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LIC policy surrender

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12 Dec, 2022 by  _Intelop

I have an Umang policy. Been a year, paid 72k approx. I was forced into it. Now recently I made a big purchase. I got a message this morning to pay the premium. I’m done with this. I don’t want to pay. I want to cancel my policy. Just help me with the amount I’ll get back. It’s a 14 year policy.

Health Insurance

2 Answer

13 Dec, 2022
CEO, Insurance Samadhan


If you do not pay then you will loose two things

1. Rs 72000 as paid premoum will be forfeited .

2. Life cover of approx rs 10 lakh .

Life insurance is an asset which should be renewed and Insurance Samadhan do not recommend termination.

We urge you to continue with policy or be ready to loose .

In case , you have any evidence thst insurance was forced on you then Insurance Samadhan will be willing to help you .

Best wishes


Insurance Samadhan

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surrendering policy is always a loss for insured

If that policy if you are surrendering insurance company will pay 60% to 70% of premium paid but check with visiting LIC office is your policy eligible for surrender or not usually surrender can be done after 3yrs.

Jeevan Umang is a good plan which gives good returns for life with good life coverage

If you are stopping because of low returns then start equivalent amount in Mutual funds and have a term Insurance that will take care of life insurance with some good riders.

If you need guidance then connect with me.

Thanks and Regards

Vikram Aralikatty,CFP

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