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Updated on Apr 08, 2025 5 min read

How To Surrender LIC Policy?

Life Corporation of India (LIC), one of India’s prominent insurers, strives to provide affordable plans to each insurable person in the country. However, each policy has its specific tenure, so a prospective insurable person can pick the one that best fits their budget and needs.

However, the question arises when it comes to the surrender policy before the end of the policy term. Does LIC allow policyholders to give up the policy, or how can I surrender my LIC policy?

Yes, LIC allows the policyholder to surrender the plan taken for the specific policy term. However, the surrender of a policy isn’t considered an ideal option because the surrender value that one receives is always proportionately low.

What Is Surrender Of LIC Policy?

Let’s understand the "surrendering of LIC policy"; policyholders often buy policies without understanding the terms & conditions properly. It may lead to giving up the policy before maturity. However, the amount policyholders receive after opting out of the policy is the LIC policy surrender value.

There are several reasons why people surrender their policy, primarily because they get a better plan or a financial crisis. Please note that the policyholder can only give up the policy after paying the premiums diligently for three years.

When are Policyholders Allowed to Surrender their LIC Policy?

While surrendering the LIC policy, there are specific guidelines that may be applicable to this concept. However, policyholders are not allowed to give up their policy at any point at their convenience. Generally, policyholders can discontinue their policy after at least three years of the policy issue date. It may vary depending on the type of LIC insurance plan and the premium payment term. Let’s take a quick look at when can policyholders surrender their LIC policy:

Single-Premium Plans

Under a single-premium plan, policyholders pay the entire policy premium once at the time of purchasing the policy. In that case, policyholders can surrender their LIC policy at least two years after the policy issue date.

Limited/Regular Premium Plans

Under the limited and regular premium plans, the terms & conditions may vary depending on the policy tenure. If suppose the policy term is:

Ten years or less, the policyholder can surrender the policy after two years.
More than ten years, the minimum duration to surrender the LIC policy is three years.

What is the Procedure of Surrendering a LIC Policy?

However, the insurer has no specific key guidelines to surrender the policy. But suppose the policyholder wishes to discontinue their policy or ULIPs before its chosen policy term. In that case, they can easily do it via the insurers’ official website or by visiting LIC’s nearest office branch.

Step 1 Policyholders must visit the LIC’s nearest office branch or browse the LIC’s official webpage on their device and sign up.

Step 2 They can easily get the printout of the "Surrender Discharge Voucher" or LIC Form No. 5074 by downloading it directly via the website or visiting the LIC office.

Step 3 Policyholders must fill out the necessary details on LIC Form No. 5074 to withdraw the surrender value from your bank.

Step 4 Once policyholders fill out the form, attach the document and the surrender form and submit it to the LIC representative.

Step 5 Once the surrender form is submitted to the representative, the process of surrendering the policy starts.

Step 6 It may take up to 10 to 15 working days to complete the surrender request.

Step 7 After that, the surrender value gets credited into the registered bank account of the policyholder.

Documents Required for Surrendering LIC Policy

Undoubtedly, it is not considerable to surrender the policy. Even if you still want to opt for it, you may have to provide some documents. Here are the following documents that the policyholder is required to bring at the time of Surrender of the policy:

Original documents of LIC policy.
Printout of the filled LIC surrender form (embedded on LIC’s official website).
A canceled cheque from the policyholder’s registered bank.
Government-issued ID proof such as a PAN Card, driver’s License, Aadhaar Card, voter ID card, or Passports)
Details of bank account.
LIC NEFT mandate form.
Written application to LIC stating reason for Surrender.

Types of Surrenders in LIC Policy

There are typically two types of surrenders available: guaranteed surrender value or special surrender value. However, the surrender value the policyholder gets while discontinuing the policy is proportionately low rather than the total premium paid. Additional benefits such as bonuses, tax, and premiums paid for riders are excluded while estimating the surrender value.

