Surrender jeevan anand LIC policy after 5 years

1. 

   Anonymous
   

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   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 1 year ago #
2. 

   vikash
   

   member
   Joined: Jun '09
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   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 1 year ago #
3. 

   Anonymous
   

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   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 1 year ago #
4. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 101

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   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 1 year ago #
5. 

   Anonymous
   

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   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 1 year ago #
6. 

   Anonymous
   

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   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 1 year ago #
7. 

   Anonymous
   

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   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 11 months ago #
8. 

   Anonymous
   

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   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 months ago #
9. 

   Anonymous
   

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   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 months ago #
10. 

    Anonymous
    

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    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 3 days ago #
11. 

    Anonymous
    

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    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 3 days ago #
12. 

    devanand
    

    senior admin
    Joined: Jun '09
    Posts: 101

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    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 3 days ago #

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