I started policy for 15 years, and paid 4 quarterly payment, unfortunately I can’t continue this policy. I would like to withdraw this policy. Is this possible?
I got this policy via agent, he said u can’t withdraw this policy is it true?
Please help !
4
✅ Answers
? Favorite Answer
If you don’t trust the advice of the agent you can:
1. Go to a local branch
2. Call the customer service help lines. The customer service contact numbers are listed here: http://www.licindia.in/phone_helpline.htm
3. If you have not already registered your policy on the LIC web site go to this link: http://www.licindia.in/NewUserRegistration.htm
Upon successful registration, you will have online access to information regarding status of policy/s, loan, revival, premium due/ policy calendar, maturity calendar etc.
Source(s): …
If you do not want to continue the policy, you need pay any further premium. But there will be no surrender value for your policy and you will stand to lose all the money paid so far.
hi dear
i am agent.. and ya he is right… u can not withdraw for almost 3 yrs.. from the date of it’s commencements… for example if u took policy on 1.1.2010… u have to pay 12 quaterly premium for what ever yo premium may be… upto 1.1.2013… after it’s one month they add vested bonus to it.. so wait.. then u or your agent( if u really dont want to continue) go to lic branch and ask for it’s surrender value.. it is generally lesser than what u had till paid… but if u think u dont want then get it.. fill in all those surrender forms and get relesed out of yo burden… but yo got to wait till 3 yrs maximum atleast..
all the best..
agent code: 2832727 lic chennai bmbc branch
vicky jain
Source(s): personal experince
Yes. One has to Pay Min. Three year Premium. Otherwise Policy will be lapsed and no money will be refunded.
Source(s): Software LIC – VMPRO