What is the surrender value of LIC policy after 4 years?
The LIC surrender value is 30 percent of the paid premium amount. In this, the premium paid in 1st year of the policy and the premium paid towards term rider and accident benefits is not included.
What is surrender value factor?
Surrender value factor is a percentage of paid up value plus bonus. For the first three years, this factor is zero and keeps increasing from third year onwards.
Can I withdraw 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 much loan can I get from LIC?
LIC policyholders can get up to 80%-90% of their surrender value as the loan amount.
What happens if I surrender my LIC policy?
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
How to calculate the surrender value of LIC?
How to Calculate the Surrender Value of LIC. Step 1. View the schedule page of your LIC policy. The schedule page is the first page of the policy. Video of the Day. Step 2. Step 3. Step 4.
How do we can surrender a LIC policy?
The policyholder should visit the nearest branch of LIC and avail a surrender discharge voucher.
What is special surrender value in LIC?
Special Surrender Value: If you have paid premiums towards your LIC policy for more than three years, but less than four years, then you will receive 80% of the maturity sum assured as a special surrender value.
Where can you Surrender Your LIC policy?
Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. Servicing branch may be the branch where you purchased the policy. Otherwise, if you changed the branch, then that particular LIC branch represent the servicing branch for you.