If I am not able to pay the LIC premiums

I stay in Kolkata. I am planning to take some LIC policies, but I have fear in my mind that I might not be able to pay the premiums in future. Please let me know -
1- What are the options available, if someone is not able to pay her premium?
2- Will I get back my premiums that I have already paid?

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Originally Posted by Ananya

I stay in Kolkata. I am planning to take some LIC policies, but I have fear in my mind that I might not be able to pay the premiums in future. Please let me know -
1- What are the options available, if someone is not able to pay her premium?

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- Surrender Option
- Take premium holiday
- Don't pay premium for some time and later reinstate the policy (not a good idea)

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2- Will I get back my premiums that I have already paid?

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Depends on the type of policy and terms and conditions of the policy.

Friend, when you are not able to pay premiums, you may utilize the surrender option which is available only on completion of minimum 3 years of policy. But only a part amount is available. The other option is in some LIC products (policies), there are options to pay premium for a limited period and on maturity, you get the sum assured plus bonus.