How many days does it take to get a refund for a surrendered LIC policy?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on April 18,2022
Answered on April 18,2022
Surrender value of an LIC policy should be credited in 15 working days else LIC is liable to pay interest .
Related Questions
-
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 01,2022What is the average premium that should be paid for a family floater policy from Life insurance Corporation (LIC) or State Bank of India (SBI) Life?
Dear Family Floaters are available in Health Insurance and not in Life Insurance . Neither LIC nor SBI Life offers family ...
1 0 120 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 13,2021An LIC agent told me that if I invest 5 lakh per year for 5 years in SBI Life Retire Smart scheme, then from 10th year onwards I will get 40000 per month pension for rest of my life. And after our expiry (me and my spouse), nominee will get the Corpus amount. Is it true or Am I missing something? How to verify it?
Dear You have been given wrong information through mis-selling . Facts are stated below : SBI Retire Smart is a Unit Linked ...
1 0 1957 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 23,2021What are underwriters in a life insurance policy?
Dear Underwriters assesses the risk on the basis of Proposal . Each Proposal form has material facts and underwriters can ...
1 0 45 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 03,2021Is it advisable to take a life insurance for a senior citizen at the age of 62 years?
Dear It is not advisable as mortality cost becomes very high . Moreover, by age 62 all financial liabilities are ...
1 0 169 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 31,2023I need a Life Insurance cover of 1cr. Should I take up to 1cr including ADD ONs or should it be 1cr plus add ons? Should my total cover include add ons or exclude add ons?
Dear Go for basic cover of Rs 1 crore which is guaranteed under all deaths . You can add add ons ...
1 0 26 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 15,2022How do you transfer an existing LIC or SBI life insurance policy to a new address after shifting?
They will be pleased to help . Send a request letter along with an authorised address proof .
1 0 58 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 08,2022How do you change your premium date with Life insurance Corporation of India (LIC)?
Dear It is like marriage date , you can not change your Policy anniversary .
1 0 63 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on September 17,2022If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term?
Dear As per Insurance Act , no insurance company can shut down . At the most , another company would ...
1 0 163 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on February 14,2022If I opted for an Endowment plan of 1 crore cover and nothing happens to me in the covered period, does the insurance company returns 100% of the amount I paid all these years after the maturity of the policy?
Yes , that is the meaning of endowment . On maturity , you receive guaranteed sum assured along with accrued ...
1 0 45 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on March 01,2022If I opted for an Endowment plan of 1 crore cover and If I'm getting hospitalized, does this policy covers the bill amount as well? Or that come under health insurance?
Life insurance covers risk of death unless you had taken critical illness rider . For medical , you need Health ...
1 0 20 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 26,2021Is there any reliable website to check the claims made by LIC agents regarding the schemes? It should be easy to understand as well.
Dear Each website has their own purpose and give their own interpretations . Every person need to verify all facts under ...
1 0 36 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 06,2021I took an LIC term plan (Plan no. 825) at the age of 25 (2018), which did not had any option of add ons at that time. How can I correct this now for both Critical Illness and Disability Addon ? Any alt solution ?
Dear As per my knowledge , riders are not available in table no 825 . You can buy Critical illness and ...
1 0 28 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 16,2023What is a vested bonus in an LIC policy?
Dear LIC declares bonus each year which gets attached to Policy but one can not use it till maturity For example ...
1 0 913