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How much money will I get if I surrender my LIC policy Jeevan Saral?

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How much money will I get if I surrender my LIC policy Jeevan Saral?

If the policyholder surrenders this policy, then the guaranteed surrender value is calculated to be 30\% of the premium paid in total, which excludes the premium paid for the first year and additional payments for rider benefits. This policy can only be surrendered after the completion of 3 years.

What is the surrender value of Jeevan Saral after 10 years?

LIC Jeevan Saral Maturity Calculator

Policy year Annual premium Guaranteed Surrender Value
Case 1
Year 10 INR 4704 INR 50,360
Year 15 INR 4704 INR 88,200
Year 20 INR 4704 INR 136,124

Can I surrender LIC policy after 5 years or before maturity?

How To Surrender LIC Policy

  1. Original policy bond documents.
  2. Request for surrender value payment.
  3. LIC Surrender form- form 5074.
  4. LIC NEFT form.
  5. Bank account details.
  6. Original ID proof like Aadhar card, pan card or driving license.
  7. A cancelled cheque.
  8. Hand-written letter to LIC stating the reason to discontinue.
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How is Jeevan Saral maturity amount calculated?

LIC Jeevan Saral policy maturity amount=sum assured + loyalty additions.

How do you calculate surrender value?

The paid-up value is calculated as original sum assured multiplied by the quotient of the number of paid premiums and number of payable premiums. On discontinuing a policy, you get special surrender value, which is calculated as the sum of paid-up value and total bonus multiplied by surrender value factor.

What happens if you surrender LIC policy after 5 years?

Implications of LIC Policy Withdrawal After 5 Years The contract between the insurer and insured is voided, the life-insurance element will cease to exist once the policyholder has surrendered their policy. Thus any benefits before available will no longer be valid.

Can I withdraw my LIC policy Jeevan Saral?

The policyholder can also calculate the surrender value using the LIC Jeevan Saral Surrender value calculator. Guaranteed Surrender The policy can be surrendered only after it has crossed at least 3 years.

Is it good to surrender Jeevan Saral?

Its premium is the same for all ages for a given death SA and policy term; this means that the maturity amounts are different. The higher the age, the lower will be maturity amount, to compensate for higher morality charges. Jeevan Saral is supposed to give better surrender and/or paid-up value.

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Can I withdraw LIC policy?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

How can I check my LIC policy maturity amount?

To check the updates through SMS, one can type “ASKLIC” followed by the policy number and SMS it to the phone number 56767877 made available by the Corporation. “ASKLICAMOUNT.” All of the queries mentioned above can be resolved by sending the SMS code to the same number, that is, 56767877.

Why Jeevan Saral is closed?

The spotlight is back on endowment plans. Life Insurance Corporation of India’s (LIC) Jeevan Saral, withdrawn in 2014, was in the news recently after a PIL was filed in the Supreme Court , alleging that LIC had mis-sold the product by misleading policyholders.

How can I check my PLI maturity amount?

For the Endowment Assurance Plan under PLI, one can follow the below-mentioned steps for premium or maturity calculation:

  1. Enter the sum assured amount.
  2. Enter the year of purchase of the policy.
  3. Enter your current age.
  4. Enter your maturity age.
  5. Click on the ‘Calculate’ button and the results will be displayed.

When can I Surrender my LIC Jeevan Anand policy?

The policy can be surrendered anytime provided two full years’ premiums have been paid. Surrender of policy is not recommended since the surrender value would always be proportionately low. I opted for LIC ’s Jeevan Anand policy in December 2014. Its maturity period is 21 years with sum assured of Rs 9,90,000.

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Can I buy LIC’s Jeevan Saral plan again?

Please Note: LIC’s Jeevan Saral plan was withdrawn from sale with effect from 31/12/2014. And hence you cannot purchase it anymore. But all the policyholders who have purchased it before the withdrawal date will continue to enjoy the benefits of the policy.

What is the surrender value of Jeevan Saral plan 165?

LIC Jeevan Saral (Plan 165) – Surrender value. The surrender value of the Jeevan Saral plan is the higher of Guaranteed surrender value(GSV) and special surrender value (SSV) applicable at the time of surrender. GSV = 30\% of (total amount of premium paid – (First year premium and riders))

How do I Surrender my LIC policy?

How to surrender LIC policy? 1 The policyholder should visit the nearest branch of LIC and avail a surrender discharge voucher. 2 The form should be filled and submitted with the relevant documents. 3 Once the form and the documents are submitted, the company would process the surrender of the policy.