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How much will I get back if I surrender my LIC policy?
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.
How can I surrender my LIC policy on Jeevan Saral plan 165?
For surrender, you can contact your insurance agent or the nearest LIC branch and fill the surrender application form along with a cancelled cheque and a mandate form for direct credit to your bank account.
What is the surrender value of Jeevan Saral after 10 years?
LIC Jeevan Saral Maturity Calculator
| Policy year | Annual premium | Guaranteed Surrender Value |
|---|---|---|
| Case 1 | ||
| Year 10 | INR 4704 | INR 50,360 |
| Year 15 | INR 4704 | INR 88,200 |
| Year 20 | INR 4704 | INR 136,124 |
Can I surrender Jeevan Saral policy before maturity?
LIC Jeevan Saral – Benefits 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 can I surrender LIC Jeevan Saral policy before maturity?
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.
Is it good to surrender Jeevan Saral?
Its premium is the same for all ages for a given death SA and policy term; this means that the maturity amounts are different. The higher the age, the lower will be maturity amount, to compensate for higher morality charges. Jeevan Saral is supposed to give better surrender and/or paid-up value.
How can I check my PLI maturity amount?
For the Endowment Assurance Plan under PLI, one can follow the below-mentioned steps for premium or maturity calculation:
- Enter the sum assured amount.
- Enter the year of purchase of the policy.
- Enter your current age.
- Enter your maturity age.
- Click on the ‘Calculate’ button and the results will be displayed.
What is surrender amount?
Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. Description: A mid-term surrender would result in the policyholder getting a sum of what has been allocated towards savings and the earnings thereon.