Table of Contents
What is the surrender value of LIC Jeevan Saral policy?
Guaranteed Surrender Value: Guaranteed Surrender value is equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums. Special Surrender Value: 80\% of Maturity Sum Assured if you have paid premiums for 3 or more years but less than 4 years.
How can I cancel LIC Jeevan Saral policy?
For surrender, you can contact your insurance agent or the nearest LIC branch and fill the surrender application form along with a cancelled cheque and a mandate form for direct credit to your bank account.
How can I close my LIC policy?
How To Surrender LIC Policy
- Original policy bond documents.
- Request for surrender value payment.
- LIC Surrender form- form 5074.
- LIC NEFT form.
- Bank account details.
- Original ID proof like Aadhar card, pan card or driving license.
- A cancelled cheque.
- Hand-written letter to LIC stating the reason to discontinue.
What is the maturity amount in LIC Jeevan Saral?
The maturity amount in LIC Jeevan Saral (Table No 165) is Maturity Sum Assured (MSA) + Loyalty Addition (LA) declared in the year of maturity.
What is the Jeevan Saral (165) loyalty addition?
Jeevan Saral (165) Loyalty Addition is available along with Maturity Sum Assured (MSA) on Death, Surreder or Maturity provided premiums for atleast 10 years have paid. This Loyalty Addtion is based on yearly premium bands and policy term. Following table provides Loyalty Addition rates for Financial Year 2018-19.
How is the death benefit under Jeevan Saral calculated?
LIC’s Jeevan Saral is a beneficial plan which gives a lot of benefits to policyholders. Let’s understand how the death and maturity benefits of the plan are calculated. The death benefit under the plan is calculated using the following formula- Death benefit = (250 * monthly premium paid) + Loyalty Additions paid on death
How do I Surrender my LIC Jeevan Saral plan?
You can either continue the coverage by paying the premium or you can surrender the plan and apply for a new endowment policy offered by LIC as well as other leading life insurance companies. When you surrender the Jeevan Saral plan, you get a surrender value if you have paid at least the first three years’ premiums.