Blog

Does LIC accept cash?

by Author

Does LIC accept cash?

Premium can be paid at the cash counter of any LIC Branch Office. Premium can be paid by CASH/CHEQUE/DD. Premium for ULIP policies can now be paid at any LIC Branch cash counter across the country.

Can I pay LIC premium by cash?

» Premium can be paid at the cash counter of any LIC Branch Office. » Premium can be paid by CASH/CHEQUE/DD. » Premium for ULIP policies can now be paid at any LIC Branch cash counter across the country.

Can we pay LIC premium after due date?

The renewal date of a policy is exactly one year after the previous year’s premium payment date. However, in order to make the premium payments easier, an insurance company like LIC allows a grace period of 30 days for paying the renewal premium.

READ ALSO:   When did art in ancient Greece start?

Can you pay LIC policy premiums using a credit card?

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c. LIC has waived off charges on credit card payments.

Do LIC policies pay out on a periodic basis?

A lot of LIC policies pay you on a periodic basis like at the end of 4th, 8th and 12th year, and then finally at the end of the maturity period. These policies are Money back policies, the example can be LIC Jeevan Surabhi or LIC Komal Jeevan.

How much loan can I get on LIC policy?

Loan on LIC Policy. You can also get loans at the time of crisis on your LIC policies, but the maximum loan amount available under the policy is 90\% of the Surrender Value of the policy (85\% in case of paid up policies) including cash value of bonus.

READ ALSO:   What is the most secure backup strategy for a home user?

What happens if I Stop my LIC policy after 3 years?

You will not get anything back if you stop your policy without paying for 3 years. Almost every traditional policy attains minimum surrender value after the policy has run for 3 yrs. After 3 yrs, if you surrender your LIC policy, still you will only get a small fraction of your total paid premiums that too excluding first year premiums.