Here we can post our quarries regarding any information like on the premium amount, surrender value or bonus amount acquired with your policy number etc.
LIC Surrender Status:
What is Surrender Value?
It is the value payable to the policyholder when they are planned to dismiss the policy before the maturity of the policy.
This amount is payable only if all the premiums are paid for a minimum if three years.
If you have paid your premium for more than 4 years and you wanted to get surrender with the policy then you will be paid 80% of Maturity Sum Assured as surrender value.
You can assure for 100% of Maturity Sum Assured if you paid premiums for more than 5 years.
If the policyholder surrenders the policy before the date of commencement (i.e., before 3 years) then there will be no Maturity sum Assured will be paid.
Maturity Sum Assured:
This means the sum assured conforming to the period for which premiums have been paid under the policy.
LIC Maturity Status:
This LIC Maturity status depends on the type of plan chosen. To get the maturity policy you need to get ready the following documents.
- Original bond of the policy.
- Revenue stamp of RS.1 /-
- NEFT form which should be dually signed with cancel cheque so that maturity policy process will be directly transferred to policyholders itself.
LIC Loan Status:
LIC India can provide a loan for LIC policyholders on their policy with the following terms and conditions.
Here are the few requirements to grant the loan has mentioned below:
- Policy will be allocated completely in favor of the corporation.
- Application for loan
- Receipt of the loan amount.
The maximum amount of the loan will be accessible under the policy is 90% of the surrender value of the policy which includes cash value of the bonus.
9% will be charged on loans at a rate of interest which should be paid half-yearly.
The minimum period for allowing the loan is 6 months from the date of its payment.
If a policy becomes claim within 6 months from the date of loan each by maturity or death then interest will be charged up to the date of death/maturity only