Can I surrender LIC's endowment plus with in two years

[kiraankumar]

Can I surrender LIC's Endowment Plus - Single Premium with in two years time. Could you please reply this as it's quite urgent.

[Manish_Kumar]

You can use complete withdrawal or do not exercise any option during the notice period. It is not surrender of the policy. When you exercise the option for complete withdrawal or you do not exercise any option during the notice period shall be as under:

If the policy is discontinued within 5 years from the date of commencement of the policy:
If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below shall be payable after completion of 5 years from the date of commencement of the policy.

Source - LICIndia.in (http://www.licindia.in/endowment%20plus_features.htm)

[Master]

You can also surrender this policy. As per LICIndia.in (http://www.licindia.in/endowment_plus_benefits.htm) website -

Surrender: The surrender value, if any, is payable as under:
If the policy is surrendered within 5 years from the date of commencement of the policy:
If you apply for surrender of the policy within 5 years from the date of commencement of policy, then the Policyholder’s Fund Value after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as per para 10 below. This monetary amount shall be credited to the Discontinued Policy Fund and no charges shall be deducted thereafter. The Proceeds of the Discontinued Policy, as per para 10 below, shall be payable on completion of 5 years from the date of commencement of policy.

In case of death of life assured after the date of surrender but before the completion of 5 years from the date of commencement of policy the Proceeds of the Discontinued Policy shall be payable to the nominee/ legal heir immediately.

If the policy is surrendered after 5 years from the date of commencement of the policy:
If you apply for surrender of the policy after 5 years from the date of commencement of policy, then the Policyholder’s Fund Value, as at the date of surrender, shall be payable. There will be no Discontinuance Charge.

[Manish_Kumar]

Thanks for pointing out my mistake. I missed the benefits page.