Lic Surrender Value After 3 Years
What is Lic surrender value after 3 years?
When you surrender your LIC policy after three years, the surrender value is the amount that the insurance company will pay you. This value is calculated based on a variety of factors, such as the premium amount paid, the policy term, and any bonuses that may have been accrued.
What are the types of Lic surrender value after 3 years?
There are two main types of LIC surrender value after three years: Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV). The Special Surrender Value is calculated by the insurance company based on the policy's performance, while the Guaranteed Surrender Value is pre-determined and mentioned in the policy document.
Special Surrender Value (SSV)
Guaranteed Surrender Value (GSV)
How to complete Lic surrender value after 3 years
To complete the process of surrendering your LIC policy after three years, you will need to follow these steps:
01
Contact your LIC agent or the nearest LIC branch.
02
Fill out the surrender form provided by LIC.
03
Submit any required documents, such as the original policy document and ID proof.
04
Wait for the surrender value calculation to be done by LIC.
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Questions & answers
How can I surrender my LIC policy after 3 years online?
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.
Can I surrender my LIC policy after 3 years?
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 you fill LIC form No 3510?
How do you fill LIC form No 3510? The first consists of details like the name of the policyholder, policy number, date of submission of the form, maturity date, signature, and address of the policyholder. On the second page, you need to mention the details of the witness along with the signature.
How do I surrender my LIC policy Form 5074 PDF?
This is an Application Form 5704/3510 for the LIC policyholder who wants to surrender his/her life insurance policy or make a partial withdrawal from the policy fund and this form can be download from the link given below free of cost.... PDF NameLIC Surrender Form No 3510/5074 PDFUploaded Bypk8 more rows • Oct 28, 2021
Where can I submit LIC surrender form?
Reason(s) for policy surrender and the surrender form needs to be submitted at the nearest LIC of India branch, along with the following documents: Original policy documents. Canceled cheque with the policyholder's name on it.
How can I withdraw my LIC policy after 3 years?
Mandatory Documents for Policy Surrender: Policy bond - the original copy. Printout of LIC policy surrender form No. ... A cancelled cheque from the policyholder's bank. Policyholder will be required to utilise the LIC NEFT form, if above-mentioned form No. ... Proof of identification like Aadhaar card needs to be carried along.
How can I get LIC surrender value certificate?
Step 1: Visit the LIC Branch workplace with the Policy bond. For that, solely the branch from wherever the policy was bought is to be visited. No alternative branch can entertain the request. Step 2: Ask for the surrendering type; otherwise, one might Download-LIC-Policy-Surrender-Form type from the LIC website.
Where can I get LIC surrender form?
Contact Details Call: 022 6827 6827 / 18004259876 for Health Insurance policies. SMS: LICHELP <pol.no.> to 9222492224 or SMS LICHELP <pol.no.> to 56767877. Mailing Address: Corporate Office, Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021.
How do I fill out an application for surrender value?
The first consists of details like the name of the policyholder, policy number, date of submission of the form, maturity date, signature, and address of the policyholder. On the second page, you need to mention the details of the witness along with the signature.
What is 3510 form in LIC?
This is an Application Form 5704/3510 for the LIC policyholder who wants to surrender his/her life insurance policy or make a partial withdrawal from the policy fund and this form can be download from the link given below free of cost.
Can we download surrender value of LIC policy online?
LIC Surrender value calculator can easily be used online on any insurance company firm. Individual just has to provide some basic information as to his name, phone number, type of plan, term period, number of installments, payment mode, and premium to be paid, and the duration the policy has completed.
