The LIC (Life Insurance Company) as it’s one of the best
insurance companies in India. This company allows you to surrender the
LIC policy.
If you are looking for a step by step guide on how to surrender LIC policy then you are at the right place.
Here is a step by step guide on how to surrender LIC policy:
What is policy surrender?
When you surrender a policy, it means that you are discontinuing and breaking the insurance
policy bond or contact with the firm. It means that after surrendering,
you won’t get any insurance in case of an accident. You will get only
30% of the premiums paid and it also has some conditions.
There’s a surrender value which will be paid to you and that is only
when you surrender after 3 or more years. This value is around 30% of
the premiums paid.
Documents required to Surrender LIC policy:
I hope you got the actual meaning of surrendering the
policy. To surrender a policy you will require some important documents
these are:
1. Original Policy Bond document
This is the official document provided by the firm when buying an insurance policy.
3. LIC’s NEFT Form
This document is optional which means that if you don’t have or you are not using the surrender form then this will be required.
4. Original I’d Proofs Like PAN Card, Driving License, or Aadhar Card.
5. Bank Account Details.
Your bank account details to which you want the surrender value to send.
How to surrender LIC policy?
LIC has made it very simple for you to surrender the policy. It’s not
much difficult as what people think. Here is the very simple process:
1. The first step to surrender or discontinue the policy is that you
will have to fill up the LIC NEFT Form & LIC surrender Form.
2. While filling up the form you will have to attach the important
documents mentioned above which are Original I’d Proofs And the original
policy bond document
3. You will also have to write the reason why you are surrendering
the LIC policy. This should be handwritten (letter written from any
machine may not be accepted by the firm & for this, you may have to
do it again)
4. After doing all these tasks, the last step is to send all these
documents to the firm. You can send through any means such as by post.
5. The LIC team will review your details and other documents and will process your request accordingly.
6. The surrender value will be sent to your bank after reviewing and some little tasks.
LIC is one of the biggest
Insurence companies in India in which many problems and complaints
occur. For helping customers LIC has made LIC Helpline No. 022 6827 6827
which is available 24*7 at phone service.
Kolkata Zone Address
24, Chittaranjan Ave, Chandni Chawk, Kolkata, West Bengal 700072
Patna Zone Address
Jeevan Deep, Exhibition Rd, Old Jakkanpur, Lodipur, Patna, Bihar 800001
Delhi Zone Address
LIC of India, Zonal Office, Jeevan Bharati, Tower II, 124, Connaught Circle, Central, Delhi 110001
Delhi Office Address
LIC of India, Branch Office, 64, Janpath Rd, Atul Grove Road, Janpath, Connaught Place, New Delhi, Delhi 110001
Kanpur Zone Address
LIC of India, Branch Office, Jaina Palace, Neemeshwar MahaMandir Society, Ratan Lal Nagar, Kanpur, Uttar Pradesh 208022
Kanpur Office Address
LIC of India, Branch Office, 16/98 Jeevan Vikas, Mall Rd, Phool Bagh
Chauraha, Phool Bagh, Patkapur, Kanpur, Uttar Pradesh 208001
Bhopal Branch Address
LIC of India, Branch Office, BO- BHEL, B-Sector, NR. HEALTH CENTER, PIPLANI, BHOPAL, Bhopal, Madhya Pradesh 462021
Mumbai Office Address
LIC of India, Branch Office, New India Bldg. 1st Flr, SV Rd, Santacruz West, Mumbai, Maharashtra 400054
LIC merchant is those individuals who are involved in the premium collection process by LIC of India.
Merchants work like a link between Policy buyers and the LIC of India.
LIC merchant looks for details about Premium collection and also updates
its details.
Hey, guys, this article is for the agents of LIC India who are
working online in the LIC portal who are having access to the Premium
collection process by LIC of India. So. if you’re a LIC employee or a
LIC agent or CLIA this article is a must for you. You can read the full
article and know how to do LIC MERCHANT LOGIN.
