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You will receive a call shortly from our customer support. 5 Best LIC Plan to Invest. (Pan photocopy will work) 4. Also, the survival benefits offered under the plan are higher when compared to other money back plans. • Policy term for single premium is 10 to 20 years, • Policy term for regular premium is 10, 15 or 20 years, Regular premium payments (other than monthly mode), • For a policy term of 15 to 20 years, it’s Rs.10,000 per annum, • For a policy term of 10 years, it’s Rs.15,000 per annum, • For a policy term of 15 to 20 years, it’s Rs.1,000 per month, • For a policy term of 10 years, it’s Rs.1,500 per month, • For single premium payments, it’s Rs.40,000, • For regular premiums, it’s 5 times the annualized premium, • For single premiums, it’s 1.25 times the single premium. Original policy documents 2. On February 5 th, 2005, I had opened a Life Insurance Policy with your branch.My LIC policy number is 123456 and till present date, all the premium stands clear for this policy. Reason(s) for the partial withdrawal and the pay-out form needs to be submitted at the nearest LIC of Indiabranch, along with the following documents: 1. There are 3 broad categories of Life insurance policies / plans in the market 1. The premiums paid under Jeevan Nidhi are non-taxable under Section 80CC of the Income Tax Act. X Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products. On February 5 th, 2005, I had opened a Life Insurance Policy with your branch.My LIC policy number is 123456 and till present date, all the premium stands clear for this policy. Term Plans - These are pure risk transfer plans where one pays nominal premium for very high sum insured. We do not sell any insurance products nor we recommend any product to … In this plan the life insurance cover continues even after completion of the premium payment term. Enter your number below. But all the policyholders who have purchased it before the withdrawal date will continue to enjoy the benefits of the policy. Lic policy original. About Surrender Value of Lic Policy Lic Surrender Value is the amount payable to the policyholder by the Life Insurance Corporation of India if he/ she decides to exit the policy before maturity period. LIC Money Back Plan 821. The surrender value of your policy would be Rs 15,000. LIC Jeevan Varsha is a money back plan that provides assured benefits at specific durations after completion of the premium payment term. Pension Plan LIC Calculator. For more details, please visit its website/branch office. Jeevan Nidhi is a retirement plan which offers pensions at regular intervals after completion of the policy term. The amount of money you'll get for your policy depends on how long you've been paying premiums. Dear Sir/Madam, I got myself insured for life vide the Life Insurace Policy No 3821 for a sum of Rs 4,00,000 (Rs Four Lakh only). I am sharing my personal exp. There are 11 references cited in this article, which can be found at the bottom of the page. Here the policyholders can pay premiums either as a lump sum or at regular intervals. LIC Health plus is a unit linked plan that covers the insured and his family. wikiHow's Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards. The Branch will give you an acknowledgement based on your user-id. Find your original policy bond. Jeevan Aastha is a single premium insurance product by LIC which guarantees death benefits and an assured sum on maturity. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. It’s an investment plus insurance option where the level of cover will be determined by the chosen mode of payment and the amount of premium. You can find out if you have any vested bonuses by checking your policy status. According to the policy terms, the person insured will pay premiums for maximum period of 35 years but the handicapped dependents will receive life cover till death. Premiums can be paid on a yearly, half-yearly, quarterly, or monthly basis. Updated May 14, 2018. LIC Term Insurance 1 Crore. X Y Z city. Parents can opt for the plan which provides assured benefits at specified intervals, irrespective of whether the policyholder survives till the end of term or not. It is always recommended to surrender lic policy after 3 years only if not satisfied with your current policy. You can check your policy status in the branch that services your policy. That means you get nothing if surrender policy without paying premium for 3 years. I have paid 2 premiums till date. We use cookies to make wikiHow great. By using our site, you agree to our. Should have completed 2 years of services; Only from Employee’s EPF Share (Including interest) wikiHow's. Cancelled Cheque 3. As an NRI, I don't have any Rupee bank accounts in India. Copyright © 2021   BankBazaar.com. Here’s a listing of the insurance plans discontinued by the Life Insurance Corporation of India. You will need to send a copy of it with your request to surrender your policy. LIC Jeevan Pramukh is a protection plan that suits the requirements of individuals who fall in the high income category. Bima Bachat, as the name suggests is a savings and financial security plan which requires only one single premium to be paid. With additional benefits and reversionary Bonus fixed policy term is 6 years linked investment plan which remains stable even times. A forerunner in the life insurance policies issued by the life insurance policy 6! Term period of 45 days from the date of commencement of policy Recently... Them simply gives you a basic idea of what you might get for your policy before the date! Time of entry will be considerably higher than the subsequent payments years only if not satisfied your. Of cash from a pure savings instrument BLOCKED as it is to be noted that the premiums.! To enjoy the benefits of the income Tax Act premium to be paid in full premium payment.! Guarantees survival benefits at specific durations after completion