Guaranteed Surrender Value

Under the Guaranteed Surrender Value, policyholders have to pay the premium for at least three years. To avail of the GSV as a return, policyholders must give up their policy after three years. In that case, the surrender value is 30% of the total premium paid till the surrendering date, excluding the additional premium paid for add-ons or the premium paid for the first year.

Special Surrender Value

The special surrender value is usually higher than the guaranteed surrender value. If the policyholder pays a premium for three to four years, 80% of the total maturity sum, the LIC provides a sum assured amount to the policyholder. If the policyholder pays a premium for five years, 90 % of the maturity sum assured amount is provided by LIC. However, the policyholder gets 100% of the maturity sum assured if the premium is paid for more than five years.

LIC Life Insurance Life Plan

LIC Jeevan Akshay VII

Jeevan Akshay- VII (Table No. 857) is a single premium, non-linked, and non-participating immediate annuity plan. It pays annuity or pension to the po...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Akshay VII (Pros)

Loan Facility
Incentives
Multiple Annuity Options

LIC Jeevan Akshay VII (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Akshay VII (Other Benefits)

No Medical Examination
Guaranteed Annuity Rates
Free look period

LIC Jeevan Akshay VII (Eligibility Criteria)

Minimum entry age- 18 years
Maximum entry age- 65 years
Minimum sum assured- 1 lakh
Maximum sum assured- 10 Lac
Maximum policy terrm- 67 years

LIC Nivesh Plus

LIC Nivesh Plus is a unit-linked, non-participating, and single-premium individual life insurance plan. It offers insurance cum investment benefits th...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Nivesh Plus (Pros)

Death Benefit
Maturity Benefit
Guaranteed Additions

LIC Nivesh Plus (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Nivesh Plus (Other Benefits)

Partial Withdrawals
Switches
Payout in installments

LIC Nivesh Plus (Eligibility Criteria)

Minimum entry age- 90 days
Maximum entry age- 70 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy terrm- 25 years

LIC Bima Shree

LIC Bima Shree Policy is a traditional, non-linked, and with-profit money-back life insurance policy that features guaranteed additions to provide sec...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Bima Shree (Pros)

LIC Bima Shree (Cons)

LIC Bima Shree (Other Benefits)

LIC Bima Shree (Eligibility Criteria)

LIC SIIP Plan

LIC SIIP is a unit-linked non-participating individual life insurance plan. The plan comes out as an opportunity to monetize the investment options of...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC SIIP Plan (Pros)

Maturity Benefits
Death Benefits
Additions

LIC SIIP Plan (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC SIIP Plan (Other Benefits)

Partial withdrawals
Switching
Revival

LIC SIIP Plan (Eligibility Criteria)

Minimum entry age- 90 days
Maximum entry age- 65 years
Minimum sum assured- 1 lakh
Maximum sum assured- 10 Lac
Maximum policy term- 25 years

LIC Navjeevan Plan

LIC Navjeevan is a newly launched plan by the Life Insurance Corporation of India. It is a non-linked with profit endowment assurance plan. It is a co...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Navjeevan Plan (Pros)

Annuity Options
Whole life cover
Participation in profits

LIC Navjeevan Plan (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Navjeevan Plan (Other Benefits)

Multiple riders to choose from
Loan facility
Surrender value

LIC Navjeevan Plan (Eligibility Criteria)

Minimum entry age- 90 days
Maximum entry age- 45 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy terrm- 18 years

LIC Komal Jeevan

LIC has been very dynamic in introducing plans according to different individuals' demands. The LIC Komal Jeevan Plan is exclusively fabricated for ch...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Komal Jeevan (Pros)

Death Benefits
Maturity Benefits
Survival Benefits

LIC Komal Jeevan (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Komal Jeevan (Other Benefits)

Loyalty Additions
Guaranteed Additions
Surrender Value

LIC Komal Jeevan (Eligibility Criteria)

