Can we reduce LIC policy term?

Can we reduce LIC policy term?

After the policy is issued, the policyholder in a number of cases finds the terms not suitable to him and desires to change them. However, no alteration is permitted within one year of the commencement of the policy with some exceptions.

Can I reduce my sum assured in LIC?

From February 1, the minimum sum assured for buying Ulips for a policyholder below the age of 45 years will be reduced from ten times to seven times the annual premium paid. At present, only those above 45 years of age are eligible to buy Ulips with sum assured less than 10 times of annual premium.

Can I reduce my premium in LIC?

If you wish to discontinue your life insurance policy for any reason, you can do so, but at a cost. In case of a term life insurance policy, if you stop paying the periodic premium, the policy automatically lapses, i.e., the risk cover ceases but there is no other additional downside or cost.

Can I stop LIC premium after 3 years?

A policyholder can surrender his/her policy only after the completion of 3 years, i.e. the policy has to have been in force for a period of 3 years, at least. The surrender value provided by LIC is essentially 30\% of the premiums that have been paid so far.

How can I change my LIC premium?

To change the premium payment mode of your policy, the simple thing to do is to write a letter to the LIC branch manager from where you have got your LIC policy. This is how it usually works but currently, it is not possible for you to change the premium payment mode online.

Can I surrender LIC policy after 1 year?

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 can I revive my reduced LIC policy online?

The revival of lapsed LIC policy is not an extensive process. Policyholders can quickly revive the policy online by visiting the official website of LIC or visit the nearest branch of the company. Naval Goel is the CEO & founder of PolicyX.com.

Can I surrender my LIC policy after 1 year?

How do you change LIC premium from yearly to half yearly?

When the policyholder wants to decrease the frequency of premium installments in a policy year (from monthly to yearly, from half yearly to yearly or from monthly to half yearly etc). It will be done by policy holder by writing a letter to LIC OF INDIA and NO fee will be paid in this case.

Can I change my LIC premium from quarterly to half yearly online?

Currently, it is NOT possible to change your policy premium payment mode ONLINE. You shall either post the letter along with your identity proof, addressing to the Branch manager or you shall submit these documents to the LIC Branch office in person.

Can I reduce premium paying term under my LIC policy?

Yes.you can reduce premium paying term under your policy.Subsequently,Sum Assured will be same and premium instalment will increase proportionally.Yoy can reduce both Sum Assured and term also. For further details,contact LIC branch or me for free consultation at my mobile 9415029805 or mail me your query ramesh [email protected] thanks

What are the tax exemptions on LIC premiums?

If the premium paid in a financial year exceeds 20\% of the actual capital sum assured, then tax benefit will be applicable only for the premium up to 20\% of the sum assured. Under section 80CCC, the maximum amount of deduction that can be claimed is limited to Rs 1,50,000/-. 3. Tax exemptions on LIC policies under section 80D:

Can I Surrender my LIC policy after 4 years?

LIC policy can be surrendered on the beginning of 4th year after paying 3 years completed premium. It would be a great loss to the policyholder if he surrenders the policy after 4 years. Approx. 35 to 40\% of the premium paid would be the surrender amount.

What are the tax benefits offered under Section 80CCC under LIC?

Tax exemption offered under section 80CCC on life insurance policies from LIC: Tax benefit under Section 80CCC is provided to the policyholders who pay the premium towards any annuity plan that guarantees pension payment in the later year, from their taxable income.