Back
Will life cover continue if I Make LIC Jeevan Anand Policy paid up
Share
08 Sep, 2023
by prafulla sangle
If I make my LIC Jeevan Anand policy paid up (I.e. I will stop paying future premiums but will take money from LIC when premium term is over) ,
Will my Insurance cover of 5 Lakh will continue till Age of 100 years
0
Post
0
0 Comments
Reply
In an endowment policy, the paid up essentially means - Reduced sum assured. So when you make your policy paid up, your Sum Assured is reduced to the extent of No. of premiums paid against the total number of premiums payable multiplied by original sum assured.
Reduced Sum assured = (No. of premiums paid / total number of premiums payable) X the original sum assured
Once the revised sum assured comes in force after paid up, that cover would be applicable throughout the rest of the policy duration.