Minimum entry age- 90 days
Maximum entry age- 18 years
Minimum sum assured- 1 lakh
Maximum sum assured- Rs 25 lakhs
Maximum policy terrm- 26 years

LIC Micro Bachat

LIC Micro Bachat Plan (Table No. 951) is a traditional, non-linked, participating micro-insurance plan that offers dual benefits of protection as well...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Micro Bachat (Pros)

LIC Micro Bachat (Cons)

LIC Micro Bachat (Other Benefits)

LIC Micro Bachat (Eligibility Criteria)

LIC Jeevan Saathi

LIC Jeevan Saathi is basically an endowment assurance policy that is there to ensure the lives of husband and wife. It offers the required financial p...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Saathi (Pros)

Partial withdrawals
Switching
Increase/decrease of life cover

LIC Jeevan Saathi (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Saathi (Other Benefits)

Additional riders to choose
Discontinuance of premiums
Choice of policy tenure

LIC Jeevan Saathi (Eligibility Criteria)

Minimum entry age- 18 years
Maximum entry age- 55 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy terrm- 20 years

LIC Jeevan Shanti

Life Insurance Corporation (LIC) is an Indian insurance company owned by the Government of India. It was founded on 1st September 1956 and is headquar...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Shanti (Pros)

Death Benefits
Maturity Benefits
Loan Faciliy

LIC Jeevan Shanti (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Shanti (Other Benefits)

No medical examinations
Reduction in annuity rates
Rebates

LIC Jeevan Shanti (Eligibility Criteria)

Minimum entry age- 30 years
Maximum entry age- 79 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy terrm- Subject to maximum vesting age

LIC Kanyadan Policy

(A Perfect Gift For Your Beloved Daughter) LIC Kanyadan policy is the perfect financial coverage for your daughter with a very low premium. Unlike oth...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Kanyadan Policy (Pros)

LIC Kanyadan Policy (Cons)

LIC Kanyadan Policy (Other Benefits)

LIC Kanyadan Policy (Eligibility Criteria)

LIC Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana is a single premium payment pension plan. This pension plan offers an option to either choose the amount of pension...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Pradhan Mantri Vaya Vandana Yojana (Pros)

Death Benefits
Maturity Benefits
Pension Benefits

LIC Pradhan Mantri Vaya Vandana Yojana (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Pradhan Mantri Vaya Vandana Yojana (Other Benefits)

Loan Facility
Surrender Benefits
Choice of pension payments

LIC Pradhan Mantri Vaya Vandana Yojana (Eligibility Criteria)

Minimum entry age- 60 years
Maximum entry age- No limit
Minimum sum assured- -
Maximum sum assured- -
Maximum policy terrm- Whole life

LIC Jeevan Saral

LIC Jeevan Saral is an Endowment Assurance plan under which the proposer has simply to choose the amount and mode of premium payment. The plan comes o...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Saral (Pros)

Death Benefits
Maturity Benefits
Tax Benefits

LIC Jeevan Saral (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Saral (Other Benefits)

Loan Facility
Loyalty Additions
House Loan

LIC Jeevan Saral (Eligibility Criteria)

Minimum entry age- 12 years
Maximum entry age- 60 years
Minimum sum assured- 5 lakhs
Maximum sum assured- Rs 25 lakhs
Maximum policy term- 35 years

LIC Single Premium Endowment

It is a traditional endowment with death and maturity benefits to the policyholder. Even a bonus facility is given along. In this plan, the premium is...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Single Premium Endowment (Pros)

Death Benefits
Maturity Benefits
Tax Benefits

LIC Single Premium Endowment (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Single Premium Endowment (Other Benefits)

Loan Facility
High Sum Assured Rebate
Surrender Benefit

LIC Single Premium Endowment (Eligibility Criteria)

Minimum entry age- 90 days
Maximum entry age- 65 years
Minimum sum assured- Rs 50
000
Maximum sum assured- No limit
Maximum policy term- 25 years

