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

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.

What happens to LIC after maturity?

The proceeds will be paid automatically to the policyholder’s account once the maturity period is over. However, if the settlement amount is over Rs. 60,000, it is mandatory to file the discharge form along with the required documents.

Can I surrender LIC policy after 1 year?

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Guaranteed Surrender Value: A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.

What is paid premium?

To pay a premium generally means to pay above the going rate for something, because of some perceived added value or due to supply and demand imbalances. To pay a premium may also refer more narrowly to making payments for an insurance policy or options contract.

What is Jeevan Saral Policy calculator?

LIC Jeevan Saral calculator gives you a fair estimate of the surrender value, bonus, Loan, paid up and projected maturity value on the basis of the total premium paid.

What are the benefits of LIC Jeevan Saral?

LIC Jeevan Saral – Benefits. 1. Death Benefit. You will get around 250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first-year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.

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Is loan facility available under the LIC Jeevan Saral policy?

Yes, the Loan facility is available under the Jeevan Saral policy. The maturity sum in the LIC Jeevan Saral Plan of LIC is Loyalty Addition (LA) + Maturity Sum Assured (MSA) declared in the maturity year.

How is the Jeevan Saral maturity calculator calculated?

In order to calculate the maturity amount, the Jeevan Saral Maturity Calculator evaluates the sum assured of maturity based on the Age (at the time of buying the policy) you enter, Premium and Term, and adds the Loyalty Addition to give you the approximate maturity value.

What are the features of Jeevan Saral life insurance policy?

LIC Jeevan Saral Features. Life insurance policy comes with an assured trouble-free life of one’s family when one is no longer with them. An insurance policy is termed comprehensive policy when it offers insurance cover against every man-made or natural misfortune throughout the life.