You can revive policies within five years from the date of the first unpaid premium. To offer some respite to life insurance policyholders, LIC recently launched a revival campaign to ensure benefits of the policy continue. The revival campaign encourages people to renew their policy by offering concession on late fees …

Can I surrender LIC policy after 5 years or before maturity?

Documents Required For Policy Surrender

1. Original policy bond documents.
2. Request for surrender value payment.
3. LIC Surrender form- form 5074.
4. LIC NEFT form.
5. Bank account details.
6. Original ID proof like Aadhar card, pan card or driving license.
7. A cancelled cheque.
8. Hand-written letter to LIC stating the reason to discontinue.

Can I surrender my LIC policy after 10 years?

No surrender is usually allowed in the first policy year. Under limited premium and regular premium plans – under limited and regular premium plans, usually, the policy term is taken into consideration. If the policy term is 10 years or below, the duration is two years. Surrender can be done from the third policy year.

Should I surrender my Jeevan Saral policy after 10 years?

Guaranteed Surrender: The policy can be surrendered only after it has crossed at least 3 years. In case if the insured stop paying the premium after the completion of 3 policy years, LIC Jeevan Saral policy acquires a paid up value for the reduced sum assured amount and the policy continues to be enforce.

What if insurer and nominee both died?

If a beneficiary nominee or one of your beneficiary nominees, die after your demise but before his share of the amount under the policy is paid, the share of such nominee(s) shall be payable to the heirs or legal representative of such nominee or holder of succession certificate of such nominee(s).

What happens if I stop paying LIC premium after 2 years?

For policies with a lesser term, at least two years’ premium payment is mandatory. In case you haven’t paid even 2 or 3 years’ premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.