LIC Policy Surrender Value: Do you also want to surrender the policy?

There are many investment options available in the market, but investing in Life Insurance Corporation of India is considered the most reliable in India. In this, you also get the facility of life insurance cover. Along with this, your savings also keep on happening. If you suddenly need money, then this savings comes in handy in your bad times.

If you are investing in LIC policy, you have the option to surrender that policy and meet your funding requirement

Can surrender after a year

According to the rules related to LIC, if you want to close the policy prematurely, then it is called policy surrender. In this case, you get surrender value. It means if you want to discontinue the policy or want to withdraw money from LIC

So you get an amount equal to its value. This is considered as surrender value. If you have paid the premium of LIC for the whole 3 years, then only you can surrender it.

get so much money

Surrendering LIC policy before maturity causes a lot of loss to the customers. Its value also decreases. If your policy is regular,

So your value will be calculated on the basis of premiums paid for 3 years. If you surrender the policy before 3 years, you will not get any value

Will get 30 percent of the premium

If you have paid premiums for the policy for 3 years, you are entitled to the surrender value. Otherwise, you get back only 30% of the premium paid

Except for the previous year’s premium, it means that the premium paid by you in the first year will also be treated as nil

This document is required

Bond document of LIC policy, Request for payment of surrender value, LIC surrender form- Form 5074, LIC NEFT form, Your bank account details, Original ID proof like Aadhaar card, PAN card or driving license, A canceled bank cheque, LIC Reasons for closure have to be given in writing.

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