How can I check my LIC surrender value?

LIC, which stands for Life Insurance Corporation, is one of the largest and most trusted insurance providers in India. If you have a LIC policy and are considering surrendering it, you may be wondering how to check its surrender value. The surrender value of a policy is the amount that the policyholder is entitled to receive from the insurer if they decide to terminate the policy before its maturity date. Fortunately, checking your LIC surrender value is a straightforward process that can be done through various means.

How can I check my LIC surrender value?

To check your LIC surrender value, you can use any of the following methods:

1. **Online Portal**: Visit the official LIC website and log into your account using your credentials. Once logged in, you will find an option to view your policy details, including the surrender value.

2. **Phone Call**: Contact LIC’s customer support center on their toll-free number and provide your policy details to the representative. They will be able to assist you in finding out your surrender value.

3. **Email**: Send an email to the LIC customer support team requesting information about your policy’s surrender value. Provide them with your policy number and any other relevant details. They will respond to your query with the necessary information.

4. **Branch Office Visit**: If you prefer an in-person approach, you can visit your nearest LIC branch office. Speak to a customer service representative who will guide you through the process and provide you with the surrender value of your policy.

FAQs

1. Can I surrender my LIC policy anytime?

Yes, you can surrender your LIC policy at any time before its maturity date.

2. Will I receive the full sum assured amount on surrendering?

No, surrendering your LIC policy before its maturity date may result in a deduction of certain charges, such as surrender fees, if applicable.

3. Is the surrender value the same as the total premium paid?

No, the surrender value is calculated based on various factors, which may result in an amount lower than the total premium paid.

4. Will I receive a surrender value for a term insurance policy?

No, term insurance policies do not offer a surrender value as they solely provide coverage for a specific period and do not accumulate cash value.

5. Does the surrender value of my LIC policy depend on its duration?

Yes, policies that have been held for a longer duration generally have a higher surrender value.

6. Can I surrender a policy that has lapsed?

Yes, you can surrender a lapsed LIC policy, but the surrender value may be considerably lower than what it would have been if the policy had been in force.

7. How long does it take to receive the surrender value?

Once the surrender request is processed and approved by LIC, it typically takes around 15-30 days to receive the surrender value.

8. Is the surrender value taxable?

The surrender value received from a life insurance policy is generally exempt from income tax under Section 10(10D) of the Income Tax Act, 1961. However, there may be certain exceptions and conditions.

9. Can I reinstate a surrendered LIC policy?

In most cases, a surrendered LIC policy cannot be reinstated. Once surrendered, it is considered terminated. However, it is advisable to contact LIC directly for specific details regarding your policy.

10. Will surrendering my LIC policy affect my credit score?

No, surrendering a life insurance policy does not have any impact on your credit score. Credit scores are based on credit-related activities, not insurance policies.

11. Can I surrender only a part of my LIC policy?

No, surrendering an LIC policy involves surrendering the entire policy. Partial surrender is not allowed.

12. Can someone else check my LIC surrender value on my behalf?

Yes, you can grant permission to another individual, such as a family member or representative, to check your LIC surrender value on your behalf. They will need the necessary policy details and authorization from you.

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