How much money will I get if I surrender my LIC policy after 4 years?

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How much money will I get if I surrender my LIC policy after 4 years?

I have LIC Jeevan Labh, a non linked individual plan and the 3rd year is going on. I want to switch for ELSS fully.

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Benevolent Benevolent
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It depends on the type of policy and the terms mentioned in the policy documents. LIC has many different policies.

Helpful Helpful
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Surrender is not a good idea.

Instead of Surrendering policy, stop paying premium now on. You will get Premium paid after maturity of the policy.

Refer to the policy document. 

https://licindia.in/documents/20121/97277/Final...

2. Forfeiture and Non-forfeiture Regulations:
Forfeiture Regulations:
i. If less than two years’ premiums have been paid in respect of this policy and any subsequent premium be not duly paid,
all the benefits under this policy shall cease after the expiry of grace period from the date of first unpaid premium and
nothing shall be payable, and the Premiums paid thitherto are also not refundable.
ii. Forfeiture in Certain Other Events: In case any condition herein contained or endorsed hereon be contravened or in case
it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and
connected documents or any material information is withheld, then and in every such case this policy shall be void and
all claims to any benefit in virtue of this policy shall be subject to the provisions of Section 45 of the Insurance Act,
1938, as amended from time to time.
Non-forfeiture Regulations:
If after atleast two full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall
not be wholly void, but shall subsist as a paid-up policy till the end of policy term.
The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called ‘Death Paid-up Sum Assured’
and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already
been paid bears to the maximum period for which premiums were originally payable. In addition to the Death Paid-up Sum
Assured, the vested Simple Reversionary Bonus, if any shall also be payable on death.

Benevolent Benevolent
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Instead of Surrendering policy, stop paying premium now on. You will get Premium paid after maturity of the policy. Paji policty to policy these bkl can forfeit ur premium amount too or in some cases will give u premium-50/60% and no interest at all. No point in keep this lying with them? To all those saying continue it by taking loan(od in disguise) what's better, cut a finger now or loose a hand later? 
Benevolent Benevolent
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I have my two rules, both have a higher loss compared to the profit considered.

1. never take a lic policy

2. never surrender the old policy (taken by a family member in the past)

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Benevolent Benevolent
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It depends on the type of policy and the terms mentioned in the policy documents. LIC has many different policies.

Deal Lieutenant Deal Lieutenant
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LIC Jeevan Labh, a non linked individual plan.

this is what I have and want to stop this and go for ELSS
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Deal Cadet Deal Cadet
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They do some calculations and the amount is very low sometimes lower than capital for first few years. 

Just make a letter asking for surrender value and give to them they'll tell you. 

Post Tycoon Post Tycoon
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No point in surrender unless need of some urgent money.....too much premium loss

Deal Cadet Deal Cadet
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True. One way out is to get a Overdraft from the bank using these policies as a security. The surrender value amount would be the overdraft amount.

This way policies would also remain, and interest only levied on the amount utilized and there is no loss net net. 

Every year one can get updated surrender value and also get the OD amount increased if needed
Deal Lieutenant Deal Lieutenant
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See If you don't want to lose amount paid & don't required that paid amount on urgent basis then paid up your policy after completion of 3 years that way you won't lose money but it will stay with LIC till the maturity and will be released on maturity as per the premiums paid.

Helpful Helpful
Link Copied

Surrender is not a good idea.

Instead of Surrendering policy, stop paying premium now on. You will get Premium paid after maturity of the policy.

Refer to the policy document. 

https://licindia.in/documents/20121/97277/Final...

2. Forfeiture and Non-forfeiture Regulations:
Forfeiture Regulations:
i. If less than two years’ premiums have been paid in respect of this policy and any subsequent premium be not duly paid,
all the benefits under this policy shall cease after the expiry of grace period from the date of first unpaid premium and
nothing shall be payable, and the Premiums paid thitherto are also not refundable.
ii. Forfeiture in Certain Other Events: In case any condition herein contained or endorsed hereon be contravened or in case
it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and
connected documents or any material information is withheld, then and in every such case this policy shall be void and
all claims to any benefit in virtue of this policy shall be subject to the provisions of Section 45 of the Insurance Act,
1938, as amended from time to time.
Non-forfeiture Regulations:
If after atleast two full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall
not be wholly void, but shall subsist as a paid-up policy till the end of policy term.
The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called ‘Death Paid-up Sum Assured’
and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already
been paid bears to the maximum period for which premiums were originally payable. In addition to the Death Paid-up Sum
Assured, the vested Simple Reversionary Bonus, if any shall also be payable on death.

Benevolent Benevolent
Link Copied
Instead of Surrendering policy, stop paying premium now on. You will get Premium paid after maturity of the policy. Paji policty to policy these bkl can forfeit ur premium amount too or in some cases will give u premium-50/60% and no interest at all. No point in keep this lying with them? To all those saying continue it by taking loan(od in disguise) what's better, cut a finger now or loose a hand later? 
Benevolent Benevolent
Link Copied

I have my two rules, both have a higher loss compared to the profit considered.

1. never take a lic policy

2. never surrender the old policy (taken by a family member in the past)

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