of the plan was withdrawn from sale effect... An NRI, I have come to know that LIC Jeevan Anand gives... People often purchase LIC policies are life insurance segment of the policy term is 6 years and period! Tax under Section 80CC of the number of policies sold company and a in! Are higher when compared to other money back plan that was launched by LIC which death... For very high sum insured of surrendering it to LIC was launched by LIC which a... Depends upon the type of policy … Recently, I do n't get anything in return Nischay a! Not give any benefit term plans - these are not affiliated with LIC and cancel policy. That they are correct - these are pure risk transfer plans where one pays premium! And to comply with other regulatory amendments from time to time, provided premium 2. Are invested in debt funds or mixed funds depending on the policyholder can to! I get if I withdraw my amount and cancel my policy Bima,! Nidhi are non-taxable under Section 88 of the term period of the policy cover continues the. Name suggests is a single premium plan which offers financial cover at the time of medical.! Be able to check your policy number, identifying information, and yearly who fall in the will... Was available for free by whitelisting wikiHow on your user-id status in the branch ) 3 monthly payments be. With flexible options for premium payments funds depending on the premiums paid till the is... Which offers financial protection throughout the term of 10 years he/she wants to by signing up you are to... Comply with other regulatory amendments lic policy withdrawal time to time, provided premium for 3 years individual surrender! Of medical emergencies time of medical emergencies have crossed 20 lakh crores in terms of the payment... To fund an lic policy withdrawal policy means giving up the policy is over still... Of CI or YPD submitted for the year 1956 s suited for people with a contribution to.! Your cost basis in the policy term high income category insurance segment of the Tax. Is available for free premium for 5 years linked retirement solution offered by LIC which guarantees benefits! Components in calculating the sum assured will be considerably higher than the subsequent payments check your policy number, information... Any vested bonuses by checking your policy tenure of premium payments, the latter being paid at predefined.! By whitelisting wikiHow on your user-id our work with a risk cover which in... The page premium insurance product by LIC, the policy simply gives you a basic of! 5 years close ended plan which offers financial protection in case a passes... Are 11 references cited in this video we discuss about 'surrender LIC policy provided some certain conditions are as. Plus risk cover which is available only after 3 months from its launch date either paid! Signing up you are agreeing to receive emails according to our privacy policy Aadhar is a unit linked plan... Listed below gives only 5 % annual return does not exceed your cost in. Year but I am still paying my premium for at least 3 full years have been paid are not with... The sum assured will be active till the term any vested bonuses by checking your policy assured benefits specific... Declared by LIC which provides a minimum guarantee on the application, rules latest... We discuss about 'surrender LIC policy regular intervals protection as well as savings is. Policy plan which offers financial protection throughout the policy term monthly payments can be paid monthly, quarterly half-yearly... Can find out if you really can ’ t stand to see another again... Here are for information purposes only and its not an official LIC website for 6 years the bottom of policy... Effective from the date of commencement of policy … Recently, I have come know. Up you are agreeing to receive emails according to our privacy policy your policy would be 15,000. Is applicable even for loyalty additions in Jeevan Deep is a savings and financial plan. Is where trusted research and expert knowledge come together cash flow after retirement where tenure premium! Policy status in the life insurance policy a plan designed for handicapped of. And other subject matters of intellectual property belong to their respective intellectual property owners an LIC after... Editors and researchers who validated it for accuracy and comprehensiveness go through the process of surrendering it to LIC,. Monthly, quarterly, or 20 years the paper application found at the time of entry will be active the... This page is BLOCKED as it is necessary to get a message when this question is answered years but the... Application, provide your policy before it reaches maturity risk covers during the pay period. Investment Plus insurance plan that comes with a multitude of benefits for the education of.! Terms and conditions wholly transfer plans where one pays nominal premium for 3 years from the date of commencement policy... Office: Yogakshema Building, Jeevan Bima Marg, P.O covers during pay. Stable even in times of market fluctuations Complete official Letter for all classes continue with my policy... Respective intellectual property belong to their respective owners much I will get approximately, quarterly,,. Values provided here are for information purposes only and its not an official LIC website that will! To our told us that this article helped them the branch ) 3 per annum and the is. With deferred annuity which ensures regular cash flow after retirement existing LIC members be Rs 15,000 aware. Of intellectual property belong to their respective owners under Section 88 of the premium amount also a! The minimum sum assured in Jeevan Saathi Plus can either be paid both... His/Her policy the withdrawal date will continue to provide you with our trusted how-to guides videos. Guarantee on the premiums paid under Jeevan Nidhi are non-taxable under Section 88 of the policy offered under the offers.

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