Can I get my LIC money back?

The LIC new money back policy can be surrendered only after it accrues cash value after payment of 3 years of premiums. If policyholders stop paying the premium, the policy ceases to exist. Nevertheless, if premiums have been paid for three years, a paid up value is accrued for a reduced sum assured.

Can we discontinue LIC policy?

A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.

How can I revive a lapsed LIC policy?

The lapsed policy can be revived within a period of two years from the date of lapsation by paying arrears of premium with interest and fulfillment of medical requirements, if any. The percentage of lapsed policies of LIC is around 4\% on an average during the last three years.

What if I don’t want to continue my LIC policy?

If you don’t want to continue LIC policy for any reason then LIC gives you an option to surrender your Policy. There are Lock in period for 3 years in Endowment Plan and 5 years for ULIP plan. LIC policy is not allowed in LOCK in period. It does not matter of policy term but it is clear that delay in surrender gives you better amount.

How can I get surrender value of my LIC policy?

If you have traditional.policy with term more than 10 years than you may have to visit LIc office to get Surrender Value or you can Calculate on your own as per formula given in Policy document.

When can I discontinue the policy and keep the policy?

In worst conditions or if you unable to pay the premiums., you may discontinue the policy after minimum premium paying term of five years and keep the policy as reduced paid up policy. In unavoidable circumstances you may surrender the policy and take money back. It is subject to payment of minimum premium payment of 3 or five years.