The returns in a traditional life insurance policy, such as an endowment or a money-back policy, are generally in the 4-6 per cent range, if continued till its maturity. You may also provide bank information by enclosing a canceled check with your application. So if you have traditional life insurance policy and want to discontinue it, there are two broad options: First, convert it into a paid-up policy without exiting, and second, surrender and ask the insurer for the surrender amount by completely exiting the policy. Pension Plan LIC Calculator. LIC Term Insurance 1 Crore. Do not forget the 'policy number' as it is necessary to get all the details through this process. • For premium paying term of 3 years, the policy term would be 10 years to 20 years, • For premium paying term of 4 years, the policy term would be 10 years to 20 years, • For premium paying term of 5 years, the policy term would be either 10 years or 15 years to 20 years, • For single premium payment, the policy term would be 10 years to 20 years, • For regular premium, the sum assured is 5 times the annualized premium. (Pan photocopy will work) 4. This article has been viewed 6,988 times. X There are 3 broad categories of Life insurance policies / plans in the market 1. Once of the many tax benefits of life insurance with cash value is the ability to take a First In First Out withdrawal from the policy. For example, if you paid a total of Rs 75,000 in premiums for 3 years, or Rs 25,000 each year, you would be entitled to 30 percent of Rs 50,000. Jeevan Chhaya is an endowment assurance policy plan which offers complete financial protection in case a policyholder passes away anytime during the term period. X Y Z city. I am not residing in the place where i took my LIC.I am writing this reply as i seached so many places i didnt get a complete answer. 2. LIC, the state-owned insurance company and a forerunner in the life insurance segment of the country was established in the year 1956. Leaving so soon? Best LIC Policy for Child. LIC Money Back Plan 820. 2. LIC Jeevan Varsha is a money back plan that provides assured benefits at specific durations after completion of the premium payment term. Back when I was working in India in 2007, I took one LIC policy. Reason(s) for the partial withdrawal and the pay-out form needs to be submitted at the nearest LIC of Indiabranch, along with the following documents: 1. Policyholders can pay premiums monthly, quarterly, half-yearly, or yearly. Original policy documents 2. The policy is available for a term period of 5 years and 10 years. The policyholder can opt to surrender the policy any time that he/she wants to. % of people told us that this article helped them. The Life Insurance Corporation of India (LIC) offers an extensive range of insurance products to cater to the various requirements of the insurance buyers. The premium amounts are invested in debt funds or mixed funds depending on the policyholder’s choice. Photocopy of Id proof. Recently, I have surrendered my LIC policy. LIC new plan launched in 2020, changes, rules and latest updates 1 february 2020. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/e\/ec\/Close-an-LIC-Policy-Before-Maturity-Step-1.jpg\/v4-460px-Close-an-LIC-Policy-Before-Maturity-Step-1.jpg","bigUrl":"\/images\/thumb\/e\/ec\/Close-an-LIC-Policy-Before-Maturity-Step-1.jpg\/aid10809982-v4-728px-Close-an-LIC-Policy-Before-Maturity-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"