LIC Policy Online Before Maturity

Guide to LIC Surrender Value Calculator

How to Surrender

Can I Surrender LIC Policy Online?

1. Cancelling your policy before the maturity date is     called surrendering your policy.

Things To Know While Surrendering your LIC Policy

2. You will get the surrender value upon closing your      policy.

3. You can use an LIC surrender value calculator    to find this amount. It will be calculated if the    premium is paid for three years in succession.

4. Closing your policy before three years will lead to      zero surrender value.

5. No financial expert will ever tell you to surrender the      policy since it will not give you any benefits.

How to Surrender LIC Policy Online Before the Maturity?

1. It sometimes happens that people hurry through     their policy or investment decisions and do not     check the finer points carefully.

LIC (Life Insurance Corporation) of India is one of the most trusted investment avenues for Indian citizens.

2. Sometimes they end up choosing policies which    are not suitable for them or they wish to switch to      investing in another policy which gives them higher      benefits in turn.

Things about Surrender Value

1. The surrender value will be decided when you     purchase the insurance plan.

2. Guaranteed Surrender Value is where you can      surrender after paying premiums for three years.      Your surrender value will be worked out at 30% of      the premiums paid (excluding those paid in the      first  year and those paid  for accidental benefits).     This value will go up if you cancel the policy later on.

3. Special Surrender Value is another term that you     should know. Suppose you stop paying your LIC     premium after a certain period of time. Your     policy will be active although the sum assured     will come down. This is called the paid-up value.     This is the actual sum assured (number of      premiums paid/number of premiums payable).

4. Once the policy is closed before maturing,     you will get the surrender value that will be higher      than the guaranteed and special surrender value.

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