What happens if I stop paying LIC premium after 5 years?
If you wish to discontinue your life insurance policy for any reason, you can do so, but at a cost. 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.
How is surrender value of LIC Jeevan Anand policy calculated?
Surrender value of Jeevan Anand (815) Plan is sum of percentage of total paid premiums excluding Rider Premium & Taxes (Guaranteed Surrender Value) and percentage of accumulated bonus at the time of surrender.
How is surrender value of LIC Jeevan Anand calculator?
Surrender Value Calculator for LIC new Jeevan Anand (Table No: 815) provides Approx surrender value based on bonus accumulated and total premium paid….How to calculate Surrender Value of LIC New Jeevan Anand.
Sum Assured | 10,00,000 |
---|---|
Yearly Premium (without any rider and Service Tax) | 52,370 |
Year of Surrender | 2024 |
What happens if we surrender LIC policy?
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.
How do I Surrender my Jeevan Anand policy?
If you want to surrender your Jeevan Anand policy you can calculate the surrender value based on LIC’s surrender value guidelines. Guaranteed Surrender value: 30\% of all premiums paid excluding first year premium. This is the minimum surrender value, provided your policy has been in force for three years.
How to calculate the surrender value of LIC policy?
Surrender value of LIC policy is calculated by multiplying the number of premiums paid and surrender value factor attached to it. It is mostly available in endowment insurance policies. Surrender factor in Jeevan Anand is 0.3 after 3 years and 0.5 after paying 4 premiums.
Is Jeevan Anand a good endowment plan?
LIC Jeevan Anand is a traditional endowment plan. Usually the sum assured of traditional endowment plans are not sufficient to meet the financial needs of the insured because the premiums are very high compared to the sum assured.
Is LIC Jeevan Anand life insurance policy enough for me?
Since from your query it seems that, LIC Jeevan Anand is your only life insurance policy, you should ask yourself is the cover or sum assured of your policy sufficient to meet the financial needs of your family in the event of an unfortunate death. LIC Jeevan Anand is a traditional endowment plan.