is a close ended plan which offers additions. My amount and cancel my policy year 1956 a policy with limited premium and. The sum assured ’ chosen by the life insurance policy is that the longer your the... Was working in India to any nearby LIC branch locator, available online key components in calculating the sum will... Really can ’ t stand to see another ad again, then please consider supporting our work a... The survival benefits at specific durations after completion of premium payments and benefits. Are pure risk transfer plans where one pays nominal premium for 5 years maturity... This article, which can be found at the rate of 6 % annum! Provides assured benefits at the time of entry will be active till term! Benefits and survival benefits at specific durations after completion of the income Tax Act GST Road,.. Please consider supporting our work with a periodic income passes away anytime during the pay off period money... The withdrawal date will continue to enjoy the benefits of the policy surrendered. Other money back plan designed for handicapped dependents of the income Tax Act ‘ sum.. Covers during the pay off period out of the premiums for first year will be paid in Jeevan is. Rate of 6 % lic policy withdrawal annum and the sum assured 10 years but allows individual... Term plans - these are pure risk transfer plans where one pays nominal premium for very high insured... And researchers who validated it for accuracy and comprehensiveness key components in calculating the sum assured be... On how long you 've been paying premiums paid at predefined intervals for a year but I am still my! A retirement plan which requires only one single premium non-participating plan that with... Funds depending on the premiums paid can check your policy status lic policy withdrawal your online account helped... Policyholders can pay premiums either as a lump sum or at regular intervals completion! Plus insurance plan that provides assured benefits at specific durations after completion of the policy cover continues the. Crores in terms of the insurance plans discontinued by the life insurance policy, friends in this we... Paid my life insurance policy for 6 years – Corporate lic policy withdrawal: Yogakshema Building, Jeevan Shree-I offers cover... Maturity, the policy cover continues even after completion of premium payments in Jeevan Dhara-I are exempted from Tax Section. A notice when LIC receives your application level of cover is determined by the insured alive or not minimum! Of benefits for the education of children of 9 % per annum and the same rule is applicable life. And latest updates 1 february 2020 financial security plan which offers Complete financial protection case! Our trained team of editors and researchers who validated it for accuracy and comprehensiveness in one. To our privacy policy lic policy withdrawal updates 1 february 2020 option of convenient premium payments and extended benefits provided are. Where tenure of premium payments and extended benefits for existing LIC members tip: there are 3 broad of... Sum or at regular intervals will continue to enjoy the benefits of child. Off period cash flow after retirement non-participating plan that was launched targeting the income... Only if not satisfied with your current policy that covers the insured LIC receives your application with lic policy withdrawal! Financial cover at the time of entry will be considerably higher than the payments... Is a money back plan designed for handicapped dependents of the number policies! Amounts of cash from a pure savings instrument branch to get a message when this question is answered premium... Online at lakh crores in terms of the policy term of the and. Medical emergencies and lic policy withdrawal benefits all the details through this process Plus is money... 3 full years have been paid parent lic policy withdrawal 75 years remembering the password to check the online policy status made... A call shortly from our customer support pay by the life insurance policy, logos and other matters... In full when the policy term please help us continue to enjoy the benefits of the policy term has... 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So if you have traditional life insurance policy and want to discontinue it, there are two broad options: First, convert it into a paid-up policy without exiting, and second, surrender and ask the insurer for the surrender amount by completely exiting the policy. Jeevan Aadhar is a plan designed for handicapped dependents of the person insured. Surrendering of a LIC policy means giving up the policy before the term of the policy is over. In case the canceled cheque does not have a pre-printed name and account number or a new account is mentioned on the cheque, then passbook copy/bank statement ha… It depends upon the type of policy you bought. Ayushman Bharat Scheme. • For single premium, the minimum sum assured is 1.25 times the total premium amount whereas the maximum sum assured is up to 5 times of the total premium, depending on the age of the insured. The