If you want to surrender LIC policy and you are not sure whether to surrender the policy or not then this post is for you. In this post you will know what happens if you surrender the LIC policy. After knowing the benefits or losses of surrendering an insurance policy, you will be able to decide whether to surrender the LIC policy or not.
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If you want to understand well in this subject, then you should also watch our video along with reading this post, which will fully understand whether you have to surrender your insurance policy or not.
Many such comments come on our YouTube channel related to policy surrender that “Sir I want to close my policy, how much money will I get?” e.t.c. Therefore, it is not possible to give time to everyone to understand the same thing or to write in the comments again and again.
Because of which the whole thing is well written in this post, after reading or understanding you can decide what to do next. Let us know whether you should surrender LIC policy or not.
Loss of Money
If you surrender the LIC policy in the middle, then there is a loss of money. Whatever money has been deposited in your policy, the deposited money is not received in full. Suppose you have deposited one lakh rupees in your policy, now if you surrender the policy, you will get only about 60 thousand to 70 thousand.
About 60% to 70% of the money deposited in your policy will be available in surrender value. Therefore surrendering the policy leads to loss of money. If you want to know how much money you will get from your policy on surrender, then go to LIC branch office and check the surrender value in which it is written that how much money you will get for surrendering the policy.
Loss of Bonus
Bonus is added every year in LIC policy. If you are paying the premium in the policy on time then LIC gives bonus every year to your policy. Whatever bonus is given in the policy, it gets to the policyholder on maturity.
But if someone surrenders the policy before maturity, then whatever money or bonus has been given in the policy that will loss. This means that you do not get all the interest earned in the LIC policy.
On surrendering the policy, you get only 60% to 70% of your deposit with no bonus or interest. If you surrenders the LIC policy in the middle or before maturity, then the bonus is also lost in this way.
If you want to know how much bonus has been given in your policy so far, then you can get information by visiting the branch office of LIC. Read this article to know how bonus is added to the policy.
Loss of Insurance Coverage
You will not get insurance protection on surrendering the insurance policy. Because if you surrender the policy from which the insurance cover is being given, then how will the insurance cover remain.. So it would be better not to surrender the LIC policy.
With insurance protection, you can keep your family safe. In your absence, your family will get the benefit of insurance, which helps for their essential goods, education etc.
You are requested that if the policy is surrendered, then please buy an insurance policy and take a good insurance cover. So that your family is safe. There are many such insurance plans in LIC that you can see.
Loss of time
There are many people who, after surrendering the policy, buy a new policy again. What this means is not understood. After surrendering one policy, then buy another policy. Doing this is a waste of time.
Because the policy which is surrendered has completed 3 years or more. Then after taking another policy, it will take another 15 years or 20 years to reach maturity. In such a situation, you will never get LIC maturity benefit because you are surrendering and then buying a new policy.
By doing this, along with the loss of money, your time is also being wasted. Talking about LIC, there is nothing wrong with LIC of india, whether you are surrendering or not. Before doing all this, understand it well and then take the right decision.
The conclusion
I hope this information (Should I Surrender My LIC Policy?) will help you in taking the right decision. Because there are many types of losses on closing or surrendering LIC policy. So understand well and if you have any question then comment below.
By the way, we have given many such videos on YouTube channel related to LIC policy surrender or closure which you should watch. With the help of video, you can take the right decision. If you have not subscribed to the YouTube channel, then hurry up and subscribe to the channel.
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