Tax Saving. ITR Forms. Income Tax Refund. Tax Exemption Limit. Income Tax Slabs. Insure Life Insurance. Health Insurance. Motor Insurance. Other Risk Covers. Personal Finance News. Mutual Funds. Sunil Dhawan. Rate Story. Once the form and the documents are submitted, the company would process the surrender of the policy.
Once the surrender request is accepted, the surrender value would be credited to the bank account of the policyholder. This process usually takes 3 to 4 business days. An alternative to policy surrender is policy paid up.
Let us look at the benefits What is a paid-up policy? When can the policy be made paid-up? Paid-up value Surrender value The policy continues to run after it is made paid-up.
The coverage, therefore, continues The policy is terminated once it is surrendered. The coverage, therefore, stops. The paid-up value paid on death or maturity is higher than the surrender value The surrender value is paid is always lower than the paid-up value The paid-up value is paid either on death or on maturity The surrender value is paid immediately when the plan is surrendered.
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Our Branches are our Operating Units. Hence, for any servicing matter, contact the Servicing Branch of your policy. However, for obtaining general information, you can contact any of the Branches of LIC.
Your Policy Number The policy number is consisting of nine digits and can be found at the top left hand corner of the schedule of your policy bond. Policy Conditions Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy. Alterations In Policy There may be instances when you would like to make alterations in your policy like change of premium payment mode, reduction in premium paying term etc.
If Your Policy Is Lost Kindly make a thorough search before concluding that you have lost the policy bond. Admission Of Age Check your policy bond and see if your date of birth is correctly given therein. Nomination Ensure that the nominees name is correctly incorporated in the policy bond.
Assignment In case you are raising a loan against your policy from LIC or any other financial institution, your policy would have to be assigned to LIC or the financial institution. A policyholder can pay premium online without visiting the servicing branch. Payments through Credit Cards are subject to a "Convenience fee". Policy holder can also opt for payment of premium through NACH mode where mandate to debit the premium from bank account as and when due is to be submitted. Policy Status — Where Available Status of your policy indicates if your policy is in force or has lapsed due to non-payment of premium.
Revival Of Lapsed Policies If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Availing Loans On Policies Many of our plans are of endowment type and you would be allowed to raise a loan against your policy should you require funds.
Surrender Value This is the value which is the amount payable to you should you decide to discontinue the policy and encash the same from LIC. If such intimations have not come to you before the due date kindly inform us so that we may take necessary action Click here to know about the claims procedure Policies Under Salary Savings Scheme If you have taken your policy under salary Saving Scheme please read the following suggestions : For each Salary Savings Scheme Policy your employer deducts the premium from your salary and sends a consolidated cheque for all the policies of the employees to a designated Branch of LIC, where all the policy files are maintained.
You can find out which Branch of LIC your policy file will be serviced either from your Agent or from the pay roll department of your employer. In case you are in a transferable job please inform the designated Branch of LIC about your new place of posting. After you join your new place of posting please ask your employer the LIC Branch where the premiums are being remitted by your office there and inform the LIC Branch which was servicing you earlier so that your policy files can be transferred.
This way your records will be at correct place and will receive the services from us like maturity, in time. In case you are leaving your employer for a new job or joining another firm, you have the facility to either continue the policy under the Salary Savings Scheme of your new firm or to convert the payment mode into quarterly, half yearly or yearly mode. Always ensure the continuity of premium payments to avoid frequent revivals of policy.
This may become a cumbersome process for a person who is in a transferable job. Please do not send any installments directly to us. Your premium must come through your employer only. We do not have systems to adjust single installments received from our policy holders. Otherwise please convert the mode into quarterly, halfyearly, or yearly and pay directly. This way you also get a discount on the premium payable. Leave a permanent local address with us so that we can reach you wherever you are even after many years.
Disclaimer The information contained herein is only to guide you and does not purport to be binding on either party. Helpline To ensure that you get the best out of your policy please read our guidelines carefully. Business News Economy News. Unsung achievers of India get recognition. What problems they faced? The Urban Debate. What does the future hold for crypto currency? Bengaluru: year-old man defrauded of Rs 10 lakh on pretext of govt job; six arrested.
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