Refund of premium under LIC policy -possible ?

1. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   In Year July-2007, i removed a Bima Gold insurance policy for Rs. 1 Lac i paid the first premium of Rs.927/- & then discontinued paying the premium.

   In all total i have paid Rs. 927 to LIC . I would like to know that can the money be refunded to me in any ways by LIC & what is the procedure for that.

   Arunkumar Jaiswal

   Posted 2 years ago #
2. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   Mr. Jaiswal,

   Note that the refund of premium is not possible.

   Further one can raise loan or surrendred the policy, if, minimum 3 year's premium is paid. In your case, only one premium is paid hence you are not eligible for raising loan or surrendering the policy.

   Alternatively, we feel u should revive your policy by paying previous premiums and interest, if viable for you.

   Please do register yourself and use this forum as a platform for solution of your queries regarding insurance.

   Regards
   Devanand

   IBS

   Posted 2 years ago #
3. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   Respected,
   I have my three policies but due to saome problem i have not paid few premiums of the same,but i have paid more than 6years, and now i would like to discontinue my policies.
   So plz guide me that how i can get my paid money back.
   Thank you

   Posted 1 year ago #
4. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   Hi,
   I took Jeevan Anand policy SA of 5,00,000 and annual premium of Rs.30,450 5 months back and due to some financial problem i could not pay next premiums.
   So i want to reduce my sum assured to 1,00,000 and my annual premium also reduce accordingly.

   After reducing sum assured is it possible to get excess amount paid in first premium.

   Thanks

   Posted 8 months ago #
5. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   In Year october-2008, I have a jeevan anand policy its termed is half yearly Rs-24620.I give only two premium in some financial problem . So You could give me some advice how I get my all money back with give short time of premium.

   Posted 7 months ago #
6. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   Hi,

   I took a money back policy if LIC in 2010 Jan, it was on yearly premium basis.I had paid 32000/- for 1st premium(2009 and due to some problems i could not pay the premium for 2010.

   Could you please suggest me the process to surender this policy and get back my money which I paid for premium.

   You can mail me on pkdubey84@gmail.com.

   Thanks,

   Praveen

   Posted 1 month ago #
7. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   Mr. Praveen,

   A policy can be surrendered only after it has achieved paid-up value, for which one has to pay at least 3 annual premiums.

   in your case it is one year hence you are not entitled for refund of premium. you may cross verify the same with your policy issuing office.

   Posted 1 month ago #
8. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   Dear sir,

   I have paid a LIC pension policy, in which every year i need to pay Rs. 49229/-.in the year 2007-2008. I have paid only one installement only.

   My quesstions are:-

   1. Can I cancel my policy and claim the amount paid.

   2. Can I decrease my yearly payable amount to Rs. 25000/- and make my policy LIVE.

   Ravindra

   Posted 1 month ago #
9. 

   pathialen
   

   member
   Joined: Jan '12
   Posts: 10

   Reputation:10

    

   Either you can ask for the loan or you can leave your policy only in this case if you paid for minimum, i think 3 years.
   So as you have paid only for one year that is why it is not applied.

   Posted 1 week ago #
10. 

    Jack
    

    junior member
    Joined: Feb '12
    Posts: 5

    Reputation:5

     

    The refund of such amount is impossible and it is already mentioned in the insurance policy rules that must be read and understand first before signing in the policy.

    Posted 5 days ago #

Reply