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LIC Policy Surrender Value: There are many options for investment in the market, but investing in Life Insurance Corporation of India (LIC) is considered to be the most reliable in India. In this, you also get the facility of Life Insurance Cover. Along with this, your savings also keep happening. If you suddenly need money. So this saving comes in handy during your bad times. If you are investing in LIC policy, then you have the option of surrendering that policy to meet your money requirement. Know what are the rules related to this.
Can surrender after 3 years
According to the rules related to LIC, if you want to close the policy prematurely, then it is called policy surrender. In such a situation, you get the surrender value. This means that if you want to close the policy or withdraw money from LIC, then you get an amount equal to its value. It is considered as surrender value. If you have paid the premium of LIC for the whole 3 years, then only you can surrender it.
will get this much money
Surrendering LIC policy before maturity causes a lot of loss to the customers. Its value also decreases. If your policy is regular, then your value will be calculated on the basis of premiums paid for 3 years. If you surrender the policy before 3 years, then you will not get any value.
Will get 30 percent of the premium
If you have paid premium for the policy for 3 years, then you are entitled to surrender value. Otherwise, you get back only 30% of the premium paid. Excluding the premium for the previous year. It means that the premium paid by you in the first year will also be considered as zero.
This is the required document
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 check, LIC The reason for closure will have to be given in writing.
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