Sage-Tips

What happens if I surrender my LIC policy after 10 years?

You will get a portion of your money only if you have paid consecutive premiums for two years (if premium paying term is less than 10 years), and three years (if premium paying term is more than 10 years). If you surrender before this, you do not get back any money.

Should I surrender my Jeevan Saral policy after 10 years?

Premiums paid are exempted from income tax-free for Jeevan Saral policy under Sec 80 C. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 (10D). This policy can only be surrendered after the completion of 3 years.

How long does it take to surrender LIC policy?

Guaranteed Surrender Value: 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.

How is surrender value of LIC Jeevan Saral calculated?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Can LIC policy be surrendered online?

First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. Also, keep in mind that you have to personally visit the branch and request for surrender of LIC policy.

How can I check my LIC policy surrender status?

Procedure to Check Policy Status Online (for Registered Users):

1. Open the LIC India website and click on Customer Portal located underneath Online Services.
2. It will redirect to the login page where you should select the Registered User option.

How do I Surrender my LIC Jeevan Saral plan?

You can either continue the coverage by paying the premium or you can surrender the plan and apply for a new endowment policy offered by LIC as well as other leading life insurance companies. When you surrender the Jeevan Saral plan, you get a surrender value if you have paid at least the first three years’ premiums.

What are the features of LIC Jeevan Saral?

Most of the customers of Jeevan Saral misunderstood the Insurance cover as maturity. LIC’s Jeevan Saral is a unique plan having good features of the conventional plans and the flexibility of unit linked plans. · the loyalty addition, if any. · Extended risk cover for one year after 3 years premium payment.

Is loan facility available under the LIC Jeevan Saral policy?

Yes, the Loan facility is available under the Jeevan Saral policy. The maturity sum in the LIC Jeevan Saral Plan of LIC is Loyalty Addition (LA) + Maturity Sum Assured (MSA) declared in the maturity year.

Is Jeevan Saral a good insurance policy?

Jeevan Saral was different type of policy. Now people are getting maturity or applying for surrender. But it’s maturity depends on the age of policy holder at the time of policy taken by him/her. It gives you Maturity Sum Assured plus Loyalty Addition (LA) after 10 years. For risk point of view it’s a good policy.