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Duplicate payment made through Bill Pay will be refunded to our service provider to be credited back to Policyholder’s account. The refund process shall take 6 to 8 days.
A premium refund is a clause in some insurance policies that grants the beneficiaries a refund to the total amount of premiums paid to date. Depending on the contract and type of insurance, it will grant a refund of the premiums you paid if you die before that term runs out or if you voluntarily end your coverage.
Can LIC premium be paid in advance?
Facility of Premium Payment in Advance 2. Premium due in Next financial year can also be deposited in advance for a maximum period of three months in advance of the due date of the premium.
Why did I get a premium refund?
An insurance premium refund may be issued for a life insurance policy. The most common type of insurance premium refund occurs when insurance is purchased for a specified period of time, but then the individual who purchased the insurance chooses to cancel it before that time period is up.
A clause included in certain policies, which grants the beneficiary a refund on the face amount of their policy, including all of the premiums that they have paid so far.
You can check details of your LIC policy including details of the LIC premium payment online, accrued bonuses, group schemes, etc. by simply logging on to the official website of LIC India with your LIC login credentials.
Can I get a refund for a double payment on LIC policy?
The double payment may be treated as advance payment. You may get refund if you contact nearest LIC office. You will have to contact LIC branch where the policy issued. if online than contact with customer care.
Should I Close my LIC policy after paying for 1-2 premiums?
A very important point to Note : A lot of people do not like to close their LIC policies after paying for 1-2 premiums because they will not get anything back for the 1-2 premiums already paid. They think that they will surrender the policy after completing 3 yrs, so that they will get at least something back.
What is the LIC final additional bonus?
There is another kind of bonus in LIC which is generally called as “FAB” or Final Additional Bonus and it’s paid to those policies which are of a longer duration and has run for more than 15 yrs (The premiums are paid for all 15 yrs). This is generally a token of appreciation for being with the policy for long duration.
What is the percentage of lapsed policies of LIC?
The percentage of lapsed policies of LIC is around 4\% on an average during the last three years. The premiums received under the lapsed policies become part of the overall Life Fund. On all those policies which have premium paying term ( PPT) of 10 years or more, where premia are paid for less than three years, then policies stand lapsed.