LIC New Endowment Plan

LIC New Endowment Plan-one of the best policy by LIC India. The LIC New Endowment plan (Plan No: 914) is a must-avail plan considering the many benefi...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC New Endowment Plan (Pros)

Death benefits
Maturity benefits
Participation in profits

LIC New Endowment Plan (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC New Endowment Plan (Other Benefits)

High sum assured rebate
Surrender benefit
Policy revival

LIC New Endowment Plan (Eligibility Criteria)

Minimum entry age- 8 years
Maximum entry age- 55 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy term- 35 years

LIC Jeevan Lakshya Plan

For the financial security of children and families, the LIC Jeevan Lakshya Plan (Plan No: 933) is the most suitable one. It is a collection of saving...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Lakshya Plan (Pros)

Death Benefits
Maturity Benefits
Participation in Profits

LIC Jeevan Lakshya Plan (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Lakshya Plan (Other Benefits)

Additional Rider Options
Grace Period
High Sum Assured Rebates

LIC Jeevan Lakshya Plan (Eligibility Criteria)

Minimum entry age- 18 years
Maximum entry age- 50 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy terrm- 25 years

LIC Jeevan Rakshak Plan

LIC Jeevan Rakshak Plan (Table No. 827) is a participating non-linked plan that provides a combination of insurance and savings. As the name suggests,...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Rakshak Plan (Pros)

Death Benefits
Maturity Benefits
Participation in Profits

LIC Jeevan Rakshak Plan (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Rakshak Plan (Other Benefits)

Policy Revival
High Sum Assured Rebates
Additional Riders

LIC Jeevan Rakshak Plan (Eligibility Criteria)

Minimum entry age- 8 years
Maximum entry age- 55 years
Minimum sum assured- Rs 75
000
Maximum sum assured- Rs 2 lakhs
Maximum policy terrm- 20 years

LIC New Jeevan Anand

LIC New Jeevan Anand is a participating non-linked plan providing a combination of both protection and savings. The plan offers financial protection a...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC New Jeevan Anand (Pros)

Death Benefits
Maturity Benefits
Participation in Profits

LIC New Jeevan Anand (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC New Jeevan Anand (Other Benefits)

Additional Rider Options
Grace Period
High Sum Assured Rebates

LIC New Jeevan Anand (Eligibility Criteria)

Minimum entry age- 18 years
Maximum entry age- 50 years
Minimum sum assured- 1 lakh
Maximum sum assured- No limit
Maximum policy term- 35 years

LIC Jeevan Umang

LIC Jeevan Umang (Plan No: 945) is a conventional, with-profit, non-linked endowment plan with complete life insurance coverage. The policy provides t...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Umang (Pros)

Death Benefits
Maturity Benefits
Participation in Profits

LIC Jeevan Umang (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Umang (Other Benefits)

Additional Rider Options
Grace Period
High Sum Assured Rebates

LIC Jeevan Umang (Eligibility Criteria)

Minimum entry age- 90 days
Maximum entry age- 55 years
Minimum sum assured- 2 lakh
Maximum sum assured- No limit
Maximum policy term- 100 Minus Age at Entry

LIC Aadhaar Shila

LIC’s Aadhaar Shila Plan (Plan No: 944) is a non-linked insurance plan, with profits and a regular premium-paying endowment plan. This plan is a...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Aadhaar Shila (Pros)

Death Benefits
Maturity Benefits
Participation in Profits

LIC Aadhaar Shila (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Aadhaar Shila (Other Benefits)

Additional Rider Options
Grace Period
High Sum Assured Rebates

LIC Aadhaar Shila (Eligibility Criteria)

Minimum entry age- 8 years
Maximum entry age- 55 years
Minimum sum assured- 75
000
Maximum sum assured- 3 lakhs
Maximum policy term- 20 years

LIC Aadhaar Stambh

LIC's Aadhaar Stambh Plan (Plan No: 943, UIN: 512N310V01) is a non-linked insurance plan, with profits and a regular premium-paying endowment plan. It...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Aadhaar Stambh (Pros)

