POSTED BY July 19, 2013 4:23 pm COMMENTS (17)ON
Hi, I have 2 LIC policies – 1. Jeevan Anand 2. Money Back. I paid premium for these policies for 7 years till now. I wanted to make these policies paid up and start a term policy. When I visited LIC office for same, LIC personnels seems unaware of word ‘paid-up’. They told me I can either surrender my policy or simply stop paying further premiums and policy will lapse.
My question is – Is lapse policy same as paid up policy. I think these two are different. But then why does LIC fellow say so?