So we’re going to explain step by step how to do LIC MERCHANT LOGIN
In Pradhan Mantri Vaya Vandana Yojana (PMVVY), a senior citizen (above 60 years) makes one time single investment and gets assured 7.4% monthly pension for 10 years and after 10 years policyholder gets back his/her deposited amount.
More details please view Videos shared for your or call us at 9891423442.
DOWNLOAD FORM LIC PMVVY NOW (Pls DONATE minimum Rs.01.00 on Every Download from PhonePay- 9891423442, Gpay- 9891423442 for Support of Poor Child Education)
Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme is a Guaranteed Pension Scheme of Government of India for senior citizen (60 years and above) available with Life Insurance Corporation (LIC) of India which provides guaranteed pension of 7.4% monthly and 7.66% yearly for 10 years. The deposited amount is returned to the policy holder after 10 years.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) modified -2020 (LIC Table No. 856) is modified version of earlier PMVVY (Table No. 842) which was closed on 31-03-2020. The earlier plan has been modified and made available for three more years up to 31-03-2023. This plan is available for purchase from 26-05-2020 from LIC.
Key Features
Policies purchased during financial year 2020-21 will get pension at the rate of 7.4% in monthly mode and 7.66% in yearly mode.
The interest rate will be guaranteed for entire term of 10 years. Policyholder will get assured same rate for next 10 years which was fixed at the time of buying the scheme.
On completion of 10 years, invested amount will be returned to the policyholder.
In case of death of the policyholder before completion of 10 years term, invested amount will be returned to nominee of the policyholder.
Interest rate for policies purchased beyond 2020-21 will be revised by Ministry of Finance on the beginning of each financial year.
Eligibility and Restrictions
Purchase Price and Pension Amount
Age
60 years and above
Policy Term
10 years
Pension Mode
Yearly, Half Yearly, Quarterly or Monthly and pension amount is payable directly to policyholder’s bank account.
Interest rate
7.4% in monthly mode and 7.66% in yearly mode for policy purchased in FY 2020-21
Revision of interest rate
Revision of interest rate for next two FY 2021-23 and FY 2022-23 will be revised at the beginning of each year in line with Senior Citizen Saving scheme (SCSS) with ceiling of 7.75%.
Scheme last date
31-03-2023
Mode
Minimum
Maximum
Amount
Pension
Amount
Pension
Yearly
1,56,658
12,000
14,49,086
1,11,000
Half Yearly
1,59,574
6,000
14,76,064
55,500
Quarterly
1,61,074
3,000
14,89,993
27,750
Monthly
1,62,161
1,000
15,00,000
9,250
Benefits
Pension Payment:
Policyholder will get guaranteed pension for 10 years. Pension will be available at the end of selected mode, for example, after a month in case of monthly mode.
Death Benefit:
In case of death during 10 years policy term, the purchase price will be returned to nominee of legal heirs of the policyholder and policy will get closed.
Maturity
After completion of 10 years, purchase price and last pension installment will be paid to the policyholder.
Surrender value
The policy can be surrendered in case of exceptional circumstances like treatment of any critical illness of the policyholder or spouse. Surrender value will be 98% of the purchase price.
Surrender value
The policy can be surrendered in case of exceptional circumstances like treatment of any critical illness of the policyholder or spouse. Surrender value will be 98% of the purchase price.
Loan
Loan on this scheme is available after 3 years and maximum loan shall be 75% of the purchase price.
You may getting various calls from all Private Insurance Companies for short term policy. And my experience also All investors attract to take short term policy. But all Private Insurance Companies, personal call center always attract investor with fake policy details about plan and most of investors purchased that plan.
That is very blunder by Investors, without knowing plan they attract on fake calls and invested.
LIC Limited Premium Policy-
To get out from those all fake plans, LIC come with very good Plan LIMITED Premium. Here you have to pay only 8 yrs or 9 Yrs and option to maturity at 12, 16 or 21 yrs with very attractive returns. so LIC HAI TO KAHI AUR KYO JANA.
LIC’s Limited premium endowment policy (Plan No: 830) is a non-linked
guaranteed life insurance plan which provides protection with
investment. This plan is having fixed premium paying terms of 8 & 9
years and fixed policy terms 12, 16 & 21 years which allows policy
holder to plan for financial requirements by paying less number of years
and secure life and receive maturity at later stage.
