If you are not interested in continue with your existing policy or for some reasons if you are unable to pay the premiums, policy holder can surrender the policy and receive the money accrued for that policy. A policy can be surrendered only after paying the three premiums. Basically the surrender value is the case value of your policy which can be paid if you are planning to discontinue the policy before its completion. There are few calculations and restriction to apply for the surrender value. This article explores few important points related to the surrender value of the policy. If you have any questions on the LIC surrender value please post it in the comments section. Please subscribe to our future articles here.
What is Surrender Value of 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.
If due to any reason when you wish to terminate your contract of insurance with L.I.C., you can surrender your policy to them and get its cash value known as Surrender Value.
How to know Surrender Value?
The best idea would be to visit the nearest branch in your location or contatc your LIC agent to know about the surrender value of the policy if you give the details about your policy.
Thank you for reading this article. I hope now you got some idea on what is surrender value for your policy. It will be helpful if you can know the surrender value of your policy. Please post your feedback in the comments section.
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