If you are thinking about surrendering your LIC policy, you may want to know how much money you will get back. Checking the surrender value of your LIC policy is a straightforward process. Here’s how you can easily do it:
1. Visit the LIC website: Go to the official website of LIC (Life Insurance Corporation of India), which is www.licindia.in.
2. Login to your account: If you already have an account on the LIC website, login using your credentials. If not, you will need to create one before proceeding.
3. Select the policy tab: Once you are logged in, look for the policy tab on the website and click on it.
4. Enter policy details: You will be prompted to enter details such as your policy number, date of birth, and other relevant information.
5. View surrender value: After entering the necessary details, you should be able to see the surrender value of your LIC policy on the screen.
6. Contact LIC customer care: If you face any issues or have trouble accessing the surrender value online, you can always get in touch with LIC customer care for assistance.
By following these simple steps, you can easily check the surrender value of your LIC policy and make an informed decision about surrendering it.
FAQs about LIC Policy Surrender Value
1. Can I check the surrender value of my LIC policy without logging in?
No, you need to log in to your LIC account on the official website to check the surrender value of your policy.
2. Is there a charge for checking the surrender value of my LIC policy?
No, there is no charge for checking the surrender value of your LIC policy on the LIC website.
3. Can I check the surrender value of someone else’s LIC policy?
No, you can only check the surrender value of a policy that is registered under your own account.
4. How often should I check the surrender value of my LIC policy?
It is recommended to check the surrender value of your LIC policy at least once a year to stay updated on its current value.
5. Will the surrender value of my LIC policy change over time?
Yes, the surrender value of your LIC policy may change over time due to various factors such as interest rates and policy duration.
6. Can I surrender my LIC policy online after checking the surrender value?
Yes, you can choose to surrender your LIC policy online through the official LIC website once you have checked the surrender value.
7. What happens if I surrender my LIC policy before its maturity date?
If you surrender your LIC policy before its maturity date, you will receive the surrender value, which may be less than the total premium paid.
8. Can I reinstate my LIC policy after surrendering it?
Yes, you may be able to reinstate your surrendered LIC policy within a certain period by paying the outstanding premiums and any applicable charges.
9. Will I receive the entire surrender value in one lump sum payment?
Yes, the surrender value of your LIC policy will be paid out to you in one lump sum payment after surrendering the policy.
10. Are there any tax implications of surrendering my LIC policy?
Yes, there may be tax implications of surrendering your LIC policy, so it is advisable to consult with a tax professional before making a decision.
11. Can I surrender my LIC policy even if it has lapsed?
Yes, you can still surrender your lapsed LIC policy and receive the surrender value, but the amount may be lower due to non-payment of premiums.
12. How long does it take to receive the surrender value after surrendering my LIC policy?
Once you have surrendered your LIC policy, it may take a few weeks for you to receive the surrender value in your bank account or through a cheque.
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