Table of Contents
What if I close LIC policy before maturity?
If you terminate your LIC policy before time, surrender value is to be paid to the policyholder. Surrender value is usually more than Guaranteed Surrender Value and Special Surrender Value.
How can I get money back from LIC policy?
Steps to Avail a Loan Against LIC Policy
- Visit the nearest LIC branch office.
- Fill out the loan application form.
- Submit the required documents.
- Once processed, the loan will be disbursed within 3-5days.
How long does it take to get LIC maturity?
When a life insurance policy is about to mature, the service branch of LIC of India will send an advance maturity claim intimation letter to the policyholder usually before two months.
How much we get after LIC maturity?
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40\% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
To check the due date and Revival Quotation, an individual must log in to their respective accounts in the official customer portal of the insurance company. The steps to logging in to the account are given further in the article.
What happens when a life insurance policy matures?
When a life insurance policy “matures,” it has reached its maturity date and now owes the cash value or death benefit to the insured. A term life insurance policy covers you for a number of years and then ends, while a permanent life insurance policy usually lasts your whole life.
How to withdraw the insurance policy amount post maturity in LIC?
After the maturity of a life insurance policy, one has to withdraw it by following the set rules and regulations as laid down by the respective insurance firm. Lets understand the procedure through which one can withdraw the insurance policy amount post maturity in LIC.
What is the renewal date of an LIC policy?
The renewal date of a policy is exactly one year after the previous year’s premium payment date. However, in order to make the premium payments easier, the insurance company like LIC allows a grace period of 30 days for paying the renewal premium.
If you are also the one who has missed the payment of LIC premium within the date due, then do not worry. This is because LIC provides a grace period for LIC premium payment during which you can pay the premium of your LIC policy without paying interest on it. Let us understand the grace period in detail:
What happens if I Stop my LIC policy after 3 years?
You will not get anything back if you stop your policy without paying for 3 years. Almost every traditional policy attains minimum surrender value after the policy has run for 3 yrs. After 3 yrs, if you surrender your LIC policy, still you will only get a small fraction of your total paid premiums that too excluding first year premiums.