Death Benefits
Maturity Benefits
Participation in Profits

LIC Aadhaar Stambh (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Aadhaar Stambh (Other Benefits)

Additional Rider Options
Grace Period
High Sum Assured Rebates

LIC Aadhaar Stambh (Eligibility Criteria)

Minimum entry age- 8 years
Maximum entry age- 55 years
Minimum sum assured- Rs 2 lakh
Maximum sum assured- Rs 5 lakhs
Maximum policy term- 20 years

LIC Jeevan Shikhar

Of the many efficient plans of LIC, the Jeevan Shikhar Plan stands out in terms of benefits and simplicity of terms. The endowment plan was initially ...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Shikhar (Pros)

LIC Jeevan Shikhar (Cons)

LIC Jeevan Shikhar (Other Benefits)

LIC Jeevan Shikhar (Eligibility Criteria)

LIC Jeevan Akshay

LIC Jeevan Akshay VI Plan is an immediate annuity pure pension plan for senior citizens provided by one of the top ranked insurance companies in India...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Akshay (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC Jeevan Akshay (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Akshay (Other Benefits)

Additional Rider Options
Grace Period
High Sum Assured Rebates

LIC Jeevan Akshay (Eligibility Criteria)

Minimum entry age- 25 years
Maximum entry age- 85 years
Minimum sum assured- Rs 2 lakh
Maximum sum assured- Rs 5 lakhs
Maximum policy term- 20 years

LIC New Money Back 20 Years

The LIC New Money Back Plan 20 Years (Plan No: 920)was floated on January 6, 2014 to cater to the financial needs of the business and the salaried cla...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC New Money Back 20 Years (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC New Money Back 20 Years (Cons)

No pre-existing condition
No auto-cover continuance
No guranteed benefit

LIC New Money Back 20 Years (Other Benefits)

Additional Rider Options
Grace Period
Loan Facility

LIC New Money Back 20 Years (Eligibility Criteria)

Minimum entry age- 13 years
Maximum entry age- 50 years
Minimum sum assured- Rs 1 lakh
Maximum sum assured- No limit
Maximum policy term- 20 years

LIC Jeevan Shagun

LIC Jeevan Shagun is a non-linked, participating, savings with protection single premium Money-Back plan. The policy provides high life cover in the e...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Shagun (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC Jeevan Shagun (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Shagun (Other Benefits)

Additional Rider Options
Grace Period
Loan Facility

LIC Jeevan Shagun (Eligibility Criteria)

Minimum entry age- 8 years
Maximum entry age- 45 years
Minimum sum assured- Rs 60
000 Maximum sum assured- No limit
Maximum policy term- 12 years

LIC Jeevan Arogya

When it comes to offering a complete insurance suite of the most comprehensive financial security in terms of health and life, you are in safe hands w...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Arogya (Pros)

Increasing health cover
No claim benefit
Premium waiver benefit

LIC Jeevan Arogya (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Jeevan Arogya (Other Benefits)

Hospital cash benefit
Ambulance Benefit
Premium waiver Benefit

LIC Jeevan Arogya (Eligibility Criteria)

Minimum entry age- 91 days
Maximum entry age- 75 years
Minimum sum assured- Rs 1
00
000 Maximum sum assured- No limit
Maximum policy term- 20 years

LIC Bima Diamond

LIC launched the Bima Diamond Plan (table No. 841) on September 19, 2016. This is a non-linked plan, i.e. it doesn't depend on the share market. It is...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Bima Diamond (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC Bima Diamond (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Bima Diamond (Other Benefits)

Additional Rider Options
Grace Period
Loan Facility

LIC Bima Diamond (Eligibility Criteria)

Minimum entry age- 14 years
Maximum entry age- 45 years
Minimum sum assured- Rs 1
00
000 Maximum sum assured- Rs 5
00
000
Maximum policy term- 20 years

