How can I change my LIC policy to paid-up?
Table of Contents
How can I change my LIC policy to paid-up?
The policy turns into a paid-up plan if premiums are not paid for two consecutive years. You can also convert it by approaching the branch office or the agent. If you continue till maturity: The return on maturity will be only around 6.5\%, which is unlikely to beat inflation.
Can we transfer LIC policy to another?
After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. LIC allows certain types of alterations during the lifetime of the policy. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.
How can I surrender LIC policy after maturity?
Documents Required for Surrender LIC Policy
- Original Policy Bond.
- Download LIC Policy Surrender Form No.
- Bank cancelled cheque leaf (your name should be printed on cheque) or bank passbook photocopy.
- Fill LIC’s NEFT Form, if you are not using the above said Surrender Form and submit the same.
How do I renew my reduced paid-up policy?
In order to revive the policy, you will need to pay all the due premiums, along with penalty interest. But insurers sometimes waive these conditions, especially during revival campaigns. They may also waive the need for medical check-ups, and reduce the penalty charge or waive it completely.
What does reduced paid up mean in LIC policy?
Meaning of Reduced Paid-Up in LIC When the policyholder cannot further pay premiums for the life insurance policy for any reason, the sum assured for the policy is reduced by the insurer (LIC in this case). After 3 years of premium payments, a policy has a guaranteed surrender value.
Can I convert my whole life insurance policy to paid-up?
Paid-Up Status – You are able to convert a whole life insurance policy to a paid-up policy, in which this will allow you to keep the policy in force without continuing to pay the premiums. This means that your family will receive a portion of your death benefits if you die, but you will not have to continue to pay the premiums.
Can I Surrender my LIC policy if it is paid-up?
When I visited LIC office for same, LIC personnels seems unaware of word ‘paid-up’. They told me I can either surrender my policy or simply stop paying further premiums and policy will lapse.
How do I calculate total paid up value of LIC policy?
Total Paid Up Value=Paid Up Value+Accrued Bonus. If LIC declares any future bonus or guaranteed additions to the product, then your policy is not eligible for such future bonus. You will receive only the Total Paid Up amount at maturity or death of policyholder.