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How can I get my money back from LIC?
The LIC new money back policy can be surrendered only after it accrues cash value after payment of 3 years of premiums. If policyholders stop paying the premium, the policy ceases to exist. Nevertheless, if premiums have been paid for three years, a paid up value is accrued for a reduced sum assured.
Can I withdraw money from LIC before maturity?
When you opt-out of a policy before its maturity, then it is called surrendering of the policy and the amount that you receive at the time, is LIC policy surrender value. However, surrender of policy is not recommended since the LIC surrender value will always be subsequently low.
The refund process shall take 6 to 8 days. Also, If receipts for both the transactions have been received by customer, then the excess payment made through Bill Pay/Online portal will be refunded by servicing branch of LIC through NEFT. We request you to kindly adopt only one mode of premium payment.
Can I cancel my LIC policy?
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.
If you wish to discontinue your life insurance policy for any reason, you can do so, but at a cost. In case of a term life insurance policy, if you stop paying the periodic premium, the policy automatically lapses, i.e., the risk cover ceases but there is no other additional downside or cost.
How much money will I get if I surrender 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.
Is LIC money back plan good?
According to tax and investment experts, the LIC Money Back Policy falls under the EEE (exempt-exempt-exempt) category, which means an investor has the luxury of getting income tax benefits on his or her LIC Policy premium payments, interest earned on it and the maturity amount – provided the net premium paid under the …