LIC Bima Bachat

Ever come across a large pile of banknotes? You know, by winning the lottery or hitting the jackpot at your favorite casino? Your first instinct must ...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Bima Bachat (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC Bima Bachat (Cons)

No pre-existing condition
No auto-cover benefit
No guranteed benefit

LIC Bima Bachat (Other Benefits)

Additional Rider Options
Grace Period
Loan Facility

LIC Bima Bachat (Eligibility Criteria)

Minimum entry age- 15 years
Maximum entry age- 66 years
Minimum sum assured- Rs 35
000 Maximum sum assured- No limit Maximum policy term- 15 years

LIC New Children Money Back Plan

The future of the world depends on the strength of the children today. But if they are not prepared for that purpose, the dream will be unattainable. ...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC New Children Money Back Plan (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC New Children Money Back Plan (Cons)

No pre-existing condition
No auto cover
No guranteed benefit

LIC New Children Money Back Plan (Other Benefits)

Additional Rider Options
Grace Period
Loan Facility

LIC New Children Money Back Plan (Eligibility Criteria)

Minimum entry age- 0 years
Maximum entry age- 12 years
Minimum sum assured- Rs 1
00
000 Maximum sum assured- No limit Maximum policy term- 25 minus entry age

LIC Jeevan Tarun

LIC's Jeevan Tarun is basically a participating non-linked limited premium plan that offers a great combination of protection along with savings for y...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Tarun (Pros)

LIC Jeevan Tarun (Cons)

LIC Jeevan Tarun (Other Benefits)

LIC Jeevan Tarun (Eligibility Criteria)

LIC Premium Endowment

This plan has double roles to play. Firstly, this plan is applicable for safeguarding a family after the untimely death of the policyholder. Secondly,...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Premium Endowment (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC Premium Endowment (Cons)

No pre-existing condition
No surrender benefit
No guranteed benefit

LIC Premium Endowment (Other Benefits)

Additional Rider Options
Grace Period
Loan Facility

LIC Premium Endowment (Eligibility Criteria)

Minimum entry age- 14 years
Maximum entry age- 45 years
Minimum sum assured- Rs 1
00
000 Maximum sum assured- Rs 5
00
000
Maximum policy term- 20 years

LIC Jeevan Labh

LIC Jeevan Labh (Plan No: 936) is a limited premium paying, non-linked (Not dependent on equity-based funds and money/share market) with-profit endowm...

Unique Features

Affordable Premiums
Tax Benefits
Flexible Policy Tenure

LIC Jeevan Labh (Pros)

Death Benefits
Maturity Benefits
Loyalty Additions

LIC Jeevan Labh (Cons)

No auto cover benefit
No return of premium
No premium waiver

LIC Jeevan Labh (Other Benefits)

Additional Rider Options
Grace Period
Loan FacilityAdditional Rider Options
Grace Period
Loan Facility

LIC Jeevan Labh (Eligibility Criteria)

Minimum Entry Age- 18 Years
Maximum Entry Age- 65 years
Minimum Sum Assured- Rs 1 lakh
Maximum Sum Assured- No limit

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LIC Policy Surrender Value: FAQs

1. What happens after surrendering the LIC policy?

When policyholders surrender the policy, they can no longer avail of the benefits, coverage, and policy returns. Moreover, The surrender value paid is comparatively quite low to the total premium paid by the policyholder,

2. How can I avail of death or maturity benefits without paying premiums?

When surrendering your policy, you can stop paying premiums and continue your life cover. After that, your policy turns into a paid-up policy. Under a paid-up policy, the sum assured amount is reduced, and on maturity or death, the reduced sum assured value is given to the policyholder.

3. What is the LIC policy Surrender Value calculator?

The LIC policy Surrender Value calculator is ideal for estimating the surrender value, bonus, Loan, paid-up, and projected maturity value based on the total premium paid.

