How much amount we will get if we surrender 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.

Can I withdraw my LIC policy before maturity Quora?

Yes. If a policy as per policy conditions attains piad up value i.e.minimum thee years full premiums have been paid attains paidup value and may be surrendered. Policy holder is paid surrender value or Guaranteed Surrender Value whichever is more.

Can we withdraw LIC maturity online?

Due to lockdown and policy restrictions, LIC allowed its policyholders to submit maturity claim related documents online. The required documents were required to be scanned and then submitted via email to the servicing branch. This facility was available till June 30, 2020.

How can I know my LIC policy surrender value?

Guaranteed Surrender Value = 30\% X Total premiums paid. The first-year premiums and all the added premiums or premiums for accident benefit or the term rider are excluded from the same.

What if I close LIC policy before maturity?

If you terminate your LIC policy before time, surrender value is to be paid to the policyholder. Surrender value is usually more than Guaranteed Surrender Value and Special Surrender Value.

Can I cancel my LIC policy Quora?

One needs to submit an application form for surrender along with KYC. Now payment is done through NEFT only so policyholder has to submit neft form along with canceled Cheque or photo copy of Passbook.

How can I withdraw money from my LIC policy after maturity?

Documents Required for Maturity Claim Discharge

1. Original LIC Policy Document.
2. Identity Proof.
3. Age Proof (if not submitted previously)
4. Cancelled Cheque leaf or a copy of the Policy holder’s Bank Passbook.
5. NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)

How can I surrender LIC policy after maturity?

The policyholder should visit the home branch where the LIC policy was registered and avail a surrender discharge Form 5074 (available in the branch). The form should be filled and submitted with the relevant documents i.e. Original Policy bond, ID proof, Cancelled cheque or bank statement of the policy holder.

Is it good to surrender LIC?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

How to take the maturity of a LIC policy from anywhere?

By now 2012, To take the maturity of a LIC POLICY, the policyholder needs to visit the home branch alongwith certain documents. But the end of financial year 2013-14, LIC OF INDIA’s project EDMS will be complete and lic policyholders would be able to take maturity from anywhere.

Can I Close my LIC policy before the term is complete?

Yes, it is possible for policyholders to close their LIC policy before the term is complete. This closing is called surrendering. Let’s understand the meaning of surrender of LIC plans and how such surrender can be done – What is surrendering of a LIC policy?

What is a policy discharge form from LIC?

When a policy is approaching its maturity date, LIC sends out a policy discharge form to the insured. This is typically done at least a month before the date of maturity.

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.