Question: Which Is The Best LIC Policy For Money Back?

How LIC money back policy maturity amount is calculated?

Sum Assured: = Rs.

5,00,000.Survival Benefit (B): = Rs.

5,00,000.Maturity Benefit (C): = Rs.

5,00,000.Amount on Maturity: * = Rs.

1000.Total Benefit Amount: = Rs.

35,000.Period of Maturity = Dec, 2021..

Is it worth to surrender 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.

What happens if I stop paying LIC premium after 5 years?

In case of a term life insurance policy, if you stop paying the periodic premium, the policy automatically lapses, i.e., the risk cover ceases but there is no other additional downside or cost.

Can I get my money back from LIC?

Policy Termination or Surrender Benefit: The Policy lapses after the end of the Grace Period but it can be revived within 2 years from the first unpaid premium due date. Surrender Benefit is available after premium payment of 3 full years’ according to a table.

How can I cancel my LIC policy and get money back?

Documents Required for Surrender LIC Policy Download LIC Policy Surrender Form No. 5074. Take the printout and go with this form. Bank cancelled cheque leaf (your name should be printed on cheque) or bank passbook photocopy.

How can I get my money back from LIC policy?

A lapsed policy can be revived under the revival scheme by shifting the original date of commencement by the period of maximum two years. Under the Money Back Plan, policyholders have to bear policy preparation charges and stamp fee.

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

What if LIC premium is paid twice?

I paid twice for a life insurance premium. Will I get back the duplicate payment or the amount will be adjusted in next premium when due? You have the option to seek refund on the duplicate payment or get it adjusted against your next due premium.

Can I claim LIC maturity amount online?

The policyholders can send the maturity claims and survival benefit requirements by email. … According to a notification by LIC on its website, you can send these documents via email till June 30, 2020. It has also stated that the facility to submit details online is in addition to the existing procedure.

How is LIC maturity amount calculated?

Documents Required for Maturity Claim DischargeOriginal LIC Policy Document.Identity Proof.Age Proof (if not submitted previously)Cancelled Cheque leaf or a copy of the Policy holder’s Bank Passbook.NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)More items…•

What is the maturity amount in LIC?

Maturity Claim – Any amount received on plan maturity is exempt from taxation under Section 10(10D). To claim this exemption, the Sum Assured should be at least 10 times the premium amount paid.

Which one is the best LIC policy?

Best LIC PlansLIC PoliciesPlan TypeMaximum Maturity AgeLIC Jeevan UmangWhole Life Insurance100 yearsLIC Jeevan AmarTerm Assurance Plan80 yearsLIC Money Back 25 yearsMoney Back Policy70 yearsLIC New Jeevan AnandEndowment Plan75 years1 more row•Nov 12, 2020

Is LIC maturity amount taxable?

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.