4. Is it good to surrender the LIC policy?

The surrender of a policy isn’t considered an ideal option because the surrender value that one receives is always proportionately low.

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Single-Premium Plans

Limited/Regular Premium Plans

What is the Procedure of Surrendering a LIC Policy?

Documents Required for Surrendering LIC Policy

Types of Surrenders in LIC Policy

Guaranteed Surrender Value

Special Surrender Value

LIC Life Insurance Life Plan

LIC Jeevan Akshay VII (Pros)

LIC Jeevan Akshay VII (Cons)

LIC Jeevan Akshay VII (Other Benefits)

LIC Jeevan Akshay VII (Eligibility Criteria)

LIC Nivesh Plus (Pros)

LIC Nivesh Plus (Cons)

LIC Nivesh Plus (Other Benefits)

LIC Nivesh Plus (Eligibility Criteria)

LIC Bima Shree (Pros)

LIC Bima Shree (Cons)

LIC Bima Shree (Other Benefits)

LIC Bima Shree (Eligibility Criteria)

LIC SIIP Plan (Pros)

LIC SIIP Plan (Cons)

LIC SIIP Plan (Other Benefits)

LIC SIIP Plan (Eligibility Criteria)

LIC Navjeevan Plan (Pros)

LIC Navjeevan Plan (Cons)

LIC Navjeevan Plan (Other Benefits)

LIC Navjeevan Plan (Eligibility Criteria)

LIC Komal Jeevan (Pros)

LIC Komal Jeevan (Cons)

LIC Komal Jeevan (Other Benefits)

LIC Komal Jeevan (Eligibility Criteria)

LIC Micro Bachat (Pros)

LIC Micro Bachat (Cons)

LIC Micro Bachat (Other Benefits)

LIC Micro Bachat (Eligibility Criteria)

LIC Jeevan Saathi (Pros)

LIC Jeevan Saathi (Cons)

LIC Jeevan Saathi (Other Benefits)

LIC Jeevan Saathi (Eligibility Criteria)

LIC Jeevan Shanti (Pros)

LIC Jeevan Shanti (Cons)

LIC Jeevan Shanti (Other Benefits)

LIC Jeevan Shanti (Eligibility Criteria)

LIC Kanyadan Policy (Pros)

LIC Kanyadan Policy (Cons)

LIC Kanyadan Policy (Other Benefits)

LIC Kanyadan Policy (Eligibility Criteria)

LIC Pradhan Mantri Vaya Vandana Yojana (Pros)

LIC Pradhan Mantri Vaya Vandana Yojana (Cons)

LIC Pradhan Mantri Vaya Vandana Yojana (Other Benefits)

LIC Pradhan Mantri Vaya Vandana Yojana (Eligibility Criteria)

LIC Jeevan Saral (Pros)

LIC Jeevan Saral (Cons)

LIC Jeevan Saral (Other Benefits)

LIC Jeevan Saral (Eligibility Criteria)

LIC Single Premium Endowment (Pros)

LIC Single Premium Endowment (Cons)

LIC Single Premium Endowment (Other Benefits)

LIC Single Premium Endowment (Eligibility Criteria)

LIC New Endowment Plan (Pros)

LIC New Endowment Plan (Cons)

LIC New Endowment Plan (Other Benefits)

LIC New Endowment Plan (Eligibility Criteria)

LIC Jeevan Lakshya Plan (Pros)

LIC Jeevan Lakshya Plan (Cons)

LIC Jeevan Lakshya Plan (Other Benefits)

LIC Jeevan Lakshya Plan (Eligibility Criteria)

LIC Jeevan Rakshak Plan (Pros)

LIC Jeevan Rakshak Plan (Cons)

LIC Jeevan Rakshak Plan (Other Benefits)

LIC Jeevan Rakshak Plan (Eligibility Criteria)

LIC New Jeevan Anand (Pros)

LIC New Jeevan Anand (Cons)

LIC New Jeevan Anand (Other Benefits)