How to find out surrender value of LIC policy?
The surrender value of an LIC policy can be easily determined by following a few simple steps. To find out the surrender value of your LIC policy, you can visit the LIC website and log in to your account. Once logged in, navigate to the policy details section where you can view the surrender value of your policy.
It is important to note that the surrender value of an LIC policy is subject to certain terms and conditions as outlined in the policy document. The surrender value is the amount that the policyholder is entitled to receive if they decide to terminate the policy before the completion of the policy term. The surrender value is calculated based on the premium paid and the duration for which the policy has been in force.
When you decide to surrender your LIC policy, it is advisable to contact your LIC agent or visit your nearest LIC branch to get more information on 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. However, it is important to note that surrendering a policy before the completion of the policy term may result in a lower surrender value.
2. What factors determine the surrender value of an LIC policy?
The surrender value of an LIC policy is determined by the premium paid, the duration for which the policy has been in force, and any bonuses or benefits attached to the policy.
3. Can I get the surrender value of my LIC policy online?
Yes, you can find out the surrender value of your LIC policy online by logging in to your LIC account on the LIC website.
4. Is the surrender value of an LIC policy guaranteed?
The surrender value of an LIC policy is not guaranteed and may vary depending on the terms and conditions of the policy.
5. What happens if I surrender my LIC policy?
If you surrender your LIC policy, you will receive the surrender value of the policy as per the terms and conditions outlined in the policy document.
6. Can I reinstate a surrendered LIC policy?
Yes, you may be able to reinstate a surrendered LIC policy within a certain period of time by paying any outstanding premiums and fulfilling other reinstatement requirements.
7. Will I lose all my money if I surrender my LIC policy?
You will not lose all your money if you surrender your LIC policy. You will receive the surrender value of the policy which is a part of the premiums paid by you.
8. What is the difference between surrender value and paid-up value of an LIC policy?
The surrender value of an LIC policy is the amount payable to the policyholder if the policy is surrendered before the completion of the policy term. The paid-up value, on the other hand, is the reduced sum assured that the policyholder is entitled to after discontinuing premium payments.
9. How is the surrender value calculated for an LIC policy?
The surrender value of an LIC policy is calculated based on the total premiums paid, the duration for which the policy has been in force, and any bonuses or benefits attached to the policy.
10. Is the surrender value of an LIC policy taxable?
The surrender value of an LIC policy may be subject to taxation depending on the prevailing tax laws in your country. It is advisable to consult a tax professional for more information.
11. Can I surrender only a part of my LIC policy?
You may not be able to surrender only a part of your LIC policy. If you wish to surrender a portion of your policy, it is advisable to contact your LIC agent or visit your nearest LIC branch for more information.
12. Can I surrender my LIC policy if I have taken a loan against it?
If you have taken a loan against your LIC policy, you may still be able to surrender the policy. However, the surrender value will be adjusted to account for the outstanding loan amount.