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LIC Jeevan Saral
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Surrender
I hv lic jeevn saral policy 2042 prem per month from last 4 years ..now i want to stop this ..can i get my full paid money?
LIC Website at https://www.licindia.in/Products/Withdrawn-Plans/Jeevan-saral/benefit says:
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on earlier termination of the contract. The surrender value will be the greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders. Guaranteed Surrender Value:
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.
Special Surrender Value:
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.
Corporation’s policy on surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is usually higher than the Guaranteed Surrender Value. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors.
Might not be full but i think 80% to 90% is possible. Contact LIC toll free to get the exactly amount that you will get upon surrender. Keep your policy with you in hand when making the call. https://www.licindia.in/Customer-Services/Phone-Help-Line
Date: Feb 24, 2017
- Insurance
- LIC
- Withdrawn Plans