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Surrender of LIC Policy

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19 Nov, 2022 by  Vivek Jain

Hi


My brother has a LIC Policy (Endowment Plan) as follows ::


*LIC New Jeevan Anand (Plan 815)

*Date of Commencement -- 26 Dec 2019

*Sum Assured -- 12 Lacs

*Policy Term - 25 Years

*No. of premiums paid till date -- 3 (2019/20/21)

*Claimed 80C deduction in ITRs.


He wants to surrender the policy.


Queries

1) Should he surrender the policy immediately or wait for completion of 3 years in Dec-2022 ?


2) Would there be any impact of the above decision on surrender value ?


3) Approx surrender value ?


Thank You 

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1 Answer

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23 Nov, 2022
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Hi Vivek,


It'll be best if you connect to the toll free number of LIC to understand the surrender value/connect to an advisor and share complete details


You can surrender your LIC policy on completion of 3 years from the date of commencement, approx reimbursement will be ~ 65% of the total premium paid

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