How to check surrender value of LIC policy?

How to check surrender value of LIC policy?

Surrendering an LIC policy means terminating it before the completion of its term. The surrender value of an LIC policy is the amount that the policyholder will receive if the policy is surrendered. To check the surrender value of your LIC policy, you can follow these simple steps:

1. Visit the official LIC website.
2. Log in to your account using your policy details.
3. Navigate to the policy details or surrender value section.
4. Enter the required policy information such as policy number and date of birth.
5. The surrender value of your LIC policy will be displayed on the screen.

It is important to note that surrendering an LIC policy may result in financial penalties or a reduced payout, so it is advisable to consult with a financial advisor before making this decision.

FAQs:

1. Can I check the surrender value of my LIC policy without logging in to my account?

No, you need to log in to your LIC account to access your policy details and check the surrender value.

2. Will I receive the full sum assured as surrender value of my LIC policy?

The surrender value of an LIC policy is calculated based on various factors such as the policy term, premium paid, and policy type, so it may not always be equal to the full sum assured.

3. How often should I check the surrender value of my LIC policy?

It is advisable to check the surrender value of your LIC policy annually or whenever there is a change in your financial situation.

4. Can I surrender my LIC policy online?

Yes, you can surrender your LIC policy online by following the steps mentioned on the LIC website.

5. What happens if I surrender my LIC policy before the completion of the policy term?

Surrendering an LIC policy before its term may result in financial penalties and a reduced payout.

6. Can I surrender my LIC policy if it has lapsed?

Yes, you can surrender a lapsed LIC policy, but the surrender value may be lower compared to an active policy.

7. Is the surrender value of an LIC policy taxable?

Yes, the surrender value of an LIC policy is taxable under the Income Tax Act, so it is important to consider the tax implications before surrendering the policy.

8. Can I reinstate my LIC policy after surrendering it?

Yes, you can reinstate your surrendered LIC policy within a certain period, but you may need to pay additional charges and penalties.

9. Will I lose all my premiums paid if I surrender my LIC policy?

No, you may receive a portion of the premiums paid as surrender value, depending on the policy terms and conditions.

10. Can I check the surrender value of someone else’s LIC policy?

No, you can only check the surrender value of your own LIC policy by logging in to your account.

11. How long does it take to process the surrender value of an LIC policy?

The processing time for the surrender value of an LIC policy may vary depending on the policy type and company guidelines, but it typically takes a few weeks.

12. Can I take a loan against the surrender value of my LIC policy?

Yes, you can take a loan against the surrender value of your LIC policy, but it may affect the final payout if the policy is surrendered.

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