What is Plan 820 in LIC?
LIC Money Back Plan 820 is a participating and traditional insurance plan. It is a 20 years money back plan that provides liquidity to the policyholder and creates wealth. The plan pays the money back benefits to the policyholder at regular intervals during the tenure of the plan.
How do you calculate maturity amount back?
Details of your Plan:
- Sum Assured (A): = Rs. 5,00,000.
- Survival Benefit (B): = Rs. 5,00,000. Jan, 2017 : Rs. 40,000. Jan, 2017 : Rs. 40,000. Jan, 2017 : Rs. 40,000.
- Maturity Benefit (C): = Rs. 5,00,000.
- Amount on Maturity (D): * = Rs. 1000.
- Total Benefit Amount (A+B+C+D): = Rs. 35,000.
- Period of Maturity = Dec, 2021.
How long does it take to get LIC surrender value?
3 years
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.
Should I Surrender my new money back plan (820)?
In case of surrender, you will get approximately 35-40\% of total paid premium. If you have paid premium for 3 years, then you can stop paying premium for this plan and take new plan. It is not suggested to surrender this policy and take new one. Sir, I purchased New Money Back Plan (820) for 20 year in 2015.
What happens if I Surrender my LIC policy before 3 years?
If you surrender the policy before three years, nothing will be payable to you. Guaranteed Surrender Value is the amount guaranteed by the company to the policyholder in case of termination of the policy before maturity. Guaranteed Surrender value of Lic policy is 30\% of the basic premiums paid.
What is the surrender value of life insurance policy?
The policy acquires Surrender value only after three full year premiums are paid. If you surrender the policy before three years, nothing will be payable to you. Guaranteed Surrender Value is the amount guaranteed by the company to the policyholder in case of termination of the policy before maturity.
What is the surrender value of vested bonus in LIC policies?
In most of the policies, along with guaranteed surrender value, the surrender value of vested bonuses will also be paid (if applicable). Based on the policy year of surrender, percentage of vested bonus payable varies. For example, let’s say you have invested in LIC’s New Jeevan Anand plan for 15 years.