Home |Life Insurance |
If we surrender our LIC policy, in how many days will the amount reach our bank account?
If we surrender our LIC policy, in how many days will the amount reach our bank account?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on November 15,2022
Answered on November 15,2022
If you have submitted all documents then your account will be credited on 4th day .
Related Questions
-
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 1949 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 18,2021If we are taking a life insurance cover of 1 Cr, what should be the average amount for the riders? (Critical Illness and Disability Addon)?
Dear As per IRDA directive , maximum amount amount on rider can not exceed more than 30% of the premium ...
1 0 50 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 05,2022In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
1 0 71 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on March 01,2022Can we update the nominee later for life insurance? Can we have multiple nominee so that we can split the claim amount percentage wise. How the nominee will claim the payout?
Yes , you can change the nominee by giving an application for change of nominee . Yes , you can ...
1 0 24 -
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 0 160 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 11,2021If we take insurance of two companies, will we get the claim of both companies if we get sick?
Dear Health insurance works under the principle of indemnity and you will be compensated to the extent of loss only ...
1 0 0 -
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 October 27,2021If there's no death in those 20 years of term plan, will the premium be returned? What happens to the money we pay as premium?
Dear Insurance works on the principle of pool creation and contribution . Insurance company only manages the pool . So if ...
1 0 65 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 14,2023How do I calculate the surrender value of LIC policy?
You can get Surrender Value of policy by calling call centre of your insurer . Moreover , your policy ...
1 0 8 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on April 18,2022How many days does it take to get a refund for a surrendered LIC policy?
Surrender value of an LIC policy should be credited in 15 working days else LIC is liable to pay ...
1 0 8474 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 28,2024My LIC policy was foreclosed without intimating me neither a notice was sent and the bank did not give me any settlement amount. What can I do my father had paid 13 out of 14 premiums?
A policy is foreclosed when the loan amount plus accrued interest exceeds the total surrender value. If it has exceeded ...
1 0 261 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 15,2022Will I get an accrued bonus if I surrender my LIC policy post 3 yrs of premium payment? And also which option is better, surrendering the policy with 30% of the premium amount or leave it as paid up till the maturity period?
If you have surrendered then it gets a paid up value which remain same for full term . Only ...
1 0 360