Help reg my LIC pension policy

POSTED BY Rajat ON February 24, 2013 3:36 pm COMMENTS (5)

Hello,

I am now residing in Pune. In my previous organization (in Blore), I was eligible for Super Annuation. During leaving, I had got my SA converted to a LIC policy which will start a monthly pension. Now, I want to surrender this policy and have the money back.

When I talked to a LIC agent about this, he told me that I need to go into the LIC office in Bangalore where this policy was taken. Only from there will I know what can be done about this. 

 

Is this right? I want to surrender the policy and what options/solutions are there that I can employ? Please advise.

 

Thanks.

5 replies on this article “Help reg my LIC pension policy”

  1. Rajat says:

    To answer the multiple queries above.

    – Yes. This is a single premium policy.
    – Age: 36 years; Single Premium Paid: Rs. 1,15000; Pension Amount: Not known
    – I am not able to find out from the page that I have got which Policy this is. It just provides a Master Policy Number.
    – I have not received any monthly pension till now; although the policy was taken in 2004.

    Other than visiting the issuing office, is there any other way?

    1. Rajat,

      This looks like a deferred annuity policy like Jeevan Nidhi. You will probably get about 90% of what you paid. Bonuses recvd so far may also be included.

      You could get hold of a surrender form from a local lic office and send it to the Bangalore office by post or ask someone to give it to them authorizing them to do so.
      This may work. But if they want clarifications etc. there will be delay. So your physical presence maybe better.

  2. Dear rajat, have you received any mly pension from this policy? If your answer is yes, you can not surrender it now. If no mly pension is received by you, you have a very sleek chance to surrender. But to surrender, act now & act fast.

    Thanks

    Ashal

  3. If it is an immediate annuity plan like Jeevan Akshay then the policy has no surrender value which means the annuity cannot be reversed except under extraordinary conditions.

    This may be of help

    http://insurerelaxinfo.blogspot.in/2011/08/surrender-of-policies-under-jeevan.html

    Safe to say that this will be tougher to surrender than other LIC policies.

  4. You can calculate surrender value or eligibility from the LIC helpline. Surrendering usually requires you to pay a visit to the issuing office.
    May I know what kind of policy this is and why you wish to surrender it. If I am not wrong this is a single premium annuity policy. Before stopping such a policy your age, the pension amt, the kind of annuity terms and your other savings need to be taken into account.

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