Question 1

Can I cancel my LIC before it matures?

Accepted Answer

The policyholder may only surrender their coverage within the guaranteed surrender value after three years have passed. This means that a minimum of three years must pass before the premium is paid. After three years, you can surrender for about 30% of the premiums you've already paid.

Question 2

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

Accepted Answer

If the policyholder has consistently paid premiums for five years, they will receive a 100% special surrender value.

Question 3

Is it possible to cancel my LIC policy online?

Accepted Answer

Yes, policyholders can cancel their LIC policies online before the policy term is out. This process is known as surrendering or closing a LIC insurance.

Question 4

Can I take money out of LIC?

Accepted Answer

Only after having paid the premium for roughly three years is a life assured eligible to surrender his or her LIC policy. While withdrawing the policy online, LIC gives the policyholder a specific sum of money.

Question 5

Can I cancel my Jeevan Anand insurance coverage before it matures?

Accepted Answer

As long as two complete years' worth of payments have been paid, the policy may be relinquished at any time. After deducting the first year's premium, the insurance company will pay a guaranteed surrender value of at least 30% of all premiums paid upon surrender after two policy years.

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