How is surrender value of LIC Jeevan Tarang policy calculated?
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How is surrender value of LIC Jeevan Tarang policy calculated?
During Accumulation Period, Guaranteed Surrender Value = (30\% of all premiums paid – 1st year’s premium) after 3 policy years for Regular Premiums and (90\% of Single Premium) after 1 policy year. After Accumulation Period, Guaranteed Surrender Value = 85\% of basic Sum Assured.
How can I surrender my LIC Market Plus policy?
This is applicable for both single premium and regular premium policies. As policy levies, nil surrender charges, fund value as on the date of surrender will be payable to the policyholder….Charges under LIC Market Plus I Plan.
| Fund type | Fund management charges |
|---|---|
| Balanced fund | 0.70\% |
| Secured fund | 0.60\% |
| Bond fund | 0.50\% |
Can I surrender LIC Jeevan Tarang policy?
Since your have completed three years, you can surrender the policy. You do not have to pay any tax on the surrender value, as the surrender receipts are tax-free if sum assured is more than 5 times the annual premium on all policies bought before 31/3/12.
How much money will I get if I close my LIC policy?
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.
Is LIC Jeevan Tarang a good policy?
LIC Jeevan Tarang Plan is a with-profits, whole of life plan. The plan provides annual survival benefits at the rate of 5½ \% of the Sum Assured after the policy owner chooses an Accumulation Period….Key Features of LIC Jeevan Tarang Plan.
| Plan type | Whole life insurance plan. |
|---|---|
| Policy term | Whole life insurance |
What is LIC Market Plus 1 policy?
LIC Market Plus I is a unit linked deferred pension plan that is available with or without the option of Life cover. The plan offers added benefits of being able to choose the level of cover within limits of the policy that are dependent on payment mode of premiums and the value of premiums paid.
How can I surrender my LIC policy after 5 years?
The following are the documents that are mandatory for surrendering LIC policy:
- The policy bond (original document)
- Physical copy of LIC Policy Surrender Form No.
- Bank account information of the policyholder will be required.
How is vested bonus calculated?
It is onetime bonus associated with year of maturity or death provided that policy has completed 15 year at time of death or maturity. In case of maturity or death claim under endowment plans, total vested bonus is sum of simple reversionary bonus + Final Addition Bonus.