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Can we change the maturity period in LIC?
Since you have already agreed upon a maturity date at the time of buying it, it is sacrosanct. You will not be able to revise or change the agreed term or num-ber of years. However, you can buy another cover which will insure you until 80 years.
Can I reduce the tenure of my LIC policy?
After registration of request, the Loan documents can be submitted to any nearby LIC Branch Office.” »Loans are granted on policies as per Conditions and Privileges printed on the back of the Policy Bond. »It is mentioned in the policy whether a particular policy is with or without loan facility.
How do I shorten my LIC policy?
How To Surrender LIC Policy
- Original policy bond documents.
- Request for surrender value payment.
- LIC Surrender form- form 5074.
- LIC NEFT form.
- Bank account details.
- Original ID proof like Aadhar card, pan card or driving license.
- A cancelled cheque.
- Hand-written letter to LIC stating the reason to discontinue.
Can we close LIC policy before maturity?
It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.
Can I cancel LIC policy within 15 days?
Even if you decide to pay the premium, you will still have 15 days after receipt of the physical copy of the policy bond to cancel the policy. At that time you will still get a refund of the premium but after deduction of charges for medical tests, and administrative expenses.
Can we reduce sum assured in LIC?
Sum assured in term life insurance policies cannot be generally changed mid-term. If you are looking for an enhanced sum assured, you will have to either buy a new policy altogether or buy a supplementary cover.
How can I cancel LIC policy in free look?
The freelook period is for 15 days from the date of receipt of the hard copy. You should submit a written application for cancellation to the insurer within the freelook period. The insurer would require you to fill a cancellation form, and return the original policy copy.
How can sum assured be reduced?
A decreasing term insurance plan is a term plan where the Sum Assured decreases every year by a fixed percentage. Other features of the plan are similar to normal term insurance plans and are as follows: You can choose the original Sum Assured under the plan which then reduces every year throughout the policy tenure.
What is a cooling off period insurance?
The cooling-off period starts from when the policy begins or when you receive your policy documents, whichever is later. You should get a refund of any premiums you have already paid. However, your insurer may take off a small amount to cover days when the policy was in force.
What is the maturity date of an LIC policy?
LIC policies are life insurance policies issued by the Life Insurance Company of India. 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.
How do I Close my LIC policy?
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. To close your policy before this date, go through the process of surrendering it to LIC.
What happens to my policy when it matures?
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. To close your policy before this date, go through the process of surrendering it to LIC. The amount of money you’ll get for your policy depends on how long you’ve been paying premiums.
Can I Surrender my LIC policy after 3 years?
All the LIC policies can be surrendered after 3 years’ policy premiums have been paid. Even though you can surrender your policy, it is advisable to all the policyholders not to surrender their policies. Still, if you surrender, make sure that: