Question 1

When I resign my LIC coverage after five years, how much money would I receive?

Accepted Answer

Answer-90% of the whole maturity amount is supplied if the insurance bearer has paid premiums for more than 4 years but less than 5 years. The policyholder receives 100% of the sum assured if they have been paying premiums for more than five years (maturity amount).

Question 2

Is there a branch where I may cancel my LIC policy?

Accepted Answer

Answer-Only the branch where it is currently being served is able to accept the LIC policy for surrender (i.e. Servicing Branch). So before giving it up, you need to adjust the policy servicing branch.

Question 3

Maturity Value: What Is It?

Accepted Answer

Answer-The amount owed and due to be paid to the holder of a financial obligation as of the obligation's maturity date is its maturity value.

Question 4

What form is needed to relinquish a LIC?

Accepted Answer

Answer-The person who is legally entitled to receive the policy money must notify the Service Branch about the policyholder's passing. The following are the requirements for the claim: Claim Form 'A'in Form No.3783. If policy has run for 3 years or more from date or risk, claim form no.3783A may be used.

Question 5

Can I look up the surrender value of LIC online?

Accepted Answer

Answer-Any insurance company website has an easy-to-use LIC Surrender value calculator. A person only needs to enter some basic information, like his name, phone number, plan type, term length, number of instalments, method of payment, required premium, and length of time the policy was in effect.

Browsing: LIC Surrender Value Calculator

LIC Surrender Value Calculator 2023

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Section 80 TTA of Income Tax Act

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