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What if I close my LIC policy before maturity?
You will receive only the Total Paid Up amount at maturity or death of policyholder. Total Paid Up Value will be payable to you at maturity or your nominee (if your death occurs during the policy period).
How can I surrender 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.
How can I close my LIC policy online?
Documents Required For Policy Surrender
- 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 pause LIC policy?
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 do I Close my LIC policy before maturity?
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. However, be aware that you will lose money if you surrender your policy before it reaches maturity.
Should I Surrender my LIC policy or stop the premium payments?
Once you come to know that policy is not serving any purpose it is better to stop the premium payments. Best way to stop LIC is ensure it has has attained paid up value, normally it is paying premiums for three years. After three years stop paying premiums instead of surrendering the policy.
What is the best way to stop LIC policy?
Best way to stop LIC is ensure it has has attained paid up value, normally it is paying premiums for three years. After three years stop paying premiums instead of surrendering the policy. Surrendering the policy will have charges and will get lower pay out.
Can I Close my policy at any time after paying premium?
You can always close your policy any time after paying minimum 3 yrs premium, but I always strongly advise against it. Because you incur loss ….. Yes there is a term called “ fully paid up”…