Quick Answer: Can I Revive LIC Policy Online?

Can we withdraw LIC policy online before maturity?

Documents Required for Surrender LIC PolicyOriginal Policy Bond.Download LIC Policy Surrender Form No.5074.

Bank cancelled cheque leaf (your name should be printed on cheque) or bank passbook photocopy.

Fill LIC’s NEFT Form, if you are not using the above said Surrender Form and submit the same.More items…•.

What is the commission of LIC agent?

A agent gets 25% commission on LIC Jeevan Labh policy. This commission is for the first premium and then 2nd and 3rd year the commission is 7.5% and for 4th year onward till whenever the policy is in force the agents gets 5% commissions on premiums.

Which is best LIC policy?

Best LIC PlansLIC PoliciesPlan TypePolicy TermLIC Jeevan UmangWhole Life Insurance100 years minus(-) the age at entryLIC Jeevan AmarTerm Assurance Plan10 years-40 yearsLIC Money Back 25 yearsMoney Back Policy25 yearsLIC New Jeevan AnandEndowment Plan15 years-35 years1 more row

What is lapsed without surrender value?

A life insurance policy will lapse when premium payments are missed and cash surrender value is exhausted on a life insurance policy. The term lapse refers to a “lapse in coverage”, meaning the life insurance contract will no longer pay a death benefit or provide any insurance coverage for the insured person.

What if LIC policy is lapsed?

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

Is it possible to buy LIC policy online?

Now, you can buy LIC policies online in a few clicks and also enjoy special benefits on offer. There are several benefits of buying LIC policies online. … You can get a discount on buying several policies online, including LIC Jeevan Shanti, LIC Jeevan Akshay VI, LIC Cancer Cover, LIC E-Term, and LIC Navjeevan.

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

What is the difference between online policy and offline policy?

Online term plans are on an average are 40% cheaper than the offline options. This is primarily because there is no intermediary involved in the process. … However, when one buys an online plan, all these costs can be saved and the company passes on these benefits directly to the customer in the form to lower premiums.

How do I know my LIC policy is lapsed?

Check LIC Policy Status Online (For Registered User)Step 1:You must visit the e-Service Portal of LIC. … Step 2:You will need to enter the login credentials namely, your User Name and Password.Step 3:Once you’re logged in your Services Account of LIC, you will see various options related to the account or your policy.More items…

How is LIC maturity amount calculated?

To claim maturity of the LIC policy one needs to send/submit the original policy document with Discharge voucher (form 3825),NEFT Mandate Form, Identity & Residence Proof, cancelled bank cheque before the due date to the LIC branch from where you had taken the policy.

How can I revive my old LIC policy?

You can revive policies within five years from the date of the first unpaid premium. To offer some respite to life insurance policyholders, LIC recently launched a revival campaign to ensure benefits of the policy continue. The revival campaign encourages people to renew their policy by offering concession on late fees …