LIC Policy Surrender Value: If you want to surrender LIC policy then we will tell you how you can surrender it ahead of time.
LIC Policy Surrender Value: It is said that time never stops for anyone, neither for the rich nor for the poor. In such a situation, it cannot be said when and where who will need money. That’s why it is very important to invest, this investment is useful in your future. If you have invested in LIC and you want to surrender it, then we will tell you how you can surrender it ahead of time. For this, the Life Insurance Corporation of India has made some rules. So let’s know about it in detail…
Discontinuing the LIC policy midway is called surrendering the policy. You can surrender the LIC policy only after at least 3 years. If you do before 3 years then you will not get any money.
What are the rules of surrender
On surrendering the policy, you get the surrender value based on the rules of LIC. This means if you decide to discontinue the policy or withdraw the money from LIC, then the money you get back equal to its value is called surrender value. If you have paid the premium of LIC for the whole three years, then only you will be able to get the surrender value.
How much money do you get back?
In such a situation, customers have to bear a lot of loss on surrendering the policy. Surrendering LIC policy before maturity reduces its value. On the other hand, if you have taken a regular policy and want to surrender it, then your value will be calculated only after paying the premium for 3 years, but if you surrender the policy before three years, then no value will be given.
Will get 30% of the premium,
suppose you have paid the premium for 3 years, then you are eligible for the surrender value. After that you get only 30% of the premium paid but excluding the first year’s premium. Means the premium money you have paid in the first year also becomes zero.
Policy surrender form has to be done
To surrender the deposit policy, LIC surrender form number 5074 and NEFT form are required. Along with these forms, you have to attach a copy of your PAN card and original documents of the policy. A hand written letter has to be given stating why you are leaving the policy.
