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POSTED BY ON May 27, 2012 4:26 pm COMMENTS (5)
Hello,
I have made lumpsum investment of Rs. 25,000/- in LIC MArket Plus-I on 10th Jan 2010 and Rs. 30,000/- in LIC Samridhi Plus on 31st March 2011. Now I am in urgent need of money and want to surrender both these policies. Will I get the full amount (i.e. no. of units I have X current NAV) or will there be any deduction/charges?
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I have market plus policy 5000.00 annually since 2010,now I need money for my requirements. What is the procedure to get money and close the policy.
Let me confirm with LIC….
Thanks Ashal and wealthucreate.
I checked policy documents and observed that-
In case of LIC Market plus I, Surrender value should be paid only after completion of 3 policy years…….:(
In case of LIC Samridhi Plus, one can surrender policy before 5 years and if its a single premium policy (as in my case) , there will not be any discontinuance charge….:). As stated in documents, monetary value payable will be equal to the NAV on the date of application for surrender multiplied by the no. of units in the policyholder’s fund value as on the date.
Vaibhav,
You can surrender the policies but you would not get the 3 years in case of Market Plus and 5 years in case of samrudhi. in case of samrudhi there are some penalty for surrendering before 5 years.
Dear Vaibhav, please read your policy bonds for surrender charges. In general you can’t surrender before completion of 3Y into any policy.
Thanks
Ashal