Question: How Can I Withdraw My LIC Policy Online?

Can I claim LIC maturity amount online?

LIC policyholders can submit maturity claim documents online till June 30, 2020.

In case of Maturity Claim, the sum assured of the policy shall be upto 5 lakh..

How can I withdraw old LIC policy?

Maturity Claims:It is our endeavour to settle your maturity claim on or before the due date. … Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.More items…

Will I get bonus if I surrender my LIC policy?

Once you have surrendered your LIC policy, the insurer will provide you with a portion of money known as ‘accumulated bonus’ along with the premiums that you have paid for that period of time.

How can I withdraw my LIC policy?

Mandatory Documents for Policy Surrender:Policy bond – the original copy.Printout of LIC policy surrender form No. … A cancelled cheque from the policyholder’s bank.Policyholder will be required to utilise the LIC NEFT form, if above-mentioned form No. … Proof of identification like Aadhaar card needs to be carried along.

Can I withdraw money from LIC before maturity?

It is the option to exit from life insurance product before maturity wherein policyholder will get the amount which is called as Surrender Value. A regular premium policy will be eligible for surrendering after the policyholder has paid the premiums continuously for 3 years.

How much will I get after LIC maturity?

Yearly Premium (Rs. ): 178213End of yearTotal Premium paid till end of year (Rs.)Death Benefit / Maturity Benefit (Rs.) payable at end of year1178213100000023564261050000353463911000004534639115000011 more rows

What is the meaning of surrender value?

Definition: It is the amount the policyholder will get from the life insurance company if he decides to exit the policy before maturity. A regular premium policy acquires surrender value after the policyholder has paid the premiums continuously for three years. …

What is special surrender value?

Special surrender value = (Original sum assured * (No. of premiums paid/No. of premiums payable) + total bonus received) * surrender value factor. When one stops paying premiums after a certain period, the policy continues but with lower sum assured. This sum assured is called the paid up value.

Is it good to surrender LIC policy?

Surrender value is payable only after three full years premiums are paid to LIC. More over if it is a participating policy the Bonus get attached to it as per prevalent rules. Surrender of policy is not recommended since the surrender value would always be proportionately low.

How can I check my LIC maturity amount?

Check LIC Policy Status Online (For Registered User)Step 1:You must visit the e-Service Portal of LIC. … Step 2:You will need to enter the login credentials namely, your User Name and Password.Step 3:Once you’re logged in your Services Account of LIC, you will see various options related to the account or your policy.More items…•

Is LIC maturity amount taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

How can I check my lic policy details online?

How to Check LIC Policy Details Online?Step 1: Go to the official LIC website, fill in your credentials like username and password.Step 2: Login to your account and select the option ‘View Enrolled Policies’.Step 3: You will be directed to a page where you can see all the listed enrolled policies.More items…

How can I check my LIC policy surrender value?

How to Check the Surrender Value of your LIC Policy? You can calculate the surrender value of your policy using this simple formula [Basic sum assured (Number of premiums paid/Total number of premiums payable) + Total bonus received] x Surrender Value Factor.

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

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

How can I get LIC maturity amount?

Maturity Claims: The servicing Branch usually sends maturity claim intimations two months in advance. Please submit your Discharged Receipt in Form No. 3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

What is maturity amount in LIC?

Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared. Now whenever the death of the policyholder happens (even after the policy term), the nominee will additionally get the Sum Assured amount as the Death Benefit.

What happens if I stop paying LIC premium after 5 years?

If you wish to discontinue your life insurance policy for any reason, you can do so, but at a cost. In case of a term life insurance policy, if you stop paying the periodic premium, the policy automatically lapses, i.e., the risk cover ceases but there is no other additional downside or cost.