LIC policy surrender value

Surrender Value: 

Policy condition states that if policy premium is not paid within the grace period, the policy lapses. If a policy holder wants to discontinue within 3 years from date of commencement, no refund would be paid. 

If the policy premium is paid for full 3 years then only after completion of 3rd i.e from 4th year beginning only , policy loan would be available. Surrender value or cash value is made available generally when the policy has remained in force for at least three years. 

Documents to be submitted for surrender of policy: 

1. Policy bond
2. Surrender forms duly stamped, signed and witnessed
3. Id proof like PAN or Aadhaar card copy
4. Cancelled cheque leaf (name should be printed) or Photocopy of the Bank passbook containing details of Bank Account number, IFSC and MICR 

Children education and marriage plans

Secure Child 

Secure Child is a combination of LIC Plans specially researched to meet the objective of securing your child’s future. In the unfortunate event of proposers early death, the premiums on the policies will cease immediately. The returns, however will be received in the years as indicated in this Plan. 

 

Jeevan Kishore

This is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent.

Komal Jeevan 

This is a Children's Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.

Jeevan Anurag 

Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy. 

Jeevan Chhaya 

This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

 

Child Career

Policy would be child's name, maturity benefits would be paid to him/ her directly from 18 to 23 years. This policy is mainly for the education of the child. Maximum benefits at the beginning of the term.

 

Child Future  

This policy is mainly for the education of the child. Policy would be child's name, maturity benefits would be paid to him/her directly from 18 to 23 yrs. Maximum benefits at the end of the term.