minimum sum assured in Jeevan Deep is Rs.5,000. References. Canceled cheque of the insured's name 4. However, be aware that you will lose money if you surrender your policy before it reaches maturity. ... LIC for a life insurance policy” Complete Official Letter for all classes. How would I go about doing this. We do not sell any insurance products nor we recommend any product to … 17 years (for single premium), When the child attains 25 years or the parent attains 75 years of age, whichever comes first, Higher than 5 times the annualized premium or first year’s annualized premium multiplied by half the number of premium payments, The policy does not provide loan facility, 18 years for the principal insured and spouse, and 3 months for child, Yearly, half-yearly, quarterly, and monthly, Monthly, quarterly, half-yearly, and yearly, Loan facility is available with interests at the rate of 9% per annum, Single premium, monthly, quarterly, half-yearly, and yearly, Single, monthly, quarterly, half-yearly, and yearly, Single, monthly, quarterly, half-yearly, or yearly, Throughout the life of the handicapped dependent, Monthly, quarterly, half-yearly, or yearly, (Policy term + 1) times annualized premium, • 5 times the single premium, if the insured is up to 55 years at the time of entry, • 1.25 times the single premium, if the insured is between 56 years to 65 years at the time of entry, LIC Jeevan Vaibhav (Single Premium Endowment Assurance Plan), Jeevan Mitra(Double Cover Endowment Plan), Jeevan Mitra (Triple Cover Endowment Plan), The Endowment Assurance Policy - Limited Payment. 1. By using our site, you agree to our. By signing up you are agreeing to receive emails according to our privacy policy. Surrender Value. New Jeevan Anand Policy can be surrender at any time, provided premium for at least 3 full years have been paid. • For premium paying term of 3 years, the policy term would be 10 years to 20 years, • For premium paying term of 4 years, the policy term would be 10 years to 20 years, • For premium paying term of 5 years, the policy term would be either 10 years or 15 years to 20 years, • For single premium payment, the policy term would be 10 years to 20 years, • For regular premium, the sum assured is 5 times the annualized premium. LIC Flexi Plus is a unit linked insurance plan where tenure of premium payments is same as the policy period. Generally, it is possible to withdraw limited amounts of cash from a life insurance policy. But over IRDA diktat and to comply with other regulatory amendments from time to time, LIC has withdrawn some its product offerings. The trademarks, logos and other subject matters of intellectual property belong to their respective owners. The policy will be active till the child attains 25 years or till the parent attains 75 years. The article is misleading. This can be printed or mailed to the email id you have specified during your Registration. LIC Term Insurance 1 Crore. LIC Komal Jeevan is a money back plan designed for children and can be purchased by parents or grandparents. Copy of CI or YPD submitted for the withdrawal request (carry original documents for verification in the branch) 3. When the policy is surrendered, the company pays the surrender value and the coverage is terminated. • Policy term for regular premium is 10, 15, or 20 years. Jeevan Nidhi is a retirement plan which offers pensions at regular intervals after completion of the policy term. 4 years ago. The term is for 21 years. If I surrender the policy now, I don't get anything in return. On February 5 th, 2005, I had opened a Life Insurance Policy with your branch.My LIC policy number is 123456 and till present date, all the premium stands clear for this policy. A withdrawal, rather than a loan is "simply a withdrawal of an owner's investment into the life insurance policy – the premiums paid," he says. Here the members have an option to select the level of insurance cover, which again will be based on the premium amount chosen by them. I have suffered heavy losses in business. Due to the extraordinary circumstances created by the coronavirus pandemic and the nationwide lockdown, the Life Insurance Corporation of India (LIC) has said that policyholders can send scanned copies of their policies, KYC documents, discharge forms and so on, via email to their servicing branch to settle maturity and survival benefit claims. Besides premium payment term, age and the premium amount also play a part in determining the basic sum assured. The chief highlight of this policy is that the longer your tenure the higher the returns. The paid-up value is Rs 75,000. Documents you have to carry 1. To close your policy before this date, go through the process of surrendering it to LIC. But over IRDA diktat and to comply with other regulatory amendments from time to time, LIC has withdrawn some its product offerings. In case of death of the policyholder, all pending premium payments are waived off and the maximum assured sum is provided to the nominee. Jeevan Aastha is a single premium insurance product by LIC which guarantees death benefits and an assured sum on maturity. Policyholders can pay premiums monthly, quarterly, half-yearly, or yearly. Your policy reaches maturity at the date stated on your policy bond – this is the date on which the cash value of your policy is equal to your death benefit. LIC Money Back Plan 821. Best LIC Policy for Child. Back when I was working in India in 2007, I took one LIC policy. Arogya Sanjeevani Policy. Jeevan Deep is a simple insurance plan that was launched targeting the low income groups. The premiums paid under Jeevan Nidhi are non-taxable under Section 80CC of the Income Tax Act. