Life Insurance Corporation (LIC) policyholders often find it necessary to check the surrender value of their policy online. Surrender value refers to the amount a policyholder receives when they terminate their policy before maturity. While it is ideal to continue the policy until maturity, there may be situations where surrendering the policy becomes necessary. To find the surrender value of your LIC policy online, follow the steps outlined below.
1. Visit the LIC official website
To begin your search for the surrender value of your LIC policy, go to the official website of Life Insurance Corporation: www.licindia.in
2. Click on the ‘Policyholder’ tab
On the LIC website’s homepage, locate the ‘Policyholder’ tab and click on it to proceed.
3. Select ‘Online Services’
From the drop-down menu under the ‘Policyholder’ tab, select ‘Online Services’ to access the available online services related to LIC policies.
4. Choose the ‘New User’ option
Upon selecting ‘Online Services’, a new page will open, displaying various options. If you haven’t registered on the LIC website before, click on the ‘New User’ option.
5. Fill in the required details
On the ‘New Registration’ page, fill in the necessary information such as your policy number, premium amount, date of birth, and mobile number.
6. Create your login credentials
After inputting the required details, create your login credentials, including a unique username and password. Ensure you follow the specified guidelines for formatting your password.
7. Login to the LIC website
After successfully registering, return to the LIC website’s homepage and login using your newly created username and password.
8. Navigate to ‘Policy Status’
Once logged in, find and select the ‘Policy Status’ option on the website. This will provide access to all relevant policy details, including the surrender value.
9. Locate your policy
In the ‘Policy Status’ section, locate the policy for which you wish to determine the surrender value. Select the policy and proceed to the next step.
10. View the policy details
After selecting your policy, a detailed page will appear with all the relevant policy information. This includes the sum assured, premium amount, policy maturity date, and importantly, the surrender value.
11. View the surrender value
Scroll down the policy details page until you find the ‘Surrender Value’ section. The surrender value of your LIC policy will be displayed here.
12. Print or save the details
If required, you can print or save the policy details page, including the surrender value, for future reference.
As you can see, finding the surrender value of your LIC policy online is a simple process that can be completed in just a few steps on the LIC website. Utilizing this online service saves time and provides a convenient way to access important policy information.
Frequently Asked Questions (FAQs)
1. Can I find the surrender value of my LIC policy without registering on the website?
No, you must register on the LIC website to access the surrender value and other policy details online.
2. Are there any charges for checking the surrender value online?
No, there are no charges for using the online services on the LIC website.
3. Can I surrender my LIC policy online?
No, surrendering the policy requires filling out a surrender request form and submitting it to your nearest LIC branch.
4. How often is the surrender value updated online?
The surrender value displayed on the website is usually updated on a timely basis.
5. What other services can I access on the LIC website?
Aside from checking policy status and surrender value, you can also pay premiums online, receive premium payment reminders, and update personal details.
6. Can I surrender a policy anytime?
While surrender is an option, it is advisable to consult with an LIC representative before making a final decision, as the term, benefits, and premiums of each policy may vary.
7. Is the surrender value the same as the policy’s maturity value?
The surrender value and maturity value are not the same. The maturity value or maturity benefit is the assured amount payable on policy maturity, while the surrender value is the amount received on early termination.
8. How is the surrender value calculated?
The surrender value of an LIC policy is calculated based on factors such as premium paid, policy term, and the number of premiums paid.
9. Can I view the surrender value of multiple policies at once?
Yes, you can view the surrender value of multiple policies by selecting each policy one by one in the ‘Policy Status’ section of the website.
10. Can I surrender a policy that is in a lapsed status?
Yes, you can surrender a policy even if it is in a lapsed status, but the surrender value may be significantly reduced.
11. How long does it take to receive the surrender value amount?
Once the policy surrender request is processed by LIC, policyholders typically receive the surrender value within a few weeks.
12. What should I do if I am unable to find the surrender value online?
If you are facing difficulties finding the surrender value online, you can contact the LIC customer care helpline or visit your nearest LIC branch for assistance.
By following the steps outlined above, you can easily find the surrender value of your LIC policy online. Remember to carefully assess your financial situation and future requirements before making any decisions regarding the surrender of your policy.