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POSTED BY ON September 26, 2013 9:19 pm COMMENTS (2)
I have a jeevan saral policy, I stop paying premium after 3.5 years. what happen after maturity?
in the LIC bond it says—it acquires a paid up value. What does it mean? Is there any possibility after maturity term completed I can get all the premium amount return?
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Dear Animeshred, once you stop paying prem., your policy ‘ll acquire a paid up value and this paid up value ‘ll be returned to you after your policy completion date.
No you ‘ll not be able to earn back all your paid prem.
Thanks
Ashal
Hello Animesh
First of all congrats for your great decision of surrendering your Jeevan Saral policy.
By making paid up means you stop paying premiums and the effective maturity value or paid up value will be paid at the end of the policy. There is some formula to calculate paid up value depending on your policy term, number of premiums paid. I think it is as follows:
Paid up value = (Number of premiums already paid / Total number of premiums to be paid) * Sum Assured
You will get Paid-Up amount after your policy term is over.
If I have mentioned anything wrong above then probably some other members might be helpful.
You can have a look at similar problem faced by me at following link
http://jagoinvestor.dev.diginnovators.site/forum/surrender-of-lic-jeevan-saral-2