LIC Surrender Rules: LIC policy holders can surrender their policy whenever they want as per their convenience. We are telling you about its rules.
LIC Surrender Rules: The country’s largest and oldest insurance company, Life Insurance Corporation of India, has decided to withdraw its policy Dhan Vriddhi (LIC Dhan Viddhi Policy). It was a non-linked, non-participating and individual life insurance policy. By investing in it, policy holders were getting the benefit of both protection and savings together. If a person’s policy holder died during the policy term, then in such a situation his nominee would also get the benefit of guaranteed returns.
LIC withdrew the policy
According to the information given on the official website of Life Insurance Corporation of India, LIC’s Dhan Vriddhi Policy Plan 869, UIN 512N362V02 was launched on February 2. It was withdrawn on April 1, 2024. In this policy, you could invest for a period of 10, 15 and 18 years.
The minimum age to buy this policy was from 90 days to 8 years. The maximum age for entry was between 32 years to 60 years. Loan facility could also be availed on this policy. In this policy, you were getting the benefit of minimum sum assured of Rs 1.25 lakh. But, LIC has discontinued this policy. If you want to surrender it, then we are telling you about the rules related to surrendering the policy.
What is the rule for surrendering LIC
According to LIC rules, after buying the policy, the policy holder can surrender the policy as per his need whenever he wants. On doing so, LIC will pay the surrender value or special surrender value. LIC pays 75% of the single premium as surrender value if the policy is surrendered in the first three years.
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