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I am having LIC Policy and I am paying regular monthly premium of Rs.4000/- for the last 4 years. I want to know
1- If I surrender the above policy how much surrender value should I get.
2 -Do I get some bonus also with the surrender value?
Please advise! Thanks,
NextGen
Meaning of Surrender Value
The cash value payable by LIC on termination of the policy contract at the desire of Policyholder, but before the expiry term, is known as Surrender Value.
A policy can be surrendered, provided, it is kept in force for at least three years. So you have paid premium for more than 4 year, so you are eligible.
The bonus will be added, provided, the policy was in force for at least 5 years, i.e., premiums should have been paid for 5 years and five years should have been completed from the date of commencement of the Policy. So the Bonus would not apply in your case now.
NextGen,Quote:
Originally Posted by NextGen
Please check with the LIC Office. Not all the policies, you can surrender. Ex -Term Insurance etc.