This plan may be recommended for everyone because of following reasons.
A sound combination of Life insurance and investment.
Less number of premium paying term than policy term.
Eligible for bonus and Final Addition bonus declared by LIC.
To Illustrate the benefits of Limited Premium Endowment Plan, Lets take
an example of a person who is purchasing this plan with following
details. Sum Assured: Rs. 500000 Premium Paying term: 9 Years Policy Term: 16 Years Policy Purchase Year: 2015 Age: 28 Years Premium: Rs. 43995(Yearly)
With above proposed policy details, following benefit
chart has been generated according to bonus rate Rs. 52 per thousand of
sum assured.
Maturity Year
Maturity Age
Maturity Amount
2031
44
910000
For each year during the term of policy, LIC declares
Bonus (Per Thousand of Sum Assured) for that particular year. This
policy may eligible for Final Addition bonus after certain number of
years. As the policy term progresses, these benefits in the form of
Bonuses keep accumulating and at the time of matuirty, policy holder
gets lump sum amount i.e. Sum Assured + Bonus. In case of death during
the policy term, nominee gets sum assured plus bonus accumulated up to
that peroid. Year-wise and Age-wise benefits in case of death is
indicated below.
End of year
Year
Age
Premium Paid
Normal Life Cover
Accidental Life Cover
1
2016
29
43950
522500
1022500
2
2017
30
87900
545000
1045000
3
2018
31
131850
567500
1067500
4
2019
32
175800
590000
1090000
5
2020
33
219750
612500
1112500
6
2021
34
263700
635000
1135000
7
2022
35
307650
657500
1157500
8
2023
36
351600
680000
1180000
9
2024
37
395550
702500
1202500
10
2025
38
0
725000
1225000
11
2026
39
0
747500
1247500
12
2027
40
0
770000
1270000
13
2028
41
0
792500
1292500
14
2029
42
0
815000
1315000
15
2030
43
0
877500
1377500
16
2031
44
0
910000
1410000
Above example illustrates that premium paying stops after 9 years and insurance receives maturity after completion of 16th year. This illustration also includes double accidental benefit which gives the nominee an extra amount equal to sum assure in case of accidental death.
More details you can contact to 9891423442 or write your comments in comment section. Also you can write to [email protected] for personalised presentation.
The National Company Law Tribunal has ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust.
A two-member bench of NCLT Delhi comprising Justice R D Khare and Sumita Purkayastha allowed the plea against Aviva Life Insurance and has also appointed an interim resolution professional to run day-to-day affairs of the company.
Apeejay Trust, which had leased its Mumbai-based (Vashi) premise to Aviva Life Insurance, claimed a default of ₹27.67 lakh as an operational creditor for not receiving payments towards service tax and license fee for the premise.
According to the trust, Aviva — a JV between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd — has not paid license fee, car parking, maintenance/service charge and service tax. It had made its last payment in this regard on October 5, 2017 and from then the debt was lying due.
“Considering the circumstances this tribunal is inclined to admit this petition and initiate CIRP of the corporate debtor. Accordingly this petition is admitted,” The National Company Law Tribunal (NCLT) said.
It has also declared a moratorium under section 14 of the Insolvency and Bankruptcy Code, protecting the company from its lenders during the process.
During the proceedings, Aviva had questioned the maintainability of Appeejay Trust’s plea on the ground that it is an insurance company and thus being a financial service provider, IBC can not be applied against it.
According to it, there is an absolute bar under IBC to initiate any proceedings against insurance companies.
This was rejected by the NCLT saying “the operational creditor does not have any claim in respect of contract of insurance. The claim is with respect to the outstanding license fee and the service tax amount”.
“Hence, the corporate debtor can not use the provision of … IBC as a blanket cover to claim exclusion from IBC proceedings on the ground that it is an financial service provider,” said the NCLT in its order dated November 4, 2019.
My recommendation to all my friends to quit from AVIVA LIFE INSURANCE on priority. This is personal view, As money security is very important.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017 to 31st March, 2020.
