If I am not able to pay the LIC premiums

[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?

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

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[Rahul]

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?

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

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

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

[venkat]

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.