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2011 4.8 Satisfied (301 Votes)
2009 4.9 Satisfied (52 Votes)
2005 4.7 Satisfied (35 Votes)
2010 4.8 Satisfied (121 Votes)
2001 4.8 Satisfied (121 Votes)
2008 4.8 Satisfied (81 Votes)
1997 4.8 Satisfied (30 Votes)
2015 4.9 Satisfied (473 Votes)
2011 3.9 Satisfied (28 Votes)
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2011 4.8 Satisfied (171 Votes)
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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.
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Surrender value is the amount you get if you surrender or stop paying premiums for a policy.
LIC Policy Status by SMS Open your mobile to send SMS. Click on compose SMS. Type ASKLIC XXXXXXXX STAT. Send to 9222492224 or 56767877. Immediately you will get the live status of LIC policy through a reply short message or an error message if your mobile number not registered.
Once all the necessary documents are submitted to the company, they will process the request and the surrender value will be transferred to the bank account within a maximum of 10 days. Surrendering an LIC policy must be done only after thinking about the potential consequences arising out of it.
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.
For single premium policies, the surrender value gets acquired after the first year itself. In case you haven't paid even 2 or 3 years' premium (as per the case above) and want to discontinue, the insurer will not pay you back anything and will not convert it into a paid-up policy either. The money is all but lost.
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People also ask

Documents Required For Policy Surrender Original policy bond documents. Request for surrender value payment. LIC Surrender form- form 5074. LIC NEFT form. Bank account details. Original ID proof like Aadhar card, pan card or driving license. A cancelled cheque. Hand-written letter to LIC stating the reason to discontinue.
This is an Application Form 5704/3510 for the LIC policyholder who wants to surrender his/her life insurance policy or make a partial withdrawal from the policy fund and this form can be download from the link given below free of cost.
Surrender Policy Reason(s) for policy surrender and the surrender form needs to be submitted at the nearest LIC of India branch, along with the following documents: Original policy documents. Canceled cheque with the policyholder's name on it.
First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. Servicing branch may be the branch where you purchased the policy.
A life assured is only able to surrender his/her LIC policy after having paid the premium for about 3 years. LIC provides a certain amount of money to the policyholder while withdrawing the policy online. This specific amount of money is surrender value.

lic surrender form form 5074