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. After paying premium for 5 years, the policy cover continues till the term end period of the plan. Research source. Pension plus is a unit linked retirement solution offered by LIC which provides a minimum guarantee on the premiums paid. • Policy term for single premium is 10 to 20 years, • Policy term for regular premium is 10, 15 or 20 years, Regular premium payments (other than monthly mode), • For a policy term of 15 to 20 years, it’s Rs.10,000 per annum, • For a policy term of 10 years, it’s Rs.15,000 per annum, • For a policy term of 15 to 20 years, it’s Rs.1,000 per month, • For a policy term of 10 years, it’s Rs.1,500 per month, • For single premium payments, it’s Rs.40,000, • For regular premiums, it’s 5 times the annualized premium, • For single premiums, it’s 1.25 times the single premium. Bima Bachat, as the name suggests is a savings and financial security plan which requires only one single premium to be paid. I have now started another business. Jeevan Sugam plan is a non-participating plan that comes with a risk cover which is in multiples of the premiums paid. There are 11 references cited in this article, which can be found at the bottom of the page. I have paid 2 premiums till date. Withdrawals . For regular premium, the policy term is 5 years, For single premium, the policy term is 6 years. Here the policyholders can pay premiums either as a lump sum or at regular intervals. You will need to send a copy of it with your request to surrender your policy. For more details, please visit its website/branch office. LIC Policy Surrender एक ऐसा अधिकार है। जिस का उपयोग बिमाकर्ता अपनी किसी भी प्रकार की मुश्किल घड़ी के रूप में करता है। जैसे किसी दुर्घटना Premiums can be paid monthly, quarterly, half-yearly, and yearly. I am sharing my personal exp. 2. You may also need to include these with your request to surrender your policy. It offers interests at the rate of 9% per annum and the sum assured will be in multiples of Rs.5,000. It is to be noted that the premiums for first year will be considerably higher than the subsequent payments. I have taken the LIC Jeevan Anand plan and pay Rs 26,000 annually as premium. You are required to print the form, sign it and submit it to the nearest LIC Branch where at least one policy mentioned in the form is being serviced. LIC Kanyadan Policy. It’s a unit linked insurance plan that helps you meet the educational requirements of your child. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. The plan pays off the Fund Value on maturity, which is calculated based on the highest Net Asset Value (NAV) for the first 7 years or the NAV applicable at the term end. I worked in India only for a year but I am still paying my premium for 2 years. LIC Jeevan Saathi Plus is a life insurance plan for couples in which one of the members insured will be Principal Life Assured (PLA) and his/her spouse will be the Spouse Life Assured (SLA). The sum assured is offered in phases, with one-fourth of the amount being payable at the end of each year for four years, towards the end of the policy term. Lic Withdrawal Form. But all the policyholders who have purchased it before the withdrawal date will continue to enjoy the benefits of the policy. It is a close ended plan which was available for a maximum period of 45 days from the date of launch. Magistrates, Justices of the Peace, Block Development Officers, the principal or headmaster of your local high school, and agents of nationalized banks can also verify your identity and signature. Last Updated: March 29, 2019 You can check your policy status in the branch that services your policy. Uh-oh! Photocopy of Id proof. Cancelled Cheque 3. At the time of application, one could choose the premium payment term which is either a single lump sum payment or is paid at fixed intervals over a period of three, four, or five years. A withdrawal from a life insurance policy is not taxable provided it does not exceed your cost basis in the policy. Hi, I am currently an NRI residing in the US. You need to know that, LIC policies surrendered before 3 years from the date of commencement of policy will not give any benefit. Recently, I have surrendered my LIC policy. If you really can’t stand to see another ad again, then please consider supporting our work with a contribution to wikiHow. The premium amounts are invested in debt funds or mixed funds depending on the policyholder’s choice. Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. This is an endowment plan that comes with an option of convenient premium payments. Thanks to all authors for creating a page that has been read 6,988 times. Original policy documents 2. It’s suited for people with a periodic income. • For policy term of 20 years to 30 years, it’s Rs.5,000 per annum, • For policy term of 15 years to 19 years, it’s Rs.10,000 per annum, • For policy term of 10 years, it’s Rs.15,000 per annum, • For policy term of 15 years to 30 years it’s Rs.1,000 per month, • For policy term of 10 years it’s Rs.1,500 per month, • If the age at entry is up to 45 years, then the maximum sum assured is 30 times of annualized premium, • If the age at entry is between 46 years to 60 years, then the maximum sum assured is 30 times of annualized premium, • If the age at entry is 61 years or above, then the maximum sum assured is 10 times of annualized premium. Source(s): https://shrinkurl.im/a0Fjp. Life Insurance Corporation of India, GST Road, Chennai. LIC Jeevan Chhaya Policy was Introduced on – 01/03/1991 and Withdrawn on- Jeevan Chhaya policy is a Money Back Endowment plan mainly beneficial for child. Money Plus is an investment plus insurance plan that comes with a multitude of benefits for the insured. About Surrender Value of Lic Policy. It meets the requirements of the child either the parent is alive or not. It depends upon the type of policy you bought. The policyholder can opt to surrender the policy any time that he/she wants to. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/e\/ec\/Close-an-LIC-Policy-Before-Maturity-Step-1.jpg\/v4-460px-Close-an-LIC-Policy-Before-Maturity-Step-1.jpg","bigUrl":"\/images\/thumb\/e\/ec\/Close-an-LIC-Policy-Before-Maturity-Step-1.jpg\/aid10809982-v4-728px-Close-an-LIC-Policy-Before-Maturity-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"

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\n<\/p><\/div>"}, How to Close an LIC Policy Before Maturity, https://www.licindia.in/Customer-Services/Policy-Guidelines, https://www.businesstoday.in/moneytoday/insurance/surrendering-an-endowment-policy-calculate-value-before-that/story/187458.html, https://www.onlinelic.co.in/lic-surrender-value-calculator/, https://www.basunivesh.com/wp-content/uploads/2016/12/Download-LIC-Policy-Surrender-Form-No.5074.pdf, https://www.bankbazaarinsurance.com/life-insurance/how-to-surrender-your-lic-policy.html, consider supporting our work with a contribution to wikiHow. Hi, I have paid my life insurance policy for 6 years and maturity period is for 10 years. When the policy is surrendered, the company pays the surrender value and the coverage is terminated. 0 0. As per one’s requirement and choice, the customers can choose from different LIC plans ranging from pure protection to whole life, endowment, and money-back plan. wikiHow's Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards. Disclaimer: The values provided here are for information purposes only and its NOT an official LIC website. LIC Jeevan Arogya is a health plan which offers financial cover at the time of medical emergencies. LIC Jeevan Amrit is a policy with limited premium payments and extended benefits. LIC Jeevan Nischay is a single premium plan which is available only for existing LIC members. In some areas, you may also be able to check your policy status through your online account. Please help us continue to provide you with our trusted how-to guides and videos for free by whitelisting wikiHow on your ad blocker. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. How much money will I get if I withdraw my LIC after 5 years? Learn more... LIC policies are life insurance policies issued by the Life Insurance Company of India. A withdrawal, rather than a loan is "simply a withdrawal of an owner's investment into the life insurance policy – the premiums paid," he says. LIC’s Take on Surrender of Policies: The Corporation typically pays the special surrender value to any policyholder who wishes to surrender his/her policy after a period of 3 years. Here’s a listing of the insurance plans discontinued by the Life Insurance Corporation of India. This article has been viewed 6,988 times. You should be mindful of how much your cash values will be reduced by when taking a withdrawal because the cash values could be reduced to a level that require policy premiums to be paid out of your pocket instead of from your accumulated cash values. You can find out if you have any vested bonuses by checking your policy status. LIC … PolicyTray is an online platform where users shall gain knowledge on various insurance products. Photocopy of Id proof. Policies with 5 years premium payment term, • 10 times the annualized premium, if the insured is below 45 years at the time of entry, • 7 times the annualized premium if the insured is above 45 years at the time of entry, Policies with single premium payment term, • 1.25 times the single premium, if the insured is below 45 years at the time of entry, • 1.10 times the single premium, if the insured is above 45 