Benefits of the scheme
Following are the major benefits under the Pradhan Mantri Vaya Vandana Yojana (PMVVY):
Scheme provides an assured return of 8% p.a. payable monthly (equivalent to 8.30% p.a. effective) for 10 years.
Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.
The scheme is exempted from Service Tax/ GST.
On survival of the pensioner to the end of the policy term of 10 years, Purchase price along with final pension installment shall be payable.
Loan upto 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs). Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds.
The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98% of the Purchase Price shall be refunded.
On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary.
The ceiling of maximum pension is for a family as a whole, the family will comprise of pensioner, his/her spouse and dependants.
The shortfall owing to the difference between the interest guaranteed and the actual interest earned and the expenses relating to administration shall be subsidized by the Government of India and reimbursed to the Corporation.
Eligibility Conditions and Other Restrictions
Minimum Entry Age: 60 years (completed)
Maximum Entry Age: No limit
Policy Term : 10 years
Investment limit : Rs 15 lakh per senior citizen
Minimum Pension: Rs. 1,000/- per month Rs. 3,000/- per quarter Rs.6,000/- per half-year Rs.12,000/- per year
Maximum Pension: Rs. 10,000/- per month Rs. 30,000/- per quarter Rs. 60,000/- per half-year Rs. 1,20,000/- per year
Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the policies allowed to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependents.
The Scheme can be purchased offline through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme. To Buy you can call us @ 9891423442, 9990190909 or whatsapps on same numbers.
Payment of Purchase Price
The scheme can be purchased by payment of a lump sum Purchase Price. The pensioner has an option to choose either the amount of pension or the Purchase Price. The minimum and maximum Purchase Price under different modes of pension will be as under:
Mode of Pension
Minimum Purchase Price
Maximum Purchase Price
Yearly
Rs. 1,44,578/-
Rs. 7,22,892/-
Half-yearly
Rs. 1,47,601/-
Rs. 7,38,007/-
Quarterly
Rs. 1,49,068/-
Rs. 7,45,342/-
Monthly
Rs. 1,50,000/-
Rs. 7,50,000/-
Mode of pension payment
The modes of pension payment are monthly, quarterly, half-yearly & yearly. The pension payment shall be through NEFT or Aadhaar Enabled Payment System.
The first instalment of pension shall be paid after 1 year, 6 months, 3 months or 1 month from the date of purchase of the same depending on the mode of pension payment i.e. yearly, half-yearly, quarterly or monthly respectively.
Surrender Value
The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.
Loan
Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.
The rate of interest to be charged for loan amount shall be determined at periodic intervals. For the loan sanctioned in Financial Year 2016-17, the applicable interest rate is 10% p.a. payable half-yearly for the entire term of the loan.
Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.
Free Look period
If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the reason of objections.
The amount to be refunded within free look period shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp duty and pension paid, if any.
Exclusion
Suicide: There shall be no exclusion on count of suicide and full Purchase Price shall be payable
Life Insurance is pillar of Wealth. So if you don’t have life insurance means you are creating your family more poor and poor.
So my request everyone to get proper insurance for life. Supposed you have not taken life insurance and happened any mis-happening. Then think about your family. Who is totally depend on you and your income. How will they get food, cloth, bills etc day to day expenses. In that case your wife or child may have to work for survive. In summary your family get more poor than current situation. If every family is doing the same then our country get poor and more poor. So we have to plan our family safety.
Term of Life Insurance : When you going to buy life insurance then think as different way.
I use life insurance as property creator and recommend you too take life insurance for whole life. Currently everyone is taking life insurance for certain tenure. After completing of tenure, you get money and policy end.
This is blunders. Please let me know.. when car tyre get maximum chances to puncher ?. I know your answer will be when tyre get old. So the same scenario, when is maximum chances to die, everyone will say that when become old. And at that time everyone get uninsured. So always take policy for whole life. As all insurance company focus not to sale whole life policy due to his liabilities.
I hope, I have given my thoughts in a proper way to you.
Please feel free to call or whatsapp @9891423442 or visit us www.agindiaonline.com for more
