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Surrender jeevan anand LIC policy after 5 years

(16 posts)
  1. Anonymous

    Unregistered

    I have LIC jeevan anand policy which is in force from last two years. Due to certain reason I want to surrender this policy, but came to know that if I surrender it I will be in huge loss. Other information which I got is that if i keep this policy in force for min 5 years, than if I surrender I will get the Principal+interest. Want to verify this through you. Please answer.

    Thanks,
    Anand

    Posted 3 years ago #
  2. vikash

    member
    Joined: Jun '09
    Posts: 11

    Mr. Anand,

    For finding out the actual position either u should speak to your insurer or refer to the policy terms and condition printed at the back of the policy bond provided to you.

    Normally if one discontinues to pay the premium before the maturity, the possibility of getting payment(principal + bonus) is impossible.

    Only proportionate proceeds is what insurer will pay and that to an extent of 60 -70% of (Total 5yrs premium paid - 1st yr premium + Bonus for 5 yrs) and not the principal + bonus. In other words the surrender charges will also be deducted, if applicable.

    To verify the actual position please get in touch with your insurer.

    bye

    Posted 3 years ago #
  3. Anonymous

    Unregistered

    Sir

    Lic denied to take my future plus amount after the maturity date and they said it is already in pension scheme

    I want to know how they can do this without my approval.

    regards
    anna

    Posted 3 years ago #
  4. devanand

    senior admin
    Joined: Jun '09
    Posts: 131

    Dear Anand,

    The story which you posted last week on this forum is different than the one u have now posted.

    Anyways you need to visit your policy issuing office and ask for printed status report pertaining to your said future plus policy. Then send the scanned copy of the said status report to us over email: devanand@bimaworld.com.

    On receipt of the same we will suggest in the matter.

    regards
    Devanand

    IBS
    Posted 3 years ago #
  5. Anonymous

    Unregistered

    Sir,
    I have LIC jeevan Tarang policy which is in force from last three years. Due to certain reason I want to surrender this policy, but came to know that if I surrender it, I will be in huge loss. Other information which I got is that if I keep this policy in force for min 5 years, then the surrender value, which I will get Principal + interest. Want to verify this through you. Please answer.

    Regards,

    Ashit

    Posted 3 years ago #
  6. Anonymous

    Unregistered

    Hi All,

    I have been reading forums and various websites to know about LIC jeewan anand, I read about 20 reviews and comments but no one explained it completely.
    Can some one help me to under stand in terms of:

    Till how many years i can continue this.
    how much benefit i will get if i continue for 10 years?
    do i need to keep paying the premium after 5 years?

    for example:
    policy start date : 1-jan-2011
    Maturity date : 31-dec-2015

    what % of profit will i get after 5 years?
    if i pay 50,000 per year as premium.
    like

    2011: 50000
    2012: 50000 total:100000
    2013:50000 total : 150000
    2014: 50,000 total : 200000
    2015: 50,000 total:250000

    what will i get now in 2016 january?

    can i continue it after 2015 without paying?(to get the bonus)
    can i continue it after 2015 and paying more premium?
    what benefit will i get..

    I think, this example will be best for ppl who doesnt know anything about insurance.

    Thanks in advanced.

    Posted 2 years ago #
  7. Anonymous

    Unregistered

    Surrender Value = 30% of (premium paid till date - first year premium) + Bonus.

    So, even if you surrender the policy just on previous day of maturity, it is a loss.
    Only after 8-10 years, if it is inevitable, you can surrender just to get the principal amount back.

    Posted 2 years ago #
  8. Anonymous

    Unregistered

    Dear sir
    i am a jeevan anand policy holder paying 10000 rs annually, my agent has put my maturity as 35 yrs. instead of 20 yrs which i prefered, i have paid 2 premiums and want to continue for 20 yrs. if after 20 yrs i withdraw how much will i get.

    Posted 2 years ago #
  9. Anonymous

    Unregistered

    Dear Sir,

    I have JIVAN ANAND Rs.1,00,000/- 20 years maturity plan. Annual premium is Rs.5461/-

    I have paid 2 premiums total Rs.10922/-.

    I want to discontinue this policy due to some personal reason.

    What are the norms for surrender, and how much money will I get after surrender?

    Posted 2 years ago #
  10. Anonymous

    Unregistered

    Dear Sir,

    I have JIVAN ANAND Rs.2,00,000/- 25 years maturity plan. Annual premium is Rs.9020/-

    I have paid 5 premiums total Rs.45100/-.

    I want to discontinue this policy due to some personal reason.

    What are the norms for surrender, and how much money will I get after surrender?

    Posted 1 year ago #
  11. Anonymous

    Unregistered

    Dear Sir,

    I have JIVAN chhaya Rs.1,00,000/- 25 years maturity plan. Annual premium is Rs.4274/-

    I have paid 5 premiums total Rs.21370/-.

    I want to discontinue this policy due to some personal reason.

    What are the norms for surrender, and how much money will I get after surrender?

    Posted 1 year ago #
  12. devanand

    senior admin
    Joined: Jun '09
    Posts: 131

    Policy with mini 3 annual premium paid can be surrendered.

    Jeevan Anand policy as above where only 2 annual premium are paid can be surrendered after 3 annual premium payment and other 2 policies can be surrendered subject to the policy terms and conditions, for which please refer your policy bond.

    However for surrendering the policy, one has to intimate the policy issuing office and return the original policy bond with the surrender application request.

    Upon receipt of the policy bond and surrender request the Insurer would provide discharge voucher (surrender) wherein the amount receivable towards surrender value and adjustment if any applicable will be shown there.

    To know the surrender amount ask for surrender quotation from your policy issuing office.

    Surrender of policy means termination of policy and risk coverage.

    Posted 1 year ago #
  13. Anonymous

    Unregistered

    I am holding a policy of jeevan anand from last 6 years and paying a premium of 12408 anually.
    I want to surrender my policy , what is the amount which i will get from them

    Posted 1 year ago #
  14. Anonymous

    Unregistered

    Hi,

    I have LIC jeevan anand policy Table No: 149, which is in from last 3 years already paid. Due to certain reason I want to surrender this policy, but came to know that if I surrender it I will be in huge loss more than 40%. Then i went to JC Road LIC Building CRM department & spoke to them i got Other information, If I surrender Now More than 40% lose? according to SV factor Table... As i came to know further if i stoped paying premium, the SV factor will change yearly & you will get little higher amount as such u will get some little amount will add to my account

    I want full money back which i paid? can any buddy send me the SV Factor table for Jeevn anand policy... bcz i want to surrender..

    Please answer

    Posted 1 year ago #
  15. Anonymous

    Unregistered

    sir i have a lic jeevan anand 16 year, quarterly premium paid policy. policy sum assured 3 lacs. premium paid 5370 quarterly.i had started the policy from last 4.5 years. sir, i want to surrender my policy after 1/2 year( total 5 years. ) now my vested bonous showing in online rupees 38100. sir after surrender how many money i will get . please help me

    Posted 2 months ago #
  16. Anonymous

    Unregistered

    I took jeevan anand policy for 20 years in 2006. Quarterly I pay 9034 and yearly it comes around 36630. So almost 3 lakhs I already paid.
    I am planning to cancel the policy for some reasons.
    In lic portal, my Vested Bonus seems to be 2.5 lakhs.
    Could you please tell me how much amount I will get it if I go for cancel.

    Posted 1 month ago #

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