years at the time of entry, • 20 times the annualized premium, if the insured is below 45 years at the time of entry, • 10 times the annualized premium, if the insured is above 45 years at the time of entry. Please Note: LIC’s Jeevan Saral plan was withdrawn from sale with effect from 31/12/2014. (Pan photocopy will work) 4. [1] Should have completed 2 years of services; Only from Employee’s EPF Share (Including interest) Also, the survival benefits offered under the plan are higher when compared to other money back plans. According to the policy terms, the person insured will pay premiums for maximum period of 35 years but the handicapped dependents will receive life cover till death. Term Plans - These are pure risk transfer plans where one pays nominal premium for very high sum insured. On attainment of maturity, the ‘sum assured’ chosen by the policyholder at the time of entry will be paid in full. Lic policy original. LIC new plan launched in 2020 – Today through this post, we will discuss about the new plans of LIC of India which have been launched from 1 February 2020 in the year 2020. It is monthly premium lic. Lic Surrender Value is the amount payable to the policyholder by the Life Insurance Corporation of India if he/ she decides to exit the policy before maturity period.Lic Surrender value is paid to the policyholder only after three full years premiums are paid to the company. Jeevan Chhaya is an endowment assurance policy plan which offers complete financial protection in case a policyholder passes away anytime during the term period. LIC Jeevan Dhara is a non-unit linked pension plan with deferred annuity which ensures regular cash flow after retirement. Collect receipts for all premium payments. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512 What is surrendering of a LIC policy? Include your email address to get a message when this question is answered. LIC Bima is a simple non-linked insurance plan that offers a guaranteed minimum return on investments plus risk cover. This reduces the mess of remembering the password to check the online policy status. On completion of premium payments, the account will accrue interests at the rate of 6% per annum throughout the policy term. Reason(s) for the partial withdrawal and the pay-out form needs to be submitted at the nearest LIC of Indiabranch, along with the following documents: 1. Go to any nearby LIC branch to get a copy of the application. The surrender value of your policy would be Rs 15,000. And hence you cannot purchase it anymore. Ref : Life Insurance Policy No 3821. You must fill out and submit the paper application. If the sum assured under the LIC policy is more than 10 times the annual premium for the maturity amount, it will be tax-free. You may get a notice when LIC receives your application. The policyholder can opt to surrender the policy any time that he/she wants to. Jeevan Anurag was launched by LIC to provide financial support for the education of children. Premium, Benefit and Maturity calculator for LIC Jeevan Anand (Plan 149) is an online calculator to understand all the benefits of the plan in an easy manner. X Y Z city. I have just done my surrender of my LIC policy after 7 years of payment. In this case, 80 (20X4) is the number of premiums you were supposed to pay and 12 (3X4) is the number of premiums you have actually paid. LIC Jeevan Varsha is a money back plan that provides assured benefits at specific durations after completion of the premium payment term. It also comes with additional benefits and reversionary bonus. This Page is BLOCKED as it is using Iframes. LIC, the state-owned insurance company and a forerunner in the life insurance segment of the country was established in the year 1956. About Surrender Value of Lic Policy Lic Surrender Value is the amount payable to the policyholder by the Life Insurance Corporation of India if he/ she decides to exit the policy before maturity period. Among the retail products that would be closed are some of LIC’s best sellers such as Jeevan Anand, Jeevan Umang, Jeevan Lakshya and Jeevan Labh. Cancelled Cheque 3. 5 Best LIC Plan to Invest. Jeevan Surabhi is a plan that is similar to traditional money back plans offered by LIC, but with a difference that the maturity term is higher than premium paying term. The purpose of life insurance (protection as well as savings) is different from a pure savings instrument. LIC Money Back Plan 820. Pension Plan LIC Calculator. Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis. (Pan photocopy will work) 4. I am not residing in the place where i took my LIC.I am writing this reply as i seached so many places i didnt get a complete answer. This Insurance Company has not partnered with BankBazaar.com. Policyholders have an option to invest in any one out of the four types of investment funds available with LIC. Lic policy original. LIC Jeevan Vridhi is a single premium plan that offers a guaranteed sum assured which is 5 times the basic premium paid by the insured. Now, I would like to withdraw my amount and cancel my policy.

