If you require cash as well as the desire to withdraw all of your funds prior to the expiration of your LIC Policy, you may now do so with ease. You won’t need to worry about this at all. Moreover, LIC offers you the option to return the policy. Let us explain the process for surrendering the policy and the compensation you will receive.
Can give up after three years, in LIC Policy
If you have a LIC policy as well and wish to cancel it, you can do so without difficulty, although there are some restrictions. Only three years after purchase can you cancel your policy. If you act earlier, you will not receive any payment.
What conditions apply to the surrender?
You have the option of giving up your policy. Only if you have paid the premium for all three years are you able to surrender it. You cannot do this earlier. No money is paid back to you if you decide to close it anyway.
How much cash will you receive?
If you believe that giving up a policy is simple, you are mistaken. You will experience a variety of losses in this. Assume you have paid money for the entire three years, but you only receive 30% of it. Only the money needed for your payment is supplied to you. You receive neither a bonus nor an interest from this. Only 30% of the money goes to you.
Submission of Documents:
- LIC Policy Surrender Form No. 5074
- Bank Specifics
- PAN Card
- Aadhaar Card
Read More: Do this work to save tax, New Income Tax update
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