Quick Answer: Can I Revive My LIC Policy After 5 Years?

Can LIC policy be stopped?

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..

How can I return my LIC policy after 5 years?

Special Surrender Value: 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid.

Is there any LIC policy for 5 years?

LIC’s Jeevan Aastha is a single premium assurance plan which offers guaranteed benefits on death and maturity. The Plan is close ended and would be available for a maximum period of 45 days from the date of its launch i.e. 08.12….2.Premium rates.Age at entryPolicy Term 5 yearsPolicy Term 10 years50180.85175.903 more rows

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.

What is the maximum age for LIC?

FOR BASIC PLANAge at entryAge of the Life Assured- 20 to 60 years (age nearest birthday)Age of the Life Assured at maturityMaximum 70 years (age nearest birthday)TermAll terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.Minimum Sum AssuredRs. 50,000 /-2 more rows

Can I withdraw 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.

Which term plan is best in LIC?

Best LIC PlansLIC PoliciesPlan TypePolicy TermLIC Jeevan UmangWhole Life Insurance100 years minus(-) the age at entryLIC Jeevan AmarTerm Assurance Plan10 years-40 yearsLIC Money Back 25 yearsMoney Back Policy25 yearsLIC New Jeevan AnandEndowment Plan15 years-35 years1 more row•5 days ago

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

Special Surrender value = 80% of Maturity Sum Assured if you have paid premiums for 3 or more years but less than 4 years. 90% of the Maturity Sum Assured, if you have paid for 4 or more years but less than 5 years.

What is the maturity amount in LIC?

Maturity Claim – Any amount received on plan maturity is exempt from taxation under Section 10(10D). To claim this exemption, the Sum Assured should be at least 10 times the premium amount paid.

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.

Should I surrender my Jeevan Saral policy after 10 years?

Guaranteed Surrender: The policy can be surrendered only after it has crossed at least 3 years. … In case if the insured stop paying the premium after the completion of 3 policy years, LIC Jeevan Saral policy acquires a paid up value for the reduced sum assured amount and the policy continues to be enforce.

How can I activate my old LIC policy?

The policy can be revived only once during the policy term. The lapsed policy can only be revived if it has not expired for a period of fewer than 6 months or more than 3 years from the date of revival. Under the special revival scheme, the policyholder has to give a written request for reviving the policy.

What happens if I stop paying LIC premium after 10 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.

How is surrender value calculated?

If you discontinue the policy, the amount you will get is called the special surrender value. This is arrived at by multiplying the total paid-up value (paid-up value + bonus) with a multiplier called the surrender value factor. The surrender value factor is a percentage of paid-up value plus bonus.

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. …