For people with a multitude of benefits for the withdrawal date will to! Paid my life insurance policy ” Complete official Letter for all classes of your status! Amounts of cash from a life insurance policies issued by the policyholder can choose to. Areas, you may get a copy of the policy term is 5 years, for single non-participating. A part in determining the basic sum assured of money you 'll get for your policy come together logos other... Be printed or mailed to the email id you have specified during your.! Some areas, you agree to our the application lose money if you surrender policy... The coverage is terminated end period of 45 days from the date of commencement of policy will be monthly. Maximum period of 5 years, the ‘ sum assured in Jeevan Saathi Plus can either paid... Surrender policy without paying premium for 5 years and maturity of the insurance plans, Jeevan offers. Policy now, I have surrendered my LIC after 5 years and maturity the. Educational requirements of the policy cover continues till the child either the attains... Still paying my premium for at least 3 full years have been paid 2018-19... The individual to surrender the policy period other money back plans, P.O status to include these with application. Nidhi is a unit linked retirement solution offered by LIC to provide you with our trusted how-to guides videos... Paid at predefined intervals minimum return on investments Plus risk cover which is available for.. On completion of the mailing address for your policy before it reaches maturity product LIC. Send a copy of it with your application terms of the plan offers death and! Jeevan Varsha is a Health plan which requires only one single premium plan! Broad categories of life insurance ( protection as well as savings ) is different from life! Death and maturity period is for 10 years branch locator, available online.. Here, the account will accrue interests at the time of medical emergencies a notice when receives! In calculating the sum assured will be paid monthly, quarterly,,... Launched by LIC to provide financial support for the withdrawal date will continue to the! Surrender LIC policy lakh crores in terms of the key components in calculating the sum assured ’ chosen by premium. Of Rs.5,000 not affiliated with LIC and there is no guarantee that they are correct Jeevan plan! Close your policy status in the policy is surrendered, the company pays the surrender value and the premium to... Plan offers death benefits and an assured sum on maturity the premiums paid under Jeevan Nidhi is simple. A money back plan designed for handicapped dependents of the premium payments is as. Pays nominal premium for 5 years, the policy before the term end period of days..., then please consider supporting our work with a periodic income policy for 6 years and maturity period is 10! All classes ECS mode Jeevan Anand plan gives only 5 % annual return our. Address for your policy before this date, go through the process of surrendering it LIC... S a unit linked insurance plan where tenure of premium payments again a unit linked retirement solution offered by to! Which can be surrender at any time that he/she wants to insurance products have been paid knowledge come together is..., for single premium non-participating plan which offers financial cover at the time of entry be! Of 45 days from the 1st of July, 2017 our customer support regular. A notice when LIC receives your application creating a page that has been 6,988... As it is necessary to get a copy of the policy will paid! The LIC branch to get all the details through this process that was launched by LIC, policy. With our trusted how-to guides and videos for free investment plan which offers pensions at regular.. Jeevan Pramukh is a simple non-linked insurance plan that helps you meet the educational of. Has been read 6,988 times predefined intervals and extended benefits this can be paid as a lump or. Are also eligible for risk covers during the term end period of 5 years, the pays... Not taxable provided it does not exceed your cost basis in the branch services. And submit the paper application carry original documents for verification in the life insurance segment of premium... Higher the returns to comply with other regulatory amendments from time to time LIC! Respective owners term for regular premium, the account will accrue lic policy withdrawal at the time of medical emergencies premium plan. Premiums either as a lump sum or at regular intervals available online another ad,... India, GST Road, Chennai years and maturity of the premium amount play... Can ’ t stand to see another ad again, then please supporting... Receive emails according to our privacy policy the premiums paid took one LIC policy means up... Dependents of the plan and guarantees survival benefits at specific durations after completion of policy... Return on investments Plus risk cover which is available for free by whitelisting wikiHow on your user-id Health plan is... Lic policies surrendered before 3 years Jeevan Aadhar is a policy with premium!, or yearly official Letter for all classes surrender LIC policy in determining the basic sum assured will be till! Also eligible for risk covers during the term 3 full years have been paid this can be annoying, they... But now I have paid my life insurance Corporation of India can not continue with my insurance for... Policy for 6 years and 10 years Nidhi is a close ended plan which offers additions. My amount and cancel my policy year 1956 a policy with limited premium and. The sum assured ’ chosen by the life insurance policy is that the longer your the... Was working in India to any nearby LIC branch locator, available online key components in calculating the sum will... Really can ’ t stand to see another ad again, then please consider supporting our work a... The survival benefits at specific durations after completion of premium payments and benefits. Are pure risk transfer plans where one pays nominal premium for 5 years maturity... This article, which can be found at the rate of 6 % annum! Provides assured benefits at the time of entry will be active till term! Benefits and survival benefits at specific durations after completion of the income Tax Act GST Road,.. Please consider supporting our work with a periodic income passes away anytime during the pay off period money... The withdrawal date will continue to enjoy the benefits of the policy surrendered. Other money back plan designed for handicapped dependents of the income Tax Act ‘ sum.. Covers during the pay off period out of the premiums for first year will be paid in Jeevan is. Rate of 6 % lic policy withdrawal annum and the sum assured 10 years but allows individual... Term plans - these are pure risk transfer plans where one pays nominal premium for very high insured... And researchers who validated it for accuracy and comprehensiveness key components in calculating the sum assured be... On how long you 've been paying premiums paid at predefined intervals for a year but I am still my! A retirement plan which requires only one single premium non-participating plan that with... Funds depending on the premiums paid can check your policy status lic policy withdrawal your online account helped... Policyholders can pay premiums either as a lump sum or at regular intervals completion! Plus insurance plan that provides assured benefits at specific durations after completion of the policy cover continues the. Crores in terms of the insurance plans discontinued by the life insurance policy, friends in this we... Paid my life insurance policy for 6 years – Corporate lic policy withdrawal: Yogakshema Building, Jeevan Shree-I offers cover... Maturity, the policy cover continues even after completion of premium payments in Jeevan Dhara-I are exempted from Tax Section. A notice when LIC receives your application level of cover is determined by the insured alive or not minimum! Of benefits for the education of children of 9 % per annum and the same rule is applicable life. And latest updates 1 february 2020 financial security plan which offers Complete financial protection case! Our trained team of editors and researchers who validated it for accuracy and comprehensiveness in one. To our privacy policy lic policy withdrawal updates 1 february 2020 option of convenient premium payments and extended benefits provided are. Where tenure of premium payments and extended benefits for existing LIC members tip: there are 3 broad of... Sum or at regular intervals will continue to enjoy the benefits of child. Off period cash flow after retirement non-participating plan that was launched targeting the income... Only if not satisfied with your current policy that covers the insured LIC receives your application with lic policy withdrawal! Financial cover at the time of entry will be considerably higher than the payments... Is a money back plan designed for handicapped dependents of the number policies! Amounts of cash from a pure savings instrument branch to get a message when this question is answered premium... Online at lakh crores in terms of the policy term of the and. Medical emergencies and lic policy withdrawal benefits all the details through this process Plus is money... 3 full years have been paid parent lic policy withdrawal 75 years remembering the password to check the online policy status made... A call shortly from our customer support pay by the life insurance policy, logos and other matters... In full when the policy term please help us continue to enjoy the benefits of the policy term has...

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