Can I surrender my LIC online?

First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. Also, keep in mind that you have to personally visit the branch and request for surrender of LIC policy.

Can I surrender my LIC policy at any branch?

The LIC policy can only be surrendered at the branch, where it’s currently being served (i.e. Servicing Branch). So you need to change the policy servicing branch first, before surrendering it.

What happens if we surrender LIC policy?

If you surrender after 3 years, the surrender value will be around 30\% of the premiums paid, excluding the premium paid in the first year and the premiums paid towards accidental benefit. So, the later the policy surrendered, the higher will be the LIC surrender value.

Should I stop my LIC policy?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

Where can I submit LIC surrender form?

Reason(s) for policy surrender and the surrender form needs to be submitted at the nearest LIC of India branch, along with the following documents:

• Original policy documents.
• Canceled cheque with the policyholder’s name on it.

How to surrender LIC policy before maturity?

1) First of all you have to manage a LIC policy surrender form before maturity closure. 2) The next part of the job is to keep the policy document with the above form which is a proof of having a LIC policy that you want to 3) Now one most important thing that you cannot forget to carry is the identity card with your photograph on it.

What is the best LIC plan?

New Jeevan Anand Plan is one of the best plan in LIC, which offers an attractive combination of protection and savings. This plan continues to provide coverage till the death of the insured even after the maturity of the plan. This plan is combination of both Endowment Plan and Whole Life Plan.

How to calculate the surrender value of LIC?

How to calculate the surrender value of lic policy-Minimum guaranteed surrender value is equal to 30\%of all paid premium minus one premium. There is no surrender value till 3 premiums are paid. For example, if the premium is 10000 and 3 premiums are paid the minimum guaranteed SV will be 30\%of 20000 i.e 6000.

Are there any surrender value of lapsed LIC insurance policies?

A life insurance policy lapse means that life insurance coverage is no longer active. No death claim payments will be made if an insured passes, no policy changes can be made, and there is no cash surrender value at this point. To avoid lapse always make your scheduled payments on time to your life insurance company.