LIC. making it as paid-up policy

POSTED BY Chetan Ambi ON December 16, 2012 10:01 am COMMENTS (4)

Hi all,

I have already paid 2 premiums for a LIC insurance plan (Jeevan Bheema). Can you please tell me how to come out of this plan? I have read about making it as paid-up policy. But not very clear about it. Is it right if i stop paying the premium from 3rd year onward? Can i get the money back from  LIC which I paid in 2 premiums? If i make it as paid-up, what if in future if i want to buy a good product from LIC. Will they reject my request because of my previous policy was paid-up?

Thanks,
Chetan

4 replies on this article “LIC. making it as paid-up policy”

  1. Chetan Ambi says:

    Yes. That’s what I thought. Thanks again!!

  2. Please surrender or make it paid up AFTER you get term insurance

  3. Chetan Ambi says:

    Thank you!! I will speak with the agent and surrender it or make it paid-up one. I will buying pure term insurance..

  4. “Good product from LIC” does not exist with the exception of a pure term life insurance. So you dont need to worry. You can stop paying premiums and make your policy paid up. You can alternatively surrender it and get whatever you are eligible.

    Technically if you are interested in rules, yes the corporation can deny a new policy if there is a history of paid-up of surrender for past 1 or 2 years (need to check). They probably wont insist on this rule.

    but you dont need to worry about this.as the idea is to stay away from such policies.

    Whatever you choose, do